Eurasia Drilling hopes to acquire Transocean's Trident XX jackup for $260MM

Source: Eurasia Drilling Co.

Eurasia Drilling Company Limited (LSE: EDCL) is in negotiations with an affiliate of Transocean (NYSE:RIG) for the acquisition of the Trident XX jackup 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 jackup capable of operating in water depths to 350 feet and drilling to 26,000 feet. 

EDC is the largest independent provider of onshore drilling services in Russia, as measured by the number of meters drilled, providing onshore integrated well construction services and workover services. In addition, the Company provides offshore drilling services in the Caspian Sea. The Company offers its onshore integrated well construction services and workover services to local and international oil and gas companies primarily in Russia and its offshore drilling services to Russian and international oil and gas companies in the Russian, Kazakh and Turkmen sectors of the Caspian Sea.

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