OREANDA-NEWS. Eurasia Drilling Company Limited ("EDC" or the "Company" - LSE: EDCL) announces that the global ratings agency Standard and Poor’s ("S&P") has raised its long-term corporate credit rating to 'BB+' from 'BB' and affirmed its 'B' short-term rating. The outlook is stable.

Mr. W. Richard Anderson, EDC’s Chief Financial Officer, commented,

"We are very pleased that EDC was upgraded to ‘BB+’ with a stable outlook by S&P. Our disciplined approach to financial management has allowed us to increase EBITDA, sustain healthy margins and increase profits. Our strong financial position leaves us well positioned to deliver value to our customers and strong returns to our shareholders."

EDC is the largest provider of onshore drilling services in Russia, as measured by the number of metres drilled, providing onshore integrated well construction services and workover services. The Company also provides offshore drilling services in the Caspian Sea and is the largest provider of such services in the sectors where it operates based on the number of jack-up drilling rigs. The Company offers its onshore integrated well construction services and workover services to local and international oil and gas companies primarily in Russia and its offshore drilling services to Russian and international oil and gas companies in the Russian, Kazakh and Turkmen sectors of the Caspian Sea. In addition, the Company provides onshore drilling services in Iraq. The Company is traded on the London Stock Exchange under the symbol "EDCL".