CEO: Schlumberger fulfills all Russian demands for EDC acquisition

RIYADH, Oct 23 (PRIME) -- U.S. oilfield servicing giant Schlumberger has fulfilled all Russian requirements for an acquisition of a share in Eurasia Drilling Company (EDC), and is now waiting for regulatory approvals, CEO Paal Kibsgaard told PRIME on Tuesday on the sidelines of the Future Investment Initiative conference.

“We have fulfilled all demands of the Russian authorities, they continue discussions, but they are yet to make a final decision. We hope for a positive result,” he said.

When asked about whether Schlumberger’s bid for a stake in EDC had a deadline, he said that the companies were in an open discussion of the deal, but would not disclose details.

EDC said in July 2017 that its shareholders approved the sale of a 51% stake in the company to Schlumberger. In November of the year, the Federal Antimonopoly Service’s Deputy Director Andrei Tsyganov said that the service and Schlumberger were working on a mechanism to protect the company’s investment in EDC and Russian economic interests in case of new Western sanctions.

In April 2018, Russian government’s commission for foreign investment control preliminary approved a request of Schlumberger to acquire between 25% plus one share and 49% in EDC.

End