Schlumberger Scraps Bid for Eurasia Drilling Stake

Monday, February 4, 2019

U.S. oilfield services giant Schlumberger has withdrawn its bid for a stake in Russia's Eurasia Drilling Company (EDC) Russia's Federal Anti-monopoly Service (FAS) said on Monday.

Schlumberger, which has its own business in Russia, said last month it would withdraw its application to buy a stake in EDC if it didn't get regulatory approvals soon.

Schlumberger's office in Moscow had no immediate comment.

The U.S. company had planned to acquire up to 49 percent of EDC, Russia's largest oil services provider.

The withdrawal marks Schlumberger's second failed attempt to buy EDC. In 2015, the U.S. company agreed to purchase 45.65 percent of EDC for $1.7 billion, but the deal fell through after the FAS repeatedly postponed its approval.

Schlumberger made its latest bid last year.

The approval process has become more complicated in recent years due to a deterioration in relations between Russia and the West over Moscow's annexation of Crimea from Ukraine, as well as allegations of a nerve agent attack in Britain and meddling in the U.S. presidential election.


(Reporting by Olesya Astakhova and Polina Devitt; Writing by Vladimir Soldatkin; Editing by Louise Heavens and Mark Potter)

Categories: Drilling Russia Industry News

Related Stories

Oil Caught Between Trump's Russia Supply Push and Middle East Risks

Eni Agrees Indonesian Gas Asset Sales to Pertamina and Medco

Oil Stabilizes as IEA Moves to Speed Up Emergency Stock Releases

Yinson Production Raises $1.46B to Refinance Agogo FPSO

Oil Industry Braces for Years of Market Disruption

Iran Set to Keep Hormuz Shut Until Seven Demands Are Met

SED Energy Holdings and Ventura Offshore Set to Combine Ops

Saudi Contractor Enters Oman with Four-Well Drilling Assignment

TenneT Completes Drilling, Installation of Protective Conduits for Wind Farms

Borr Drilling's Mexican JV Expands Fleet with Five Jack-Ups

Current News

Oil Caught Between Trump's Russia Supply Push and Middle East Risks

Eni Agrees Indonesian Gas Asset Sales to Pertamina and Medco

Riyadh Attacks Disrupt Oil Majors' Summit Plans

Iran Weighs US Response as Hormuz Reopening Talks Stall

Valeura Starts Wassana Platform Installation Offshore Thailand

Oil Stabilizes as IEA Moves to Speed Up Emergency Stock Releases

Yinson Production Raises $1.46B to Refinance Agogo FPSO

Oil Climbs on US Storm Threat, Saudi Attack Risks

KBR to Support Aramco’s Marjan Offshore Field Upgrade

Oil Industry Braces for Years of Market Disruption

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com