EDC Group: Announces Share Repurchase Program
Eurasia Drilling Company Limited, the leading onshore & offshore drilling service provider in the CIS, announced today that the Board of Directors of EDC on February 18, 2014 authorized the Company’s Management to buy-back some of its Global Depositary Receipts commencing April 2, 2014 (post the announcement of FY 2013 results in late March, 2014) for a period of six months in an amount up to $200 million. The buy-back will be funded from the Company’s cash reserves and so the Company will not incur additional indebtedness to execute the buy-back program.
