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EDC Announces New LUKOIL Framework Agreement

Source: www.gulfoilandgas.com 4/2/2013, Location: Asia

Eurasia Drilling Company Limited announced that it has signed a new long-term framework agreement for onshore drilling and completion operations with OAO LUKOIL (LUKOIL).

The new framework agreement, which concludes on December 31, 2015, defines pricing methodology and minimum work volumes (metres drilled) for exploration and production drilling in Russia. Pursuant to the new agreement, EDC’s services will be provided either on a general contractor basis (per metre basis) or day-rate basis depending on the complexity of drilling. In addition, a management steering committee will be established comprising of members from LUKOIL and EDC. The committee will review all aspects related to drilling complex wells as defined by the new framework agreement.

Dr. Alexander Djaparidze, EDC’s Chief Executive Officer, commented
“We are pleased to have signed a new framework agreement with our largest customer LUKOIL, which further reinforces our already strong relationship. This agreement reflects both LUKOIL and EDC’s mutual interest to continue our long-term cooperation as this is our third long-term framework agreement since 2005. The agreement’s objective is to ensure that our customer achieves its three year onshore drilling plans in the most efficient way, which EDC is well positioned to deliver. The agreement provides EDC with a strong and predictable base for growth which will support our financial and operational targets.”

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