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Press release from Business Wire

Schlumberger Acquires Remaining Equity Shares of Framo Engineering AS

<p class='bwalignc'> <i>Acquisition Marks a Step Change in Development by Fully Combining Framo Engineering Multiphase Pumps and Meter Systems with Schlumberger Subsea Flow Assurance and Surveillance Technologies</i> </p>

Wednesday, June 29, 2011

Schlumberger Acquires Remaining Equity Shares of Framo Engineering AS09:00 EDT Wednesday, June 29, 2011 PARIS (Business Wire) -- Schlumberger (NYSE:SLB) announced today the acquisition of the remaining equity shares from Frank Mohn AS in Framo Engineering AS—a privately owned Norwegian company specialized in the business of developing, manufacturing and selling products and services relating to multiphase pumps and subsea pump-systems, multiphase metering systems, and swivels and marine systems to the oil and gas industry. The closing of the transaction is subject to regulatory approval. Framo Engineering, founded in 1983, employs approximately 500 people, mostly in Norway. The company is the leading multiphase subsea pump and meter supplier, and has focused its investments in the development of new technology for oil and gas production from subsea wells—particularly in the emerging deepwater market. Subsea multiphase boosting can enable both ultra deepwater light-oil and heavy-oil production by increasing ultimate recovery of deepwater oil and gas fields. “This transaction is an important step in the development of subsea technologies and solutions to improve hydrocarbon recovery and lower costs in the subsea environment,” commented Paal Kibsgaard, Chief Operating Officer, Schlumberger Limited. “The combination of Schlumberger subsea flow assurance and surveillance capabilities with Framo Engineering's extensive subsea multiphase boosting and metering capabilities will help our customers better design their subsea infrastructure, optimize production and increase recovery over the life of the field.” “I believe this to be a great opportunity for Framo Engineering and for all of its employees,” commented Ole Steine, Managing Director of Framo Engineering. “We are very pleased to be a Schlumberger company and see a fantastic future together by combining our skills. Our successful 14-year collaboration with Schlumberger for the development of the multiphase metering activity proved a good cultural fit between us that we believe will foster increasing innovation and create further opportunities.” Frederik Mohn, Managing Director of Frank Mohn, minority owner, concluded: “We are proud to have been at the inception of Framo Engineering. The company has gone through an exciting transformation, considerably strengthening its strategic positioning and the depth of its management team. The sale to Schlumberger is an outstanding recognition of the value that has been created over many years. We are confident that being part of Schlumberger will enableFramo Engineering to take on the upcoming large integrated subsea projects worldwide, while clearly recognizing Norwegian skills.” 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 108,000 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 $27.45 billion in 2010. For more information, visit www.slb.com. About Framo Engineering Framo Engineering is a Total System Supplier to the worldwide oil and gas industry, supplying leading market technology for subsea processing, multiphase boosting, and wet gas compression. Our firm commitment to the industry and our focus on HSE are made visible through modern and advanced facilities established for the engineering, manufacture and life-of-field support of the systems and products we deliver. For more information, visit www.framoeng.no. About Frank Mohn AS Frank Mohn AS pioneered the development of hydraulically driven submerged cargo pumps, whose innovative design has changed the way in which tankers are built and operated. Frank Mohn AS today is the leading manufacturer and supplier of submerged pumping systems for the tanker and offshore markets. Products and services are marketed under the trade name Framo. The Framo pumps are installed on board crude carriers, chemical carriers, product tankers and FPSO's. All products are designed and manufactured in Norway and customers are served through subsidiaries worldwide. Turnover in 2009 was NOK 5.5 billion. For more information, visit www.framo.com. SchlumbergerMalcolm Theobald, +1-713-375-3535Vice President of Investor Relationsinvestor-relations@slb.comorStephen Whittaker, + 33 1 4062 1330Director of Corporate Communicationsswhittaker@slb.comorFrank Mohn ASFrederik W. Mohn, + 47 55 999 000Presidentfwm@framo.no