Schlumberger’s Eurasia deal ‘needs more time’

15 June 2015, News Wires – An official decision for Schlumberger’s $1.7 billion deal to acquire a stake in Russian rig contractor Eurasia Drilling may come summer, according to reports.

schlumbergerRussia’s Federal Antimonopoly Service (FAS) is close to making its decision on the bid, but still needs to “further review the deal”, RIA news agency reported on Monday.

It had been expected that the special government commission could make its decision on Schlumberger’s offer for a 45.65% stake in Eurasia later this month, amid reports in May that it had “no objections to the deal” and an official decision was due “soon”.

However the deal, originally expected to be approved by the end of March, has so far been delayed three times against a background of concerns that Eurasia’s activities could be affected if Western sanctions against Russia over the crisis in Ukraine are extended further.

The latest extension for the completion of the deal is now 30 June, although the date could yet again be pushed forward.

Oilfield services giant Schlumberger agreed in January to buy a stake in Eurasia, with an option to buy the rest of the Russian company at a later date.


– Upstream

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