Schlumberger Announces Fourth-Quarter and Full-Year 2012 Results

18.01.2013 | Business Wire

Schlumberger Announces Fourth-Quarter and Full-Year 2012 Results

Schlumberger Limited (NYSE:SLB) today reported full-year 2012 revenue of
$42.15 billion versus $36.96 billion in 2011.

Full-year 2012 income from continuing operations attributable to
Schlumberger, excluding charges and credits, was $5.58 billion,
representing diluted earnings-per-share of $4.17 versus $3.61 in 2011.

Fourth-Quarter Results

Fourth-quarter 2012 revenue was $11.17 billion versus $10.61 billion in
the third quarter of 2012, and $10.30 billion in the fourth quarter of
2011.

Income from continuing operations attributable to Schlumberger,
excluding charges and credits, was $1.44 billion, which was flat
sequentially, and represents a 3% decrease year-on-year. Diluted
earnings-per-share from continuing operations, excluding charges and
credits, was $1.08, the same as in the previous quarter, and $1.10 in
the fourth quarter of 2011.

Schlumberger recorded charges of $0.06 per share in the fourth quarter
of 2012 versus $0.02 per share in the previous quarter, and $0.06 per
share in the fourth quarter of 2011.

Oilfield Services revenue of $11.17 billion increased 5% sequentially
and 8% year-on-year. Oilfield Services pretax operating income of $2.2
billion increased 1% sequentially and was flat year-on-year.

Schlumberger CEO Paal Kibsgaard commented, 'We capped the year with
revenues of over $42 billion, up by 14%, with the International Areas
growing by $4 billion, or 16%, their strongest growth by far since 2008.
International grew from robust exploration and development activity,
both offshore and in key land markets. In North America, we demonstrated
our resiliency from the challenges of the land markets by growing the
business by more than $1 billion, or 9%, aided by our strong position in
the offshore market, particularly in the US Gulf of Mexico. In addition,
full-year pretax operating income grew 14%, with International
delivering a 31% increase leading to International margins expanding 226
basis points (bps) to reach 20.5%, higher than North American margins of
20.3%.

Our fourth-quarter results showed continued growth in key markets in
addition to typical year-end product, software and multiclient sales.
Performance was driven by international areas where service quality was
strong, and service capacity tight for certain product lines. Our
results were, however, impacted by the previously announced seasonal
slowdowns and contract delays as well as by mobilization and new project
start-up costs. In North America, strong performance in the US Gulf of
Mexico overcame lower-than-expected activity in Canada and further
weakening in the US land markets.

Significant revenue growth was recorded in the Latin America and Middle
East & Asia Areas. Pretax operating margins showed improvement in Latin
America while in the Middle East & Asia Area margins declined on
activity mix and IPM project start-up costs. Revenue declined by 1% in
the Europe/CIS/Africa Area which also saw decreased margins from the
seasonal slow-downs in the North Sea and Russia combined with contract
delays in North Africa. International pricing continued to slowly
improve driven by strong execution, new technology sales and proactive
bidding on small- to medium-size contracts.

In North America, deepwater drilling operations drove strong activity
and excellent performance in the US Gulf of Mexico where results more
than offset lower drilling activity and the impact of lower pricing in
US land for hydraulic fracturing, drilling, coiled tubing and cased-hole
wireline services. As a result, North America revenue and pretax margins
both advanced sequentially.

Among the technology highlights for the quarter, WesternGeco ended the
first IsoMetrix season with three commercial projects and the technology
continues to gain attention as exploration of difficult and complex
reservoir prospects evolves. Two IsoMetrix vessels will be available in
2013. Meanwhile, Wireline ThruBit* pump-down openhole logging technology
saw substantial market penetration in US land and the Well Services
SPARK* business model also saw growth with the unique approach of
offering customers access to our engineered fluid systems, while using
their own personnel and hydraulic horsepower.

The world macroeconomic environment remains uncertain while the GDP
growth outlook for 2013 remains unchanged. Global oil demand is expected
to grow at similar levels to 2012. The supply side will see further
growth in North America while other non-OPEC production will likely
continue to face delay and decline challenges. Absent any unexpected
macroeconomic or geopolitical events, global spare capacity is expected
to remain largely unchanged.

With international E&P spending forecast to increase by around 10% in
the coming year, and a strong activity outlook for the US Gulf of
Mexico, Schlumberger is well positioned for growth with a balanced
business portfolio, wide geographical footprint and strong executional
capability.?

