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Ecuador says will sign payment deal for Schlumberger debt this month

Nov. 16, 2017 12:22 PM ETSchlumberger Limited (SLB) StockSLBBy: Carl Surran, SA News Editor2 Comments
  • Ecuador's oil ministry says state-owned oil firm Petroamazonas will sign an agreement this month to settle $300M in unpaid bills from Schlumberger (SLB -0.1%), an arrangement that includes a five-year financing deal.
  • The Ecuadorean firm will make one payment of $100M in cash by the end of this month and $200M over five years, the ministry tells Reuters.
  • Petroamazonas says it paid down $550M in debt to SLB since July, and that the deal to be signed in late November would clear its debt with the U.S. company.

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