Foraco International SA announced it has signed a Preliminary Agreement with its partners to dispose of its participation in Russia. Foraco was present in Russia through a 50% stake into Eastern Drilling Company. Since 2010 the Company has been providing technical and out of the country support services to EDC until the beginning of 2022. Foraco has formally agreed with its Russian partners to sell them 100% of its shares in EDC and the transaction is subject to Russian Authorities approval which is expected to take place during the second quarter of 2023. In 2022, the contribution of EDC to Foraco’s consolidated revenue and net income was respectively US$ 22.7 million and US$ 2.0 million.

Foraco International SA, a leading global provider of mineral and water drilling services, is a client of Bristol Capital, a North American Investor Relations company.

Read the full press release here: Foraco International exits Russia