Deal done for 20% of Antonoil

By Blake Wright

 12 July 2012 22:59 GMT

Oilfield services giant Schlumberger has acquired a 20% stake, or 423,361,944 shares, in Chinese oilfield services provider Antonoil for an estimated $80 million.

While the actual purchase price was not disclosed, a value based on Antonoil’s total market capitalisation of just over $400 million can be extrapolated.

Antonoil and Schlumberger entered into a strategic co-operation agreement back in 2010, which extended to the areas of drilling fluids and well-cementing services.

According to Antonoil, Schlumberger’s new minority ownership position will pave the way for a closer partnership between the two companies and will allow closer collaboration on integrated services projects, which will let both parties tap extensive opportunities in the Chinese market.

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