January 18, 2019 / 2:46 PM / 8 months ago

Schlumberger to abandon Russia's EDC bid if approvals not met soon

FILE PHOTO: The exterior of the Schlumberger Corporation headquarters building is pictured in the Galleria area of Houston January 16, 2015. REUTERS/Richard Carson

(Reuters) - Schlumberger NV (SLB.N) 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 application.”

Reporting by John Benny in Bengaluru; Editing by Anil D'Silva

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