MOSCOW Feb 20 Eurasia Drilling Company
, Russia's largest provider of onshore drilling
services, will buy back global depository receipts (GDR) worth
up to $200 million in the six months starting from April 2, it
said on Thursday.
The company did not give a reason for the move.
Last month, Eurasia said negotiations with Rosneft
over drilling contracts could result in the company having to
reduce its cooperation with the state oil company, which
accounts for a quarter of Eurasia's drilling.
Since then, Eurasia's GDRs have lost a quarter of their
value to trade at $28.30 on Thursday. They have also been hit by
comments from Rosneft CEO Igor Sechin that his company plans to
develop its own drilling business, RN-Burenie.
(Reporting by Katya Golubkova, editing by Elizabeth Piper)