(MENAFN) Schlumberger announced it would pay USD1.7 billion to acquire a minority stake in Russia's biggest onshore oil driller, with an option to take full control in few years, AFP reported.
The transaction to buy a 45.6 percent stake in Eurasia Drilling Company (EDC) involves a price of USD22 per share, the world's biggest provider of oilfield services said in a statement.
The deal also calls for the principal shareholders of EDC to take the company private. It is expected to close in the first quarter, Schlumberger, based in Paris and Houston, said in a statement.
''Schlumberger believes that the sanctions will be lifted sooner or later, and the company will be well-equipped to reap benefits from growing Russian oil field services market by then,'' an oil and gas analyst said.
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