Foraco International exits Russia

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TORONTO and MARSEILLE, France, April 5, 2023 /CNW/ - Foraco International SA (TSX: FAR) (the "Company" or "Foraco"), a leading global provider of mineral and water drilling services, today 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 (EDC). Since 2010 the Company has been providing technical and out of the country support services to EDC until the beginning of 2022. Today 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. Once executed Foraco expects impairment and other non-cash recurring charges of approximately US$ 0.8 million.

About Foraco International SA

Foraco International SA (TSX: FAR) is a leading global mineral and water drilling services company that provides a comprehensive and reliable service offering in mining and water projects. Supported by its founding values of integrity, innovation and involvement, Foraco has grown into the third largest global drilling enterprise with a presence in 22 countries across five continents. For more information about Foraco, visit

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Caution concerning forward-looking statements

This document may contain "forward-looking statements" and "forward-looking information" within the meaning of applicable securities laws. These statements and information include estimates, forecasts, information and statements as to Management's expectations with respect to, among other things, the future financial or operating performance of the Company and capital and operating expenditures. Often, but not always, forward-looking statements and information can be identified by the use of words such as "may", "will", "should", "plans", "expects", "intends", "anticipates", "believes", "budget", and "scheduled" or the negative thereof or variations thereon or similar terminology. Forward-looking statements and information are necessarily based upon a number of estimates and assumptions that, while considered reasonable by Management, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Readers are cautioned that any such forward-looking statements and information are not guarantees and there can be no assurance that such statements and information will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed under the heading "Risk Factors" in the Company's Annual Information Form dated March 3, 2023, which is filed with Canadian regulators on SEDAR ( The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements and information whether as a result of new information, future events or otherwise. All written and oral forward-looking statements and information attributable to Foraco or persons acting on our behalf are expressly qualified in their entirety by the foregoing cautionary statements.

SOURCE Foraco International SA


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