Page 35: of Offshore Engineer Magazine (Oct/Nov 2013)

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Drilling

Eurasia Drilling speaks

Eurasia Drilling’s CFO W. Richard Anderson visited ofces OE’s recently and provided an update of their operations.

OE: How are your Caspian ofshore operations faring?

Saturn

WRA: Eurasia bought Transocean’s rig for US$260 mil- lion in 2011. The jackup, a Keppel FELS CS Mod V design, is on a three-year contract (US$208,000/d) with Petronas for drilling of

Turkmenistan. Petronas is a major client, who just signed a new three-year deal developing an ofshore oil feld of Turkmenistan.

Ofshore operations are about 5% of our revenue and about 15% of our bottom line, so they are a meaningful share.

Ice is a concern in the Caspian, but the operators of

Kashagan feld (in the Kazakhstan sector) have built berms in the shallow waters to protect the rigs from wind-blown ice. We’ll

The jackup is drilling for Petronas of Turkmenistan. Saturn soon have four jackups in the Caspian, which will allow us to work in most of the sea. WRA: Gas exploration is active onshore in Turkmenistan,

OE: How are the rigs delivered? but Chinese competition makes it tough to get a start

WRA: Our new Caspian Sea rigs will come in by the Volga River there. Petronas and Dragon are our major clients ofshore and canal system. These are jackups of Super 116E Lamprell

Turkmenistan. The Chinese are building a jackup in Astrakhan

Neptune design and are being built in Sharjah, UAE. The frst, , was (Lamprell), but it isn’t ready yet.

OE: What are your plans for expansion?

commissioned in July and is on contract to begin drilling in late

WRA: We have designs to move into Russia’s northern

August. It should be on contract for the next fve years at good

Mercury, waters. Three major contracts were signed recently by ofshore day rates. The next jackup, to be called is scheduled for for exploration in those northern seas [that will lead to operators delivery in November 2014. Both rigs can drill to 30,000ft.

OE: What about areas east of the Caspian?

drilling]. n future oedigital.com October 2013 | OE 37 036_OE1013_D&C1-Caspian.indd 37 9/30/13 1:00 AM