Schlumberger, Russia’s EDC delay acquisition completion to Apr 30

MOSCOW, Mar 30 (PRIME) -- Eurasia Drilling Company (EDC), the largest provider of drilling services in Russia, and Schlumberger, a global oilfield services company, will postpone finalizing a deal under which Schlumberger is to buy of 45.65% in EDC to April 30 from Tuesday, EDC said in a statement on Monday.

“Eurasia Drilling Company (the “Company”) announces that Schlumberger B.V. (“SLB”) and the Company are continuing to cooperate with the Russian Federal Antimonopoly Service and the Commission on Foreign Investment in relation to the proposed merger between the Company and EDC Acquisition Company Limited and the related transaction with SLB. In light of this, the parties to the proposed transaction have agreed to extend the long-stop date for completion of the transaction from 31 March 2015 to 30 April 2015,” it said.

Schlumberger plans to buy the stake for U.S. $1.7 billion or $22 per share.

Russian authorities have not completed a full list of conditions to present to Schlumberger before clearing the acquisition. The Natural Resources and Environment Ministry will ask the company to maintain the shelf development pace.

Schlumberger will have to sell the stake in EDC to Russian investors if further sanctions against the country block its operations.

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