2009-05-21-2009-04-27

To buy 51% interest in Optimal Pressure Drilling Services JV which provides underbalanced drilling services.

Schlumberger Ltd., Houston, (NYSE: SLB) plans to acquire the remaining 51% interest in Optimal Pressure Drilling Services from joint venture partner High Arctic Energy Services Inc., Red Deer, Canada, (Toronto: HWO) for $21.8 million. Optimal Pressure Drilling Services is a joint venture owned 51% by the High Arctic and 49% by Schlumberger. It provides underbalanced drilling services and managed pressure-drilling services to support the drilling operations of the Schlumberger group. High Arctic's share of revenue from Optimal Pressure Drilling Services was $8.1 million for 2008 and the loss for 2008 was $4.8 million, excluding the impact of a foreign exchange loss primarily related to a loan owing to High Arctic. High Arctic is interested in selling rather than funding any further operating losses and committing capital to expand into additional countries. High Arctic will use the proceeds to pay debt. The deal is expected to close by May 31.