Key Developments: Eurasia Drilling Co Ltd (EDCLq.L)

EDCLq.L on London Stock Exchange

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Latest Key Developments (Source: Significant Developments)

Eurasia Drilling Co Ltd signs long-term contract with Gazprom Neft
Tuesday, 20 May 2014 08:00pm EDT 

Eurasia Drilling Co Ltd:Gazprom Neft has announced the signing of a three-year framework agreement on drilling and well reconstruction with Eurasia Drilling Company Ltd (EDC).Under the terms of this agreement, Gazprom Neft has estimated the full range of drilling services required by its subsidiary production companies, to be provided by EDC’s regional affiliates.EDC guarantees the required capacity and technological performance of its equipment.The agreement also outlines a pricing formula for the work.The scope and pricing of the work will be adjustable, with the consent of both parties, in line with changing market conditions.EDC is expected to undertake about 25–30 percent of all of the drilling works of Gazprom Neft subsidiaries.  Full Article

Eurasia Drilling Co Ltd reaffirms FY 2014 revenue guidance-Conference Call
Thursday, 17 Apr 2014 10:00am EDT 

Eurasia Drilling Co Ltd:Says guidance for FY 2014 remains unchanged since the last update.Revenue will be in the range of 3.05 to $3.10 billion.FY 2014 revenue of $3.34 billion - Thomson Reuters I/B/E/S.  Full Article

Eurasia Drilling Co Ltd lowers FY 2014 revenue outlook - Conference Call
Thursday, 27 Mar 2014 10:00am EDT 

Eurasia Drilling Co Ltd:Revises FY 2014 revenue guidance downwards and expect revenues in the range of $3.05- $3.1 bln.FY 2014 revenue of $3.4 bln - Thomson Reuters I/B/E/S.  Full Article

Eurasia Drilling Co Ltd announces buy-back of shares
Thursday, 20 Feb 2014 02:00am EST 

Eurasia Drilling Co Ltd:On Feb. 18 company authorized to buy-back some of its Global Depositary Receipts commencing Apr. 2 for a period of six months in an amount up to $200 mln.Says buy-back will be funded from the Company's cash reserves and so the company will not incur additional indebtedness to execute the buy-back program.  Full Article

Eurasia Drilling Co Ltd gives FY 2014 revenue outlook below analysts' estimates
Monday, 27 Jan 2014 07:00pm EST 

Eurasia Drilling Co Ltd:Expects FY 2014 total revenues in the range of $3.4- $3.5 bln.FY 2014 revenue of $3.8 bln - Thomson Reuters I/B/E/S.  Full Article

Eurasia Drilling Co Ltd announces dividend of US$ 0.92 per share
Wednesday, 11 Dec 2013 02:01am EST 

Eurasia Drilling Co Ltd:Says that it will pay a dividend on Jan. 17, 2014 of US$ 0.92 per share (FY2012: US$ 0.70) to shareholders of record as of Dec. 31. The dividend was declared by the Board of Directors on Dec. 10.  Full Article

Eurasia Drilling Co Ltd Reiterates FY 2013 Revenue Guidance-Conference Call
Tuesday, 22 Oct 2013 10:00am EDT 

Eurasia Drilling Co Ltd reiterated its guidance for fiscal 2013 on revenues, for $2.55 billion.  Full Article

Eurasia Drilling Co Ltd Gets Multi-year Contract for New Jack-ups
Thursday, 3 Oct 2013 02:28am EDT 

Eurasia Drilling Co Ltd announced that Dragon Oil plc has awarded a three year contract to BKE Shelf (a subsidiary of EDC) for the provision and management of jack-up rigs NEPTUNE and MERCURY in the Cheleken Contract Area, Turkmenistan in the Caspian Sea. The new-build NEPTUNE drilling rig is expected to be available in early 4Q 2013 and will provide well drilling services for nine months; the second new-build MERCURY drilling rig is anticipated to be available in 4Q 2014 and will provide well drilling services for the remainder of the term.  Full Article

Eurasia Drilling Co Ltd Plans Adoption of IFRS in 2014-Interfax
Thursday, 29 Aug 2013 02:36am EDT 

Interfax reported that Eurasia Drilling Co Ltd plans to convert from US Generally Accepted Accounting Practice (US GAAP) to International Financial Reporting Standards (IFRS) in 2014. Financial results will be interpreted in IFRS from 2012.  Full Article

Eurasia Drilling Co Ltd Announces Debut Eurobond Placement
Wednesday, 17 Apr 2013 11:03am EDT 

Eurasia Drilling Co Ltd announced the placement of its debut Eurobond due 2020, raising USD600 million in gross proceeds. The coupon rate was set at 4.875% per annum and will be paid semi-annually. The issue was several times oversubscribed with orders received from more than 200 investors. Bank of America Merrill Lynch, Goldman Sachs International and Sberbank CIB acted as joint lead managers.  Full Article

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