Schlumberger to abandon Russia's EDC bid if approvals not met soon
Jan 18 (Reuters) - Schlumberger NV said on Friday it
would withdraw its application for the acquisition of a stake in
Russia's Eurasia Drilling Company (EDC) if it is not successful
in getting approvals soon.
Schlumberger said it would buy a stake in EDC, Russia's
largest oilfield services provider, back in 2017.
"Unfortunately, we have not yet been able to obtain the
needed regulatory approval from the Russian authorities,"
Schlumberger Chief Executive Paal Kibsgaard said on a conference
call with analysts on Friday.
"We're going to make one final attempt and approach over the
coming weeks. And if we see no clear path to obtaining the
needed approvals, we are likely going to withdraw our
(Reporting by John Benny in Bengaluru; Editing by Anil D'Silva)
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