Schlumberger Announces Cash Offer for Eastern Echo



    HOUSTON, November 6 /CNW/ - Schlumberger (NYSE:  SLB) announced today that
it is offering to acquire all outstanding shares, convertibles and warrants in
Eastern Echo Holding Plc ("Eastern Echo"), a Cyprus-registered company quoted
on the Oslo Axess Market under the ticker symbol "ECHO". The offer price is
set at a minimum of NOK 11 and a maximum of NOK 12 per share, with the final
price dependent on the acceptance level achieved under the offer. This offer
values the equity of Eastern Echo on a fully diluted basis at approximately
NOK 3,672 million based on NOK 12 per share.

    Schlumberger already holds an irrevocable pre-acceptance from the largest
Eastern Echo shareholder holding 14.4% of the issued Eastern Echo shares, and
owns a further 24.6% of the shares together with 45.8% of the total Eastern
Echo convertible bonds. In total Schlumberger controls approximately 39% of
the Eastern Echo share capital, which corresponds to approximately 35.1% on a
fully diluted basis.

    Eastern Echo, established in 2006, has a total of four high-performance
3D seismic vessels being built in Spain, two scheduled for construction in
Dubai, and holds options for two further vessels. These high-capacity vessels
are ideally suited for the exploration and development markets of the future.

    Commenting on the offer, Andrew Gould, Schlumberger Chairman and CEO
said: "The potential acquisition of Eastern Echo will further boost our plans
to meet continuing substantial demand for market-leading WesternGeco Q-Marine(*)
seismic technology services."

    The offer price reflects the potential synergies the Eastern Echo vessels
and management may offer when combined with Schlumberger seismic markets and
technology. Further, Schlumberger, through its WesternGeco business segment,
possesses the operational and marine management capabilities that secure the
required organizational resources to deploy and manage the vessels upon
delivery.

    About Schlumberger

    Schlumberger is the world's leading oilfield services company supplying
technology, information solutions and integrated project management that
optimize reservoir performance for customers working in the oil and gas
industry. The company employs more than 76,000 people of over 140
nationalities working in approximately 80 countries. Schlumberger supplies a
wide range of products and services from seismic acquisition and processing;
formation evaluation; well testing and directional drilling to well cementing
and stimulation; artificial lift and well completions; and consulting,
software, and information management. In 2006, Schlumberger operating revenue
was $19.23 billion. For more information, visit www.slb.com.

    (*)Mark of Schlumberger




For further information:

For further information: Schlumberger Malcolm Theobald, + 1-713-375-3535
Vice President, Investor Relations Stephen Whittaker, + 33 1 4062 1308
Director, Corporate Communications investor-relations@slb.com

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