Schlumberger has lost priority to buy EDC shares

RUSSIA / FSU POLITICS - In Brief 04 Feb 2019 by Alex Teddy
Schlumberger had priority on buying shares in Eurasia Drilling Company (EDC). This expired on 1 February and will not be renewed. Moscow has decided on this. Apparently it is not linked to US sanctions. It is thought that Russian competitors lobbied the government not to extend Schlumberger's priority. EDC was not on the agenda at Schlumberger's most recent board meeting. But Russia remains an important market for Schlumberger. Russia needs Western drilling service firms even though Western ones are moving in.

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