Other Events

On November 15, 2012 Schlumberger and Cameron International
Corporation ('Cameron?) announced that they had entered into an
agreement with respect to the creation of OneSubsea?, a joint venture
to manufacture and develop products, systems and services for the
subsea oil and gas market. ?Schlumberger will own 40% of OneSubsea. ?The
transaction is subject to regulatory approvals and other customary
closing conditions and is expected to close by the second quarter of
2013. ?Under the terms of the agreement, Cameron and Schlumberger will
each contribute all of their respective subsea businesses to the joint
venture and Schlumberger will make a $600 million cash payment to
Cameron. Cameron will manage OneSubsea and Schlumberger will equity
account for its investment in the joint venture.
On December 20, 2012, Gazprom Geologorazvedka and Schlumberger signed
a technology cooperation framework agreement to maximize exploration
efficiency for Gazprom′s land and offshore fields and license areas in
the Russian Federation. The agreement includes the introduction of
Schlumberger technology and software products, and the development of
a personnel training program. This agreement follows the technology
framework agreement signed in 2008 between Gazprom and Schlumberger.
On January 17, 2013, the Board of Directors approved a 13.6% increase
in the quarterly dividend. The next quarterly dividend, which will
increase to $0.3125 per share of outstanding common stock, is payable
on April 12, 2013 to stockholders of record on February 20, 2013.

Condensed Consolidated Statement of Income

(Stated in millions, except per share amounts)

Fourth Quarter

Twelve Months

Periods Ended December 31,

2012

2011

2012

2011

Revenue

11,174

10,301

42,149

36,959

Interest and other income, net ⁽¹⁾

172

130

Expenses

Cost of revenue⁽²⁾

8,798

7,997

33,056

28,949

Research & engineering

307

273

1,168

1,073

General & administrative⁽²⁾

111

405

417

Merger & integration⁽²⁾

128

113

Restructuring⁽²⁾

Interest

340

298

Income before taxes

1,807

1,860

7,191

6,239

Taxes on income⁽²⁾

436

457

1,723

1,509

Income from continuing operations

1,371

1,403

5,468

4,730

Income from discontinued operations

277

Net income

1,371

1,419

5,519

5,007

Net income attributable to noncontrolling interests

Net income attributable to Schlumberger

1,362

1,414

5,490

4,997

Schlumberger amounts attributable to:

Income from continuing operations⁽²⁾

1,362

1,398

5,439

4,720

Income from discontinued operations

277

Net income

1,362

1,414

5,490

4,997

Diluted earnings per share of Schlumberger

Income from continuing operations⁽²⁾

1.02

1.04

4.06

3.47

Income from discontinued operations

0.01

0.04

0.20

Net income

1.02

1.05

4.10

3.67

Average shares outstanding

1,328

1,338

1,330

1,349

Average shares outstanding assuming dilution

1,336

1,347

1,339

1,361

Depreciation & amortization included in expenses⁽³⁾

930

859

3,500

3,274

	?	?	?
1)				Includes interest income of:
				Fourth quarter 2012 - $5 million (2011 - $11 million)
				Twelve months 2012 - $29 million (2011 - $39 million)
2)				See pages 6 for details of charges and credits.
3)				Including multiclient seismic data cost.
				?

?
Condensed Consolidated Balance Sheet
	?	?	?	?			?	?	?
(Stated in millions)
										?
					Dec. 31,					Dec. 31,
Assets	?	?	?	?	2012		?	?	?	2011
Current Assets
Cash and short-term investments					$	6,274				$	4,827
Receivables						11,351					9,500
Other current assets	?	?	?	?	?	6,531	?	?	?	?	6,212
						24,156					20,539
Fixed income investments, held to maturity						245					256
Fixed assets						14,780					12,993
Multiclient seismic data						518					425
Goodwill						14,585					14,154
Other intangible assets						4,802					4,882
Other assets	?	?	?	?	?	2,461	?	?	?	?	1,952
?	?	?	?	?	$	61,547	?	?	?	$	55,201
										?
Liabilities and Equity	?	?	?	?	?		?	?	?	?
Current Liabilities
Accounts payable and accrued liabilities					$	8,453				$	7,579
Estimated liability for taxes on income						1,426					1,245
Short-term borrowings and current portion
of long-term debt						2,121					1,377
Dividend payable	?	?	?	?	?	368	?	?	?	?	337
						12,368					10,538
Long-term debt						9,509					8,556
Postretirement benefits						2,169					1,732
Deferred taxes						1,493					1,731
Other liabilities	?	?	?	?	?	1,150	?	?	?	?	1,252
						26,689					23,809
Equity	?	?	?	?	?	34,858	?	?	?	?	31,392
?	?	?	?	?	$	61,547	?	?	?	$	55,201
											?

