Schlumberger Acquires Remaining Equity Shares of Framo Engineering AS

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.

Schlumberger

Malcolm Theobald, +1-713-375-3535

Vice
President of Investor Relations

investor-relations@slb.com

or

Stephen
Whittaker, + 33 1 4062 1330

Director of Corporate Communications

swhittaker@slb.com

or

Frank
Mohn AS

Frederik W. Mohn, + 47 55  999 000

President

fwm@framo.no