Eurasia Drilling Company

Eurasia Drilling Company Limited (EDC) is a privately held enterprise specializing in offshore and onshore oil drilling services, with its main office located in Nicosia, Cyprus. The company manages the largest fleet of jack-up drilling rigs in the Caspian Sea region and delivers drilling operations within Iraq.

History

EDC was originally established in the Cayman Islands and maintained a listing on the London Stock Exchange until it was privatized in 2015. In 2022, the company divested its Russian holdings, including Burovaya Kompaniya Eurasia LLC, transferring them to Razvitie Drilling Company LLC.

Schlumberger acquisition

In 2015, Schlumberger proposed a $3.5 billion acquisition of EDC; however, approval from the Russian Federal Antimonopoly Service was postponed due to concerns about foreign ownership, resulting in the collapse of the transaction. A subsequent 2017 offer to purchase a 51% share also failed amid deteriorating relations between Russia and Western countries. Eventually, Schlumberger secured a minority interest in EDC for $1.7 billion.

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