Schlumberger Limited has signed an agreement to acquire a minority equity interest in Eurasia Drilling Company Limited ('EDC'). The agreement extends the successful long-term relationship enjoyed by the two companies within the strategic alliance signed in 2011, which has enabled deployment of a range of drilling and well engineering services to customers in the Russia land conventional drilling market.

In connection with the agreement, the principal shareholders of EDC will take the company private. Upon delisting of the company from the London Stock Exchange, Schlumberger, through one or more subsidiaries, will acquire a minority equity ownership interest of 45.65% in EDC, in exchange for consideration of $22 per share.

Tags: Eurasia Drilling Company Limited, Schlumberger