Houston-based multinational oilfield services provider Schlumberger has reached a deal to take a controlling 51% stake in Russian firm Eurasia Drilling Company (EDC).
Terms of the deal were not revealed as it still depends on approval from Russia’s anti-monopoly body. But a failed bid by Schlumberger for a less-than-majority stake two years ago was valued at $1.7bn.
EDC does both offshore and onshore well-drilling work.
Schlumberger and EDC have enjoyed a strategic alliance since 2011 and the two firms have come close to similar deals in recent years only to postpone.
Founded in France, but now US-based, Schlumberger provides services including seismic acquisition and processing, formation evaluation, well testing and directional drilling.