Schlumberger won't extend $1.7-billion Eurasia Drilling deal
LONDON -- Schlumberger will not extend its pending agreement to acquire a minority equity interest in Russia’s Eurasia Drilling when the current extension expires, according to a company statement.
The world’s largest service company will “focus on other M&A opportunities” instead, Schlumberger said in Thursday's statement.
The company announced its intention to buy a 45.65% stake in Eurasia Drilling in January, in a deal valued at $1.7 billion.
However, a lack of regulatory approvals led the deal to be postponed four times, with the current extension set to expire on Sept. 30.
