Rig: Saturn

EDC announces termination of 'Saturn' jackup contract

Eurasia Drilling Company Limited ("EDC") has announced that it received a letter of early termination of the contract for its Saturn jackup rig effective from October 8th 2015. The current contract was due to expire on 8th January 2016 and the early termination fee consists of 100% of contract rate for 30 days from effective date followed by 85% of contract rate for the remainder of the term (or 62 days).

EDC’s Saturn jack up rig ends 5th year without LTI

Eurasia Drilling Company Limited ("EDC" or the "Company" - LSE: EDCL), the leading onshore and offshore drilling service provider in the CIS, today announces that its offshore jack up drilling rig, the Saturn, (previously Trident XX) achieved the major milestone of working continuously for five years without a Lost time Incident (LTI) in June 2012. The commitment to incident free operations by EDC's offshore crews and onshore management combined with the full support of EDC's contractors are the main contributory factors to reaching this goal. Saturn is owned and managed by the Turkmenistan Branch of BKE Shelf Ltd in Ashgabat and has worked almost entirely throughout this five year period in Turkmenistan for Petronas Carigali apart from a 6 month spell in 2010 when it worked for CMOC (Caspi Meruerty Operating Company B.V) in Kazakhstan.

EDC announces renaming of Trident XX jack-up rig to Saturn

Eurasia Drilling Company Limited ("EDC" or the "Company" - LSE: EDCL), the leading onshore and offshore drilling service provider in the CIS, announces that in February 2012 its Trident XX jack-up drilling rig was renamed SATURN. The Saturn is a Keppel FELS CS Mod V cantilever jack-up delivered in 2001, and is capable of operating in water depths to 350 feet and drilling to 26,000 feet. The SATURN is the highest specification jack-up rig currently operating in the Caspian Sea, with features including three 2,200hp mud pumps, a 3,000hp drawworks and a 15,000 psi high-pressure BOP system. The jack up rig, which was acquired in February 2011 from Transocean, is presently operating in Turkmen waters of the Caspian Sea on a long-term contract with Petronas Carigali (Turkmenistan) Sdn Bhd which will run through 2012.

Completion of Trident XX acquisition from Transocean

EDC announced that it has completed the acquisition of the Trident XX jack-up drilling rig from Transocean for a total consideration of US$ 260 million. The Trident XX is a Keppel FELS CS Mod V cantilever jack-up capable of operating in water depths to 350 feet and capable of drilling to 26,000 feet. The rig is presently operating in Turkmen waters of the Caspian Sea on a long-term contract with PETRONAS Carigali (Turkmenistan) Sdn Bhd, which runs through 2012.

EDC negotiating with Transocean to acquire Trident XX drilling rig

Eurasia Drilling Company Limited ("EDC" or the "Company" - LSE: EDCL) today announced that it is in negotiations with an affiliate of Transocean for the acquisition of the TRIDENT XX jack-up drilling rig presently operating in the Caspian Sea. If agreed, the acquisition from Transocean is anticipated to close by January 31, 2011 or shortly thereafter, with an estimated transaction value of US$ 260 million. The TRIDENT XX is a Keppel FELS CS Mod V cantilever Jack-up capable of operating in water depths to 350 feet and drilling to 26,000 feet.

Azeri President inaugurates jack-up rig

His Excellency Mr Heydar Aliyev, President of the Republic of Azerbaijan, inaugurated the new Keppel FELS-built jack-up rig in Baku, Azerbaijan on 29 August 2000. At the same ceremony, the rig was named Qurtulus, which means salvation or revival in Azeri. The rig will be formally delivered to Transocean Sedco Forex in early September, some two months ahead of contracted schedule. It is the first new rig of international standard to be completed in the Caspian Sea and enters the market at a time when the Caspian Sea is facing a severe shortage of such drilling rigs.