October 13, 2015
Willkie represents the Special Committee of the board of Eurasia Drilling Company, the largest Russian drilling company.
Willkie is representing the Special Committee of the board of directors of Eurasia Drilling Company Limited (EDCL), the largest Russian drilling company, in relation to a take-private transaction by management and certain core shareholders. The transaction, and subsequent delisting of the company’s global depository receipts (GDRs) on the London Stock Exchange, is expected to close mid-November 2015. The deal will be effected by way of a merger between EDCL and EDC Acquisition Company Limited (EACL) under Cayman Islands company law. The transaction values EDCL at approximately US$1.7 billion.
A leading onshore and offshore drilling and well services contractor, EDCL is the largest provider of drilling services in Russia, the world’s biggest oil-producing country. EDCL owns and operates one of the largest fleets of land-drilling and workover units in the world.
The Willkie deal team was led by partner François Feuillat and included associates Matteo Matteucci, Sayjel Revell and Alice Walton. Cayman Islands legal advice was provided by a Maples and Calder team led by Jack Marriott.