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2018-04-30 09:31:00

SCHLUMBERGER - EURASIA DEAL

SCHLUMBERGER - EURASIA DEAL

REUTERSRussia has given preliminary approval to a bid by U.S. oilfield services giant Schlumberger to acquire up to 49 percent of Russia's Eurasia Drilling Co (EDC), an unexpected decision given a chilling in U.S.-Russian relations.

Washington has introduced a number of sanctions, including restrictions on financing for Russian companies over Moscow's role in Ukraine's crisis and alleged meddling in the U.S. 2016 presidential election.

RIA news agency cited Igor Artemyev, head of Russia's anti-monopoly body (FAS), as saying the regulator would quickly start talks with Schlumberger, the largest oilfield services company by revenue.

"We (will) immediately start the talks with Schlumberger and hope that we are moving to the final stretch," he was quoted by RIA as saying after a Russian government meeting on foreign investments.

The FAS said later on Saturday that the government investment commission had decided to extend the time frame for examining the deal, but it was not immediately clear how long that could take.

Schlumberger had initially planned to buy 51 percent in EDC, but decided to scale down its bid. The deal has faced difficulties as relations between Russia and the United States have deteriorated.

This is a second attempt by Schlumberger to acquire Russia's leading oilfield services provider. In 2015, Schlumberger agreed to buy 45.65 percent of EDC for $1.7 billion, but the deal fell through after the FAS repeatedly postponed its approval. Later that year, EDC delisted its shares on the London Stock Exchange.

For Schlumberger, the investment would mean access to the Russian oil market, one of the world's largest, at a time of rising crude prices.

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Earlier:

 SCHLUMBERGER - EURASIA DEAL STOP
2017, September, 4, 12:15:00

SCHLUMBERGER - EURASIA DEAL STOP

The acquisition of Russia’s Eurasia Drilling Co (EDC) by U.S. oilfield services giant Schlumberger (SLB.N) has been held up by U.S. sanctions on Russia, Russian Deputy PM Arkady Dvorkovich was quoted as saying by local news services.

 SCHLUMBERGER & EURASIA: 51%
2017, July, 24, 13:35:00

SCHLUMBERGER & EURASIA: 51%

"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."

 EURASIA DRILLING: $1.5 BLN
2015, October, 11, 16:10:00

EURASIA DRILLING: $1.5 BLN

Eurasia Drilling’s top shareholders and management have proposed taking the oil services company private, after Schlumberger walked away from making a $1.7bn investment following resistance from Russian regulators.

 EURASIA DRILLING OFFER: $10
2015, October, 8, 19:10:00

EURASIA DRILLING OFFER: $10

Eurasia Drilling Co., the Russian oil driller whose planned acquisition by Schlumberger Ltd. collapsed last month, said it received a buyout offer from management and shareholders.

 SCHLUMBERGER PROVIDES UPDATE
2015, September, 27, 19:40:00

SCHLUMBERGER PROVIDES UPDATE

Schlumberger Limited announced that it does not intend to extend the pending agreement to acquire a minority equity interest in Eurasia Drilling Company Limited, once the current extension expires on September 30, 2015. The Company will instead focus on other M&A opportunities.

 SCHLUMBERGER & EURASIA KEY FINANCIALS
2015, August, 27, 18:30:00

SCHLUMBERGER & EURASIA KEY FINANCIALS

Issues have emerged in Russia that could delay or prevent Schlumberger Limited. (NYSE:SLB) from closing a deal with Eurasia. Earlier this year, Schlumberger made a $1.7 billion offer to take a stake in Eurasia, also expressing willingness to acquire the rest of the company. Eurasia is Russia’s largest oil-services company. However, as it turns out, Russia’s Federal Security Service, also known as FSB, is expressing some reservations over the deal.

 RUSSIA STOP SCHLUMBERGER
2015, August, 26, 18:10:00

RUSSIA STOP SCHLUMBERGER

Russia’s Federal Security Service, the main successor to the KGB, is holding up Schlumberger Ltd.’s acquisition of a 46 percent stake in Eurasia Drilling Co., according to two people with knowledge of the matter.

Tags: SCHLUMBERGER, EURASIA, RUSSIA