July 20, 2017 / 11:50 PM / a year ago

Schlumberger to buy majority stake in Russia's Eurasia Drilling

July 21 (Reuters) - Russia’s Eurasia Drilling Company Ltd said on Thursday it would sell a 51 percent stake in the company to the world’s No. 1 oilfield services provider, U.S.-based Schlumberger NV.

The agreement is subject to approval by the Federal Antimonopoly Service of Russia, the company said. bit.ly/2uf0YgD

Financial terms of the deal were not disclosed since it is subject to approval.

The agreement, if approved, would extend the company’s strategic alliance with Schlumberger that dates to 2011, Eurasia added.

Schlumberger's attempt to buy a 45.65 percent stake in Eurasia for about $1.7 billion in 2015 fell apart after approval for the deal was postponed several times by Russia's anti-monopoly body. reut.rs/2uf6EY1 (Reporting by Abinaya Vijayaraghavan in Bengaluru; Editing by Peter Cooney)

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