SCHLUMBERGER & EURASIA: 51%
EDC - Eurasia Drilling Company Limited (the "Company") 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 previously announced that it had agreed the principal terms for an investment in the Company by a consortium of the Russian Direct Investment Fund (RDIF), the Russia-Chinа Investment Fund (RCIF, created by RDIF and China Investment Corporation) and leading Middle Eastern co-investors. Work on this investment remains ongoing and the Company expects to enter into a definitive agreement in relation to it in the near future.
Dr. Alexander Djaparidze, EDC's Chief Executive Officer said:
"I warmly welcome Schlumberger as our majority shareholder. It builds on our strategic alliance with Schlumberger since 2011 and our mutually beneficial business relationship since 2007. The combination of the technology knowhow and operational expertise of Schlumberger coupled to the financial strength of the Investment Funds, brings significant benefits to our customers and the Russian conventional land drilling market."
The person responsible for arranging the release of this announcement on behalf of the Company is Dmitry Shokhin, General Counsel.
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