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Schlumberger withdraws from Eurasia Drilling deal

September 30, 2015, 19:58 UTC+3
The US oilfield service company says it confirmed the period to close the deal will not be prolonged and the deal to buy shares in the Eurasia Drilling will not take place
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© AP Photo/Pat Sullivan

MOSCOW, September 30. /TASS/. The deal on acquisition of shares in the Russia’s drilling contractor Eurasia Drilling (EDC) will not take place, the US oilfield service company Schlumberger said on Wednesday.

Schlumberger said it confirmed the period to close the deal will not be prolonged and the deal to buy shares in the Eurasia Drilling will not take place. Both companies will continue working together under the five-year agreement executed in April 2011, Schlumberger said.

Schlumberger announced it would acquire Eurasia Drilling on January 20. However, it was not possible to close the deal without the approval of the Federal Antimonopoly Service and the foreign investments commission, which have not yet sanctioned it until now. Schlumberger was to acquire 45.65% in the Russian drilling company at a price of $22 a share through its subsidiaries after the EDC delisting.

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