Eurasia Drilling Company

As of March 14, 2017, Eurasia Drilling Company LLC operates in the field of drilling, construction, repair and reconstruction of oil and gas wells of all destinations at the licensed areas of PJSC LUKOIL, PJSC NK Rosneft, PJSC Gazprom Neft, PJSC ANK Bashneft, JSC Oil and Gas Companies.

BKE LLC is part of the Eurasia Drilling Company Limited (EDC) group of companies.

Organized in 1998.

History

2022: Change of ownership of the company

In mid-May 2022, the oil service company Eurasia Drilling Company (EDC) announced the sale of its Russian division, Eurasia (BKE), the Development drilling company. The financial terms of the transaction are not disclosed.

According to the EDC statement, the change of ownership of BKE LLC will not negatively affect the implementation of the concluded agreements for drilling and repair of wells, will not lead to a change in the portfolio of orders of BKE LLC or a reduction in the production potential of the company, and will not affect the structure of production management.

One of the largest drilling companies in Russia has changed ownership

EDC stressed that this transaction will strengthen the position of our company in the oilfield services market, expanding the possibilities of implementing projects for drilling and repairing wells.

Eurasia Drilling Company LLC is one of the largest independent drilling companies in Russia, engaged in the drilling, construction, repair and reconstruction of oil and gas wells of all destinations in the licensed areas of PJSC LUKOIL, PJSC NK Rosneft, PJSC Gazprom Neft, PJSC ANK NK Bashneft, other companies. Eurasia is EDC's main asset in Russia, it owned 100% without one share.

On May 11, 2022, the Kommersant newspaper, citing its sources, reported that the Development drilling company sent a petition to the FAS to purchase the Eurasia drilling company after the head of Lukoil Vagit Alekperov announced his resignation from the post of head of the company.

According to Tatyana Neveeva, partner of the BGP Litigation sanctions law practice, due to the expansion of sanctions, holdings generally seek to get rid of foreign companies in the structure and transfer the group completely to Russia.

The valuation of Eurasia may amount to 20-30 billion rubles, said Advance Capital expert Karen Dashyan. However, according to him, in the case of the sale of "Development," the transaction "can be called friendly," so the amount "can be a secondary factor."^[1]

Notes