Eurasia Drilling Company said that it is in discussions with an affiliate of Transocean for the purchase of the TRIDENT XX jack-up drilling rig for an estimated transaction value of $ 260m.

The company said that the acquisition from Transocean is expected to be completed by 31 January 2011 or shortly thereafter, provided the negotiation is agreed.

The drilling rig presently operating in the Caspian Sea, according to the company.

The TRIDENT XX is a Keppel FELS CS Mod V cantilever Jack-up capable of operating in water depths to 350ft and drilling to 26,000ft.

EDC is an independent provider of onshore drilling services in Russia providing onshore integrated well construction services and workover services.