Several directors leave Eurasia Drilling Company following Schlumberger deal collapse

Several directors of Russian Eurasia Drilling Company (EDC) have left the board, the company has announced on Thursday. Resignations come only days after the oilfield services giant Schlumberger decided to back down from buying an interest in EDC for $1.7 billion.

Namely, Richard Anderson, Jed DiPaolo, Martin Hanson, Anatoliy Kozyrev, and Maurice Dijols, who is currently Chairman of Schlumberger Russia, have resigned as directors of EDC, effective October 1, 2015.

The board headed by Lord Clanwilliam, who has been the Chairman of EDC’s board of directors since October 2007, is now left with three other members; the CEO of the company, Alexander DjaparidzeIgor Belikov, and Alexander Shokhin.

The Russian company did not say anything about whether it would soon fill the vacancies in its board after five resignations.

Related to EDC’s press release from September 25, 2015 when the company announced that Schlumberger would not be extending the Long Stop Date after September 30, 2015, the Russian drilling contractor confirmed on Wednesday that proposed merger and related transaction with the world’s largest provider of oilfield services would not occur.

To remind, Schlumberger backed from the deal as the Russian Federal Anti/Monopoly Service and the Government Commission on Monitoring Foreign Investment never provided a written confirmation for the merger to conclude.

EDC said in the announcement on Wednesday: “Schlumberger and EDC have a long-standing relationship and strategic partnership in the provision of oilfield services to our mutual customers in Russia and the CIS. Both parties are continuing to work closely together under the existing five-year Strategy Alliance Agreement signed in April 2011.”

“Our GDRs (EDCL.IL) will continue to trade on the London Stock Exchange and our depositary bank, The Bank of New York Mellon, will be reopening the books on October 1, 2015, for deposit or withdrawal of our GDRs, which had been closed while the proposed transaction was pending.”

“With respect to EDC’s strategy going forward, we are considering all options to support the Company’s growth and development.”

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