Russia's Eurasia Drilling Says 1H Net Profit Halves

Reuters

MOSCOW, Aug 20 (Reuters) – Russia's Eurasia Drilling on Thursday reported a first-half net profit of $91 million, down by half on a weak rouble, low oil prices and lower demand from top customer Lukoil.

Eurasia, in which Schlumberger is awaiting Russia's permission to buy a 45.65 percent stake, said revenue fell by 40 percent to $923 million.

"(Results) were negatively affected by a much weaker rouble, the challenging market of low oil price, and a significant decrease in activity by our largest customer," Chief Financial Officer Taleh Aleskerov said in a statement.

Eurasia said it had drilled 13 percent fewer metres in the first half of 2015 than in the same period of 2014.

Lukoil's share of the drilling fell to 56 percent from 63 percent a year earlier, while drilling for its second-largest customer, Gazprom Neft, increased.

(Reporting by Katya Golubkova; editing by Jason Neely)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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