Anton oilfield sells 20% stake to Schlumberger

China's Anton Oilfield Services Group sold a 20 percent stake to Schlumberger Ltd, the world's largest oilfield-services provider, Antonoil said on Monday.

Schlumberger purchased 423.4 million shares of Antonoil, the Chinese oilfield-services company said in a statement. The shares are valued at HK$635 million ($82 million) based on Antonoil's July 6 closing price. Antonoil said Schlumberger won't be involved in its management as a minority shareholder.

The two companies began cooperating in 2010 on drilling fluids and well-cementing services, Antonoil said. The Middle East and Asia accounted for 23 percent of Houston-based Schlumberger's revenue in 2011, or $8.07 billion, according to the company's financial statements.

China Daily - Agencies