Schlumberger closes in on majority stake in Eurasia Drilling Company

Schlumberger closes in on majority stake in Eurasia Drilling Company

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.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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