Ministry of Energy supports conditions of FAS on the sale of 46% of Eurasia Drilling to Schlumberger

​The Ministry of Energy wouldn’t oppose the conditions set by FAS on the sale of 46% of Eurasia Drilling to Schlumberger, the Minister of Energy, A. Novak, said.

Previously the head of FAS, I. Artemiev, said that the Government of Russia might make a positive decision by the deal of Eurasia Drilling, however, it had set 10 conditions for the purchase. The conditions presuppose that the CEO of the purchased company should be a citizen of Russia and the security of the Government secret.

On Jan 20th it was announced that Schlumberger purchases a stake in Eurasia Drilling. The amount of the deal is $1.7 bln. Schlumberger will receive 45.65% of shares of the Russian company for these funds. In the framework of the deal Eurasia Drilling will quit the stock exchange having purchased its papers from the minority shareholders which have been listed on the LSE from 2007. Schlumberger will issue a loan to the major shareholders of Eurasia Drilling for the purchase of shares. After the delisting, Schlumberger via one of a few affiliates will purchase 45.65% of Eurasia Drilling at $22/share.

Now the major co-owners of Eurasia Drilling are A. Dzhaparidze – 30.2% and A. Putilov – 22.4%.