Oilfield services firm Schlumberger is buying a minority stake in a Russian drilling firm.

It is taking a 45.65% share of the Eurasia Drilling Company (EDC) which is the largest provider of onshore drilling services in Russia.

The deal sees roughly $1.7 billion (£1.1bn) changing hands, including the cost of a “call option” which would allow Schlumberger to buy the rest of the company three years after the deal closes.

Last week it was revealed Schlumberger cut 9,000 jobs in 2014.