Schlumberger moves for majority stake in EDC

Energy Production | Moscow, Russia | Corporate Acquisition

Oilfield services company Schlumberger has agreed to acquire 51% of Eurasia Drilling Company. The deal comes while EDC finalises details on a separate investment from a consortium of backers including the Russia Direct Investment Fund and Russia-China Investment Fund. The drilling and well services provider generated more than $1.6 billion in revenue in 2016—a fall of 8% YoY.

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