Schlumberger Reduces Holding in Atos Origin

NEW YORK - Schlumberger Limited announced that its subsidiary, Schlumberger Investments Limited, has sold 8.6 million ordinary shares of Atos Origin SA at a price of €52.95 per share in a private placement to institutional investors. The total consideration for the sale was about $566 million.
schlumberger.jpgSubsidiaries of Schlumberger Limited (the "Schlumberger Group") received 19.3 million shares, or 28.9% of the share capital of Atos Origin as part of the consideration for the sale of those parts of the businesses of SchlumbergerSema sold to Atos Origin. The agreement for the sale of these businesses to Atos Origin was announced on September 22, 2003 and closed on January 29, 2004. This sale of the Atos Origin shares corresponds to the previously announced intention to reduce the Schlumberger group's ownership in Atos Origin to less than 19% and will be breakeven given the share price of €52.65 on January 29, 2004 following the close of the sale to Atos Origin.

Schlumberger expects to apply the proceeds to reduce debt.

Schlumberger Investments Limited has granted an option for 30 days to the placement agents to purchase an additional one million shares solely to cover over allotments.

Following completion of the sale, which is subject to customary conditions, the Schlumberger Group will hold about 14.5% in the share capital of Atos Origin, assuming exercise of the over-allotment option in full. Consequently, Schlumberger will account for its remaining investment in Atos Origin using the cost method.

About Schlumberger

Schlumberger is the leading oilfield services company supplying technology, project management and information solutions that optimize performance for customers working in the international oil and gas industry. The company employs more than 50,000 people of over 140 nationalities working in 100 countries, and comprises two primary business segments. Schlumberger Oilfield Services supplies a wide range of products and services that support core industry operational processes. WesternGeco, jointly owned with Baker Hughes, is the world's largest seismic company and provides advanced acquisition and data processing surveys. In 2003, Schlumberger operating revenue was $11.5 billion. For more information, visit

Note: The securities offered will not be and have not been registered under the Securities Act of 1933 and may not be offered and sold in the United States absent registration or an applicable exemption from the registration requirement of the Securities Act.

For further information, contact:

Stephen Whittaker
Director of Communications
Tel: +33 1 4062 1330

Paulo Loureiro
Investor Relations Manager
Tel: +1 212 350 9432
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