Fitch Ratings Affirms EDC at BB; Outlook Stable
OREANDA-NEWS. Eurasia Drilling Company Limited ("EDC" or the "Company" - LSE: EDCL), the leading onshore and offshore drilling service provider in the CIS, announces that the global ratings agency Fitch Ratings (“Fitch”) has affirmed EDC’s Long-term foreign currency Issuer Default Rating at 'BB' with a Stable Outlook. Fitch also affirmed the 'BB' senior unsecured ratings of the RUB 5 billion domestic bonds due in 2018 issued by EDC's fully owned indirect subsidiary OOO Burovaya Kompaniya Eurasia and USD 600 million Eurobond due in 2020 issued by its fully owned subsidiary EDC Finance Limited.
Mr. W. Richard Anderson, EDC’s Chief Financial Officer, commented,
“We are pleased that Fitch continues to recognise EDC’s robust financial profile and conservative approach in managing debt. We remain optimistic about the growth opportunities our core market offers and we are confident that we are well positioned to capture this growth.”
“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”.