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Schlumberger does not intend to extend agreement to buy stake in Eurasia

Reuters - UK Focus

(Adds background)

MOSCOW, Sept 24 (Reuters) - U.S (Other OTC: UBGXF - news) . company Schlumberger (Hanover: SCL.HA - news) said on Thursday it does not intend to extend the pending agreement to acquire a minority equity interest in Eurasia Drilling once the current extension expires on Sept. 30.

"The Company will instead focus on other mergers and acquisitions opportunities," it said in a statement.

Schlumberger aimed to buy a 45.65-percent stake in Eurasia for about $1.7 billion, potentially paving the way for it to become the sole owner of Russia's most active oilfield services company.

Initially, the deal was broadly endorsed by Russia's anti-monopoly body but it has been postponed several times.

Earlier in September, RIA news agency quoted the head of Russia's anti-monopoly watchdog as saying that the Russian government could set further conditions before approving Schlumberger's bid. (Reporting by Katya Golubkova; Editing by Lidia Kelly)