Schlumberger takes control of Russian driller

22 Jul 2017   Russia, USA

U.S. oilfield services company Schlumberger announced a deal that establishes it as the majority owner in Russia’s largest drilling and services provider. Extending a six-year relationship, the leading services contractor Schlumberger said it acquired a 51 percent stake in Eurasia Drilling Co. Ltd. The terms of the deal weren’t disclosed by either company. The Wall Street Journal valued the deal at $1.7 billion. EDC holds one of the largest fleets of onshore drilling units in the world and described itself as the “premier supplier” of services to the Caspian Sea region, home to some of the larger oil and gas fields in the world. “The combination of the technology knowhow and operational expertise of Schlumberger coupled to the financial strength of the investment funds, brings significant […]

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