Eurasia Drilling, Schlumberger swap assets

By OGJ editors
-- Eurasia Drilling Co. Ltd. (EDC) and Schlumberger have completed an exchange of drilling and servicing assets in Russia and formed an alliance to cooperate on services to EDC.

EDC bought from Schlumberger 19 drilling rigs with 17 crews, 34 workover rigs with 25 crews, and 23 sidetracking rigs with 20 crews, most operating in West Siberia for Russian oil companies Rosneft, TNK-BP, GazpromNeft, and Lukoil.

Schlumberger bought from EDC drilling services assets including directional drilling, cementing, and drilling fluids engineering and materials supply. The purchase includes 24 cementing crews, 57 directional drilling and telemetry crews, and 50 crews for drilling fluids.

Under the strategic alliance, the firms will cooperate on supply of oil and gas services to EDC for 5 years.

Total value of the deal is $260 million, including a cash consideration of $173 million from EDC to Schlumberger.

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