PRESS: Schlumberger can buy 24% in Eurasian Drilling Co

MOSCOW, Apr 18 (PRIME) -- U.S. oilfield servicing giant Schlumberger wants to acquire 24% in Russia’s Eurasian Drilling Company (EDC), business daily Vedomosti reported on Wednesday, citing a source close to one of the sides of the deal and a source with knowledge of the Schlumberger antitrust application terms.

EDC said in July 2017 that its shareholders approved selling a 51% stake in the company to Schlumberger. In November, Deputy Director of the Federal Antimonopoly Service 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.

According to sources cited by Vedomosti, Schlumberger sent a bid to buy 49% instead of 51% and plans to own it through a joint venture, where Schlumberger will have 49% and its pension fund 51%. As a result, Schlumberger will become a beneficiary owner of a 24% stake in EDC.

The Schlumberger application contains an option for an additional EDC stake, one of the sources said without disclosing the option terms.

The Federal Antimonopoly Service, EDC and Schlumberger declined to comment.

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