February 20, 2014 / 7:32 AM / 4 years ago

Russia's Eurasia Drilling plans buy back of up to $200 mln

MOSCOW, Feb 20 (Reuters) - 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)

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