[Bloomberg erased the following report from American sites immediately after posting it. Fortunately for us (us early worm-getting birds), it had already been posted by Forbes in Russia. The Russian FSB stopped the sale of Eurasia Drilling Co., which would have led to Schlumberger owning the whole drilling company within a short time.]
Bloomberg reported claims FSB transaction Schlumberger and Eurasia Drilling
.RU [RUSSIAN TRANSLATION]
Federal Security Service (FSB) of Russia hinders the biggest deal in the Russian drilling business – the sale of 45,65% Eurasia Drilling Co. (EDC) Schlumberger oilfield services company for $ 1.7 billion, said Tuesday the agency Bloomberg , citing two knowledgeable sources.
According to the source, the FSB is concerned that the transaction western company to get too big impact on the Russian market of oilfield services. A final decision has not been made, the source said. The deal must be approved by a government commission to monitor foreign investment, which considers the transaction in the strategic sectors of the Russian economy. The commission consists of 21 people, among them – the head of the FSB, Alexander Bortnikov, Defense Minister Sergei Shoigu, and Deputy Prime Minister Dmitry Rogozin.
The press service of the FSB declined to provide you with comments. Official representatives of Schlumberger and EDC declined to comment on the process of approval of the transaction with the Russian regulators. The representative of the Federal Antimonopoly Service (FAS) of Russia also declined to comment.
The fact that the deal EDC and Schlumberger have influential opponents, said in July, sources Forbes, familiar with the negotiations. One source said that it was the “siloviki”, two – it’s “structures act in the interests of” Rosneft “.” “Rosneft” and she negotiated the purchase of EDC, but they ended without results, said two people close to the state-owned companies. A source in the “Rosneft” has denied involvement in the company to a delay in the approval of the transaction.
Vice-president of Eurasia Drilling Investor Tom O’Gallaher August 20, he said the company does not know what are the fears of Russian regulators. “This is more a political issue, not the practical difficulties with which we could overcome Schlumberger” – quoted him as saying Bloomberg.
The world’s largest oilfield services company Schlumberger in January 2015 announced its intention to acquire 45.65% stake in EDC, the largest player in the Russian market of oilfield services and drilling services. The transaction amount will be $ 1.7 billion. At the same time Schlumberger reserves the right to subsequently consolidate 100% EDC.
The transaction is scheduled to close in the first quarter of 2015, but its approval was delayed. FAS has put forward a number of conditions to the transaction, in particular, the mandatory sale of shares in EDC Russian investors in the case of new sanctions. The issue of trade was also submitted to the Government Commission on Monitoring Foreign Investment, which has not yet made a decision.
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