Eurasia Drilling Company Limited ("EDC") has signed a new long-term framework agreement for well construction services with Lukoil.
The new framework agreement, in effect from January 1, 2010, defines pricing methodology and minimum work volumes (meters drilled) for exploration and production well construction services in Russia for a three year term (through December 31, 2012).
Dr. Alexander Djaparidze, EDC's Chief Executive Officer, commented, "We are very pleased to announce finalization of the new framework agreement with Lukoil, our largest customer. This new agreement solidifies our already strong relationship with Lukoil by providing them a large portion of the drilling services they require for the next three years. The agreement will in turn enable EDC to efficiently utilize our production capacity and provide a predictable base of business from which to continue our growth."
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