The Egyptian Drilling Company (EDC) recorded a net profit of $132 million in fiscal year (FY) 2025, yielding a high operational efficiency rate of 98.8%. Osama Kamel, EDC Chairman and Managing Director, reported these results during the General Assembly convened via videoconference, attended by Karim Badawi, Minister of Petroleum and Mineral Resources. The company’s revenues reached approximately $402 million, compared to $213.23 million in fiscal year 2024.
The General Assembly coincided with the 50th anniversary of EDC’s founding. Established in 1976 with a capital of EGP 100,000 and a single onshore rig, the company has grown into a regional leader with a fleet of 66 onshore and offshore rigs. EDC currently employs 5,600 personnel across Egypt, Saudi Arabia, and Kuwait, serving as a trusted partner for major Middle Eastern energy companies.
Kamel announced that EDC is set to launch a new five-year strategic plan extending to 2030. The strategy aims to achieve qualitative and sustainable growth by gradually adding new rigs and modernizing the existing fleet with advanced technologies to meet rising demand in domestic and international markets.
The company has already bolstered its regional presence, securing new contracts in Kuwait and Türkiye with total projected revenues of $86 million. Furthermore, EDC is seeking entry into new markets, including India, the UAE, Oman, and West Africa.
Minister Badawi emphasized the pivotal role of EDC in implementing the state’s five-year plan to increase domestic oil and natural gas production through its well-drilling programs. He directed the company to forge strategic regional and international partnerships and underscored the importance of specialized training to prepare human capital for the anticipated expansion in drilling activities.
EDC maintains a robust commitment to Health, Safety, and Environment (HSE) standards, achieving safety indicators that surpass global averages. The company’s 2030 plan prioritizes these standards alongside investments in human capital and operational capacity.
