By Alexander Kolyandr

MOSCOW--Russia's largest drilling company Eurasia Drilling Co. said Tuesday the world's largest oil-field services company Schlumberger Ltd. will acquire a 45.65% stake in the company for $1.7 billion.

As part of the deal, Eurasia will delist its shares from the London Stock Exchange, the company said.

The agreement includes an option for Schlumberger to buy the rest of Eurasia Drilling's shares three years after the deal closes. The deal is expected to close by the end of the first quarter, the company said.

Write to Alexander.Kolyandr at Alexander.Kolyandr@wsj.com

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