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Eurasia to Swap Russian Drilling Assets With Schlumberger

Eurasia Drilling Co., the London- listed Russian oilfield services company, agreed to buy Schlumberger Ltd.’s rigs and crews in Russia in return for its drilling services businesses.

Schlumberger, the world’s largest oilfield-services contractor, will sell all of its drilling, sidetrack and workover rigs operating in West Siberia to Eurasia, according to a statement today. Financial details weren’t disclosed.

Upon the completion of the deal, Schlumberger will become the preferred supplier of drilling services to Eurasia for as many as 200 rigs for 5 years.

The deal may increase Eurasia’s share of Russia’s onshore oil market and be a good use of the $219 million the company had in cash in the second quarter, said Alexander Nazarov, an oil and gas analyst at IFC Metropol.

Gazprom Neft and Bashneft OAO are among Russian oil producers that are considering spinning off their services units to focus on output. Weatherford International Ltd., the world’s biggest provider of artificial-lift services for oil and gas producers, agreed to buy TNK-BP’s oilfield services unit last year for shares worth $489 million at the time.

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