Eurasia Drilling to post $3.2bn revenues

Rising revenues: Eurasia Drilling sees 'record order backlog'

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Bill Lehane

 23 January 2013 09:54 GMT

Eurasia Drilling has said it expects to post gross earnings of around $3.2 billion after drilling a record 6.05 billion metres during 2012.

The London-listed contractor, which is Russia’s biggest onshore driller, said it raised drilling by 26% over the year and is forecasting a rise in revenues to $3.2 billion in 2013.

Eurasia Drilling chief executive Alexander Djaparidze predicted the company would break its drilling record again in 2013 thanks to “an order book that has never been higher”.

He pointed to a new memorandum of understanding recently inked with Lukoil on future tight-oil projects as a key growth driver in future years.

In the offshore market, Eurasia Drilling’s Saturn jack-up is contracted to the end…

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