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MOSCOW, Jul 21 (PRIME) -- Schlumberger plans to buy 51% in Russian oilfield servicing company Eurasia Drilling Company (EDC), EDC said in a statement seen by PRIME on Friday.
“Eurasia Drilling Company Limited announces that its shareholders have today agreed to sell to Schlumberger 51% of the total issued share capital of the company. The signed agreement is subject to the satisfaction of customary conditions, including approval by the Federal Antimonopoly Service of Russia,” the company said.
A representative of the Federal Antimonopoly Service told PRIME that Schlumberger is yet to file a request over the deal to the service.
In January 2015, Schlumberger said it agreed to buy a 45.65% stake in EDC for U.S. $1.7 billion. The antimonopoly service said then that the deal must be approved by a government commission for foreign investment control. The government has postponed the clearance several times, and in September 2015 Schlumberger said it will not prolong the deadline to close the deal.
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