Schlumberger agrees to sell EDC stake to Russia in case of sanctions

MOSCOW, Dec 19 (PRIME) -- U.S. oilfield servicing giant Schlumberger has agreed to a condition by the Federal Antimonopoly Service to transfer a controlling stake and the management of Eurasia Drilling Company (EDC) to the Russian side in case of sanctions, the authority’s Deputy Director Andrei Tsyganov told reporters Tuesday.

EDC said in July that its shareholders approved selling a 51% stake in the company to Schlumberger. In November, Tsyganov told PRIME that the service and Schlumberger were working on a mechanism to protect the company’s investment in EDC and of economic interests of Russia in case of new Western sanctions.

Tsyganov said that the service set two conditions for fulfillment of the deal: “Transfer of the operative control must be given to the Russian executive team in order to not put people who work for company Schlumberger at risk of including criminal persecution in other jurisdictions.”

“And secondly, to sell this stake in order for the control to pass to a Russian company or other company which does not fall under sanctions,” Tsyganov said adding that the Russian authorities are discussing the mechanism of implementation of the measures.

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