Business
Foraco awarded large drilling services contract in Russia
TORONTO, ON/MARSEILLES, France, Jan. 28 /CNW/ - Foraco International SA (TSX: FAR) (the "Company"...
About this update from Foraco International Sa
[{"type":"text","content":"\n\n\n\nTORONTO, ON/MARSEILLES, France, Jan. 28 /CNW/ - Foraco International SA\n(TSX: FAR) (the "Company" or "Foraco"), a leading global provider of\ndiversified drilling services, today announced that it has secured a drilling\nservices contract with OAO Arkhangelskoe Geologodobychnoe Predpriyatie\n("AGD"), a Russian open joint stock company involved in diamond exploration\nand a wholly-owned subsidiary of OAO LUKOIL. Under terms of the contract,\nForaco will perform large diameter drilling and bulk sampling for diamonds at\nAGD's Grib site in the Arkhangelsk region in northwestern Russia. The one-year\ncontract is valued at approximately (euro) 10.0 million or $C16.0 million.\n\n\n"We are delighted to expand our operations into Russia and look forward\nto working with AGD in bulk sampling the Grib site. Foraco has significantly\nincreased its expertise in this specialized drilling technique through our\nrecent acquisition of Northwest Sequoia Drilling and its excellent customer\nreferences in diamond bulk sampling projects in Northern Canada," said Daniel\nSimoncini, Chairman and Chief Executive Officer of Foraco. "The large diameter\ndrilling skills and assets of Foraco's European division combined with\nSequoia's unique expertise were key factors in securing this contract with\nAGD."\n\n\nAbout Foraco\n\n\nForaco (TSX: FAR) is a worldwide drilling service provider headquartered\nin Marseille, France. The Company provides a diverse range of drilling\nservices to the minerals, energy, water, environmental and infrastructure\nsectors. The Company currently operates 117 drilling rigs, with a presence in\n18 countries across five continents. For more information about Foraco, visit\nwww.foraco.com.\n\n\nCaution concerning forward-looking statements\n\n\nThis document may contain "forward-looking statements" and\n"forward-looking information" within the meaning of applicable securities\nlaws. These statements and information include estimates, forecasts,\ninformation and statements as to management's expectations with respect to,\namong other things, the future financial or operating performance of the\nCompany and capital and operating expenditures. Often, but not always,\nforward-looking statements and information can be identified by the use of\nwords such a...