Eurasia Drilling (EDCL) – Schlumberger buys into Russian driller at significant premium
Schlumberger is acquiring a 46% stake in Eurasia Drilling for US$1.7bn, less US$200m in non-compete agreements and call options. The call option will allow Schlumberger, at its election, to purchase the remaining shares in EDCL during a two-year period commencing three years from the closing of the transaction.
Eurasia Drilling Company Limited (EDC) is the largest onshore drilling contractor in the CIS, and the only Russian independent offshore contractor with 695 rigs delivering drilling,…
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