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Anton Oilfield Sells 20% Stake to Schlumberger for $82 Million

July 8 (Bloomberg) -- China’s Anton Oilfield Services Group sold a 20 percent stake to Schlumberger Ltd., the world’s largest oilfield-services provider, Antonoil said.

Schlumberger purchased 423.4 million shares of Antonoil, the Chinese oilfield-services company said today in a statement. The shares are valued at HK$635 million ($82 million) based on Antonoil’s July 6 closing price.

Antonoil said Schlumberger won’t be involved in its management as a minority shareholder.

The two companies began cooperating in 2010 on drilling fluids and well-cementing services, Antonoil said. The Middle East and Asia accounted for 23 percent of Houston-based Schlumberger’s revenue in 2011, or $8.07 billion, according to the company’s financial statements.

Stephen Harris, a spokesman for Schlumberger, didn’t immediately return calls seeking comment.

To contact the reporter on this story: Dan Hart in Washington at dahart@bloomberg.net

To contact the editor responsible for this story: Sylvia Wier at swier@bloomberg.net

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