Schlumberger and Eurasia Drilling extend merger deadline

Schlumberger BV and Eurasia Drilling Co. Ltd. are continuing to cooperate with the Russian Federal Anti-Monopoly Service and the Commission on Foreign Investment with regard to the proposed merger between the Eurasia Drilling and EDC Acquisition Co. Ltd. and the related transaction with Schlumberger. 

In light of this, the parties to the proposed transaction have agreed to extend the long-stop date for completion of the transaction from March 31 to April 30.

Schlumberger plans to buy a 45.65% stake in Eurasia Drilling for approximately $1.7 billion. The companies are awaiting the necessary approvals from Russian authorities to complete the transaction.

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