HOUSTON, November 20 /CNW/ - Schlumberger (NYSE: SLB) announced today that
it has acquired an additional 5.5% in Framo Engineering AS ("Framo") to take
its holding to a majority 52.75%. Frank Mohn AS, which has been instrumental
in the development of Framo to become a world leader within its main product
groups, continues to hold the remaining shares. Framo is a Norwegian-based
company providing multiphase booster pumps, flow metering equipment and swivel
"Framo has long demonstrated its capacity to innovate and has now become
a worldwide leader," said Imran Kizilbash, president, Schlumberger Reservoir
Characterization. "We have worked closely with Framo through the 3-PHASE
Measurements joint venture and our increased stake will allow us to strengthen
our cooperation in the subsea technology field."
"Since 1983, we have developed unmatched technologies and experience in
the subsea multiphase pumping business," added Ole G. Steine, managing
director of Framo. "We see this move by Schlumberger as recognition of the
high-quality solutions developed by Framo, and an opportunity for our
dedicated team to continue and expand our market exposure."
Schlumberger will begin consolidating the results of Framo in the first
quarter of 2008.
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.
For further information:
For further information: Schlumberger Vice President of Investor
Relations Malcolm Theobald, +1-713-375-3535 or Manager of Investor Relations
Debashis Gupta, +1-713-375-3535 firstname.lastname@example.org