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Schlumberger may withdraw from EDC buying deal

The company will focus on other opportunities for mergers and acquisitions, Schlumberger said

© AP Photo/Pat Sullivan

MOSCOW, September 24. /TASS/. The global oilfield services provider Schlumberger does not intend to extend the deadline for EDC deal completion beyond September 30, the company said on Thursday.

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The company will focus on other opportunities for mergers and acquisitions, Schlumberger said.

The deal may only be closed after the relevant approval of the government commission on foreign investments. The next meeting of the commission is scheduled to October.

The deal on purchasing a stake in the Russian oilfield service company Eurasia Drilling (EDC) was earlier estimated at $1.7 bln.

Schlumberger and the Russian Federal Antimonopoly Service agreed nine items of special conditions for the deal but additional terms may arise after the discussion with law enforcement agencies, head of the regulator Igor Artemyev said earlier.

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