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Fitch revises Eurasia Drilling Company's Outlook to Positive; affirms at 'BB'

Fitch Ratings has revised Eurasia Drilling Company Limited's (EDC) Outlook to Positive from Stable and affirmed its Long-term foreign currency Issuer Default Ratings (IDR) at 'BB', the rating agency says.

The Positive Outlook reflects our expectation that EDC will maintain solid credit metrics and should be free cash flow (FCF) positive in 2015-2017 as it approaches the end of its investment cycle in the Caspian Sea. EDC has a strong market position and will remain the largest on-shore driller in Russia in the medium term.

Eurasia Drilling Company's main asset is OOO Burovaya Kompaniya Eurasia

OOO Burovaya Kompaniya Eurasia (BKE, tax number: 8608049090) is the largest Russian independent drilling company as measured by meters drilled which is engaged in well construction and workover of all types of oil and gas wells at license sites areas of OAO LUKOIL, Rosneft Oil Company, JSC Gazprom Neft, TNK-BP and other oil and gas companies.

BKE's production facilities are concentrated in Western Siberia, Volga-Ural region and Timan-Pechora region while the company is also active in Eastern Siberia and Kazakhstan. The Company's head office is located in Moscow.

IFRS net profit of OOO Burovaya Kompaniya Eurasia for 2013 grew by 26% to RUB 11.912 billion from RUB 9.45 billion the year before. Revenue increased by 5.2% to RUB 74.262 billion from RUB 70.602 billion, GP to RUB 18.305 billion from RUB 15.321 billion.

"AK&M", 23.05.2014 18:25


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