Haynes and Boone Represents Russian Oilfield Services Company in Schlumberger Acquisition of Stake

January 08, 2004

Eric Backs   
Haynes and Boone, LLP
Allison Stuckey
Sunwest Communications

HOUSTON, Texas – Haynes and Boone, LLP, an international corporate law firm headquartered in Texas, acted as principal counsel to PetroAlliance Services Company Limited, Russia’s largest independent oilfield service company, and its shareholders, in a recent acquisition agreement with Schlumberger (NYSE:SLB). Schlumberger will initially acquire 26 percent of the company, with a further 25 percent to be acquired in the second quarter of 2005, and the remaining interest one year later.

The total acquisition price will be determined by a performance-based formula, and paid one-third in cash and two-thirds in Schlumberger stock. According to PetroAlliance executives, the agreement with Schlumberger allows for further growth opportunities in the growing Russian market for oilfield services and positions the company to become the leading player in provision of cutting-edge oilfield technology in Russia.

The legal team representing PetroAlliance and its shareholders included Doug Stinemetz and Bryce Linsenmayer from Haynes and Boone and Todd Gremillion from Akin Gump. Schlumberger was represented by Robert Villard and Richard Hoffman from the Schlumberger Legal Department, assisted by attorneys from Allen & Overy. Congratulations are to be extended to Schlumberger Oilfield Holdings Limited, PetroAlliance Services Company Limited and the selling shareholders.

Haynes and Boone, L.L.P. is an international corporate law firm with eight offices throughout Texas, Washington, D.C., and Mexico City, providing a full spectrum of legal services to clients around the world. With more than 450 attorneys, Haynes and Boone is ranked among the largest law firms in the nation by National Law Journal.  AmLaw Tech Magazine Scoreboard ranked Haynes and Boone first in law firm technology in 2001. The firm has been recognized as one of the "20 Best Law Firms to Work For" (Vault.com, 2004), one of the “Best Corporate Law Firms in America” (Corporate Board Member Magazine, 2001-2003) and recipient of the Minority Corporate Counsel Association’s 2002 Thomas L. Sager Award for commitment to diversity.

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