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Press release from Business Wire

Schlumberger Technology Corporation Announces Results of Tender Offer for Any and All of Its 6.50% Notes Due 2012

Wednesday, September 29, 2010

Schlumberger Technology Corporation Announces Results of Tender Offer for Any and All of Its 6.50% Notes Due 201208:30 EDT Wednesday, September 29, 2010 HOUSTON (Business Wire) -- Schlumberger Technology Corporation (the “Company”), a wholly owned subsidiary of Schlumberger Limited (NYSE:SLB), announced today that it has purchased approximately 35.63% of the outstanding aggregate principal amount of its 6.50% Notes due 2012 (the “Notes”), which are all of the Notes that were tendered prior to 5:00 p.m., New York City time, on September 28, 2010 (the “Expiration Date”) pursuant to its previously announced tender offer (the “Tender Offer”). According to the information provided by Global Bondholder Services Corporation, the Depositary for the Tender Offer, $231,338,000 in aggregate principal amount of the Notes was validly tendered and not validly withdrawn prior to the Expiration Date. After giving effect to the purchases, $417,907,000 in principal amount of the Notes remains outstanding. Holders of tendered Notes that were purchased by the Company received a purchase price equal to $1,091.39 for each $1,000 principal amount of such Notes (the “Purchase Price”). The Purchase Price was determined by reference to the fixed spread over the yield based on the bid-side price of the U.S. Treasury Security (the “Reference Yield”), as calculated by the dealer managers at 2:00 p.m., New York City time, on September 28, 2010. The formula used to determine the Purchase Price is set forth in Schedule A of the Offer to Purchase. The following table summarizes the pricing terms and results of the Tender Offer: Title of Notes   CUSIPNumbers   PrincipalAmountTendered   PercentageofOutstandingAmountTendered   ReferenceYield   PurchasePrice per$1,000PrincipalAmount 6.50% Notes due2012 806860AA0U80664AA0   $231.338million 35.63% 0.349% $1,091.39 Citi, JPMorgan and Morgan Stanley served as dealer managers for the Tender Offer. About Schlumberger Schlumberger is the world's leading supplier of technology, integrated project management and information solutions to customers working in the oil and gas industry worldwide. Employing approximately 105,000 people representing over 140 nationalities and working in approximately 80 countries, Schlumberger provides the industry's widest range of products and services from exploration through production. Schlumberger Limited has principal offices in Paris, Houston and The Hague and reported revenues of $22.70 billion in 2009. For more information, visit