Schlumberger in Talks to Buy Back Former Iranian Unit --Update
22 Janeiro 2016 - 10:54AM
Dow Jones News
By Benoit Faucon
TEHRAN-- Schlumberger Ltd., the world's largest oil-field
services company, is in talks to buy back its former Iranian unit,
Well Services of Iran, said the chief of the ex-subsidiary.
In an interview, Siamak Javid, managing director of Well
Services of Iran, didn't disclose how much Schlumberger was
offering, or how advanced the talks were. He said it was too early
to say if the talks would succeed.
A Schlumberger spokesman said "we typically do not discuss
[merger and acquisition] opportunities."
As Schlumberger prepared to exit Iran in 2010, along with other
western companies, it sold Well Services of Iran to Nima Energy
Ltd., a Hong Kong-based holding company.
Nima Energy didn't return a request for comment.
The potential deal would be among the first to emerge since
western sanctions over Iran's nuclear program were lifted last
weekend. Iran is attempting to lure energy services companies back
to kick-start its oil industry as it tries to resume exports to
Europe.
Well Services of Iran has grown since Schlumberger sold it and
competition from western companies in Iran disappeared. It now has
a sizable portfolio of contracts in Iran.
Schlumberger, a multinational company with headquarters in
Houston, Paris and The Hague, has a controversial history in
Iran.
As part of a plea agreement with the U.S. Department of Justice
last year, a Schlumberger subsidiary agreed to pay $232.7 million
in March 2015 and plead guilty to conspiring to violate the
International Emergency Economic Powers Act.
According to U.S. officials, the Texas-based unit facilitated
the sales of drilling equipment to Iran and Sudan from 2004 to
2010, using methods that sidestepped sanctions and took steps to
disguise the transactions, such as referring to Iran as "Northern
Gulf" in emails.
It remains unclear whether Schlumberger and other companies with
American ties will be able to return to Iran. Several layers of
American sanctions remain on Iran over terrorism, human rights and
weapons issues, and dollar transactions with the Islamic Republic
are prohibited.
"Schlumberger is evaluating the recent change in the law, along
with our obligation under its agreement with the Department of
Justice," the Schlumberger spokesman said.
Write to Benoit Faucon at benoit.faucon@wsj.com
(END) Dow Jones Newswires
January 22, 2016 07:39 ET (12:39 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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