22nd Oct 2013 10:16
LONDON (Alliance News) - Eurasia Drilling Company Limited Tuesday said its revenue increased 9.5% for the first nine months of 2013, as drilling output rose 3.3% to 4.7 million metres drilled from 4.6 million metres in 2012.
In a trading update for the first nine months of 2013, the firm said earnings before interest taxation depreciation and amortisation margin amounted to around 26.9% during the period compared with 25.6% in the first nine months of 2012.
Capital expenditure for property, plant and equipment declined to USD295 million from USD436 million in 2012, while net debt stood at USD254 million at the end of September.
Eurasia said operational highlights during the period included a 35% increase in horizontal metres drilled to 893,651 metres, from 660,471 metres in the same period last year.
Exploration drilling volumes were up 4.9% during the first nine months of 2013 compared with 2012.
Eurasia said its subsidiary, BKE Shelf, was awarded a three-year contract by Dragon Oil PLC for the provision and management of two jack-up rigs in the Caspian Sea.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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