China’s Anton Oilfield Services Group (3337) 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 firstname.lastname@example.org
To contact the editor responsible for this story: Sylvia Wier at email@example.com