The Egyptian Drilling Company (EDC) possesses a positive balance sheet of over $1 billion, according to the company’s CEO, Jeppe Jensen, in an interview with Energy Digital.
“We’re covering the Egyptian market with almost 65 percent, so that’s our market share,” Jensen stated, adding that it’s a “solid position, and a very interesting business to be part of.”
Jensen, who joined EDC earlier this year, stated it is “about having a finger on the pulse and seeing what is happening in such a competitive market.” He further noted that strong partnerships with stakeholders, national oil companies (NOCs), and international oil companies (IOCs) remain a key priority.
As a public-private partnership, Jensen emphasized the importance of shareholder interests in setting EDC priorities and stated that the company will remain focused on internal governance.
Tarek El Molla, Minister of Petroleum and Mineral Resources, attended EDC’s general assembly to review its performance in 2016. El Molla noted that EDC’s oil-drilling accomplishments represented an important step towards even greater achievements in the future, Egypt Oil & Gas reported in April.
EDC is a drilling contractor that operates in Egypt, the Middle East, and Africa, employing around 4,700 people and possessing more than 70 onshore and offshore units.