Net Debt

'Net Debt? represents gross debt less cash, short-term investments and
fixed income investments, held to maturity. Management believes that Net
Debt provides useful information regarding the level of Schlumberger′s
indebtedness by reflecting cash and investments that could be used to
repay debt. Details of changes in Net Debt for the full year 2012 follow:

?
(Stated in millions)
	?	?	?	?				?	?	?
Twelve Months	?	?	?	?	2012
Net Debt, January 1, 2012					$	(4,850	)
Income from continuing operations						5,468
Depreciation and amortization						3,500
Pension and other postretirement benefits expense						404
Excess of equity income over dividends received						(61	)
Stock-based compensation expense						335
Pension and other postretirement benefits funding						(673	)
Increase in working capital						(1,968	)
Capital expenditures						(4,695	)
Multiclient seismic data capitalized						(351	)
Dividends paid						(1,432	)
Proceeds from employee stock plans						410
Stock repurchase program						(972	)
Business acquisitions and investments, net of cash and debt acquired						(845	)
Proceeds from the sale of Wilson and CE Franklin						1,027
Other						(363	)
Currency effect on net debt					?	(45	)
Net Debt, December 31, 2012					$	(5,111	)
											?
?					Dec. 31,						Dec. 31,
Components of Net Debt	?	?	?	?	2012			?	?	?	2011
Cash and short-term investments					$	6,274					$	4,827
Fixed income investments, held to maturity						245						256
Short-term borrowings and current portion of long-term debt						(2,121	)					(1,377	)
Long-term debt					?	(9,509	)				?	(8,556	)
					$	(5,111	)				$	(4,850	)
													?

Charges and Credits

In addition to financial results determined in accordance with US
generally accepted accounting principles (GAAP), this document also
includes non-GAAP financial measures (as defined under the SEC′s
Regulation G). The following is a reconciliation of these non-GAAP
measures to the comparable GAAP measures:

(Stated in millions, except per share amounts)

Fourth Quarter 2012

Pretax

Tax

Noncont.

Net

Diluted

Income Statement Classification

Interest

EPS

Schlumberger income from continuing operations,

as reported

1,807

436

1,362

1.02

Merger and integration costs

0.04

Merger & integration

Workforce reduction

0.02

Restructuring

Schlumberger income from continuing operations,

excluding charges & credits

1,900

452

1,439

1.08

Third Quarter 2012

Pretax

Tax

Noncont.

Net

Diluted

Income Statement Classification

Interest

EPS

Schlumberger income from continuing operations,

as reported

1,857

442

1,412

1.06

Merger and integration costs

0.02

Merger & integration

Schlumberger income from continuing operations,

excluding charges & credits

1,889

446

1,440

1.08

Fourth Quarter 2011

Pretax

Tax

Noncont.

Net

Diluted

Income Statement Classification

Interest

EPS^(*)

Schlumberger income from continuing operations,

as reported

1,860

457

1,398

1.04

Merger and integration costs

0.01

Merger & integration

Write-off of assets in Libya

0.04

Cost of revenue

Schlumberger income from continuing operations,

excluding charges & credits

1,942

459

1,478

1.10

Twelve Months 2012

Pretax

Tax

Noncont.

Net

Diluted

Income Statement Classification

Interest

EPS^(*)

Schlumberger income from continuing operations,

as reported

7,191

1,723

5,439

4.06

Merger and integration costs

128

112

0.08

Merger & integration

Workforce reduction

0.02

Cost of revenue

Schlumberger income from continuing operations,

excluding charges & credits

7,352

1,745

5,578

4.17

Twelve Months 2011

Pretax

Tax

Noncont.

Net

Diluted

Income Statement Classification

Interest

EPS

Schlumberger income from continuing operations,

as reported

6,239

1,509

4,720

3.47

Merger and integration costs

113

0.07

Merger & integration

Donation to Schlumberger Foundation

0.03

General & administrative

Write-off of assets in Libya

0.04

Cost of revenue

Schlumberger income from continuing operations,

excluding charges & credits

6,462

1,537

4,915

3.61

(*) Does not add due to rounding

?
Product Groups
(Stated in millions)
	?	?	?	?	Three Months Ended
					Dec. 31, 2012									?	?	?	Sept. 30, 2012
					Revenue			?	?	?	Income						Revenue			?	?	?	Income
											Before												Before
											Taxes												Taxes
Oilfield Services
Reservoir Characterization					$	3,150					$	917					$	2,910					$	838
Drilling						4,137						696						4,048						733
Production						3,924						590						3,675						548
Eliminations & other					?	(37	)				?	(39	)				?	(25	)				?	23	?
						11,174						2,164						10,608						2,142
Corporate & other						-						(180	)					-						(176	)
Interest income⁽¹⁾						-						6						-						8
Interest expense⁽¹⁾						-						(90	)					-						(85	)
Charges & credits					?	-	?				?	(93	)				?	-	?				?	(32	)
					$	11,174	?				$	1,807	?				$	10,608	?				$	1,857	?
																							?
																							?
Geographic Areas
(Stated in millions)
					Three Months Ended
					Dec. 31, 2012												Sept. 30, 2012
					Revenue						Income						Revenue						Income
											Before												Before
											Taxes												Taxes
Oilfield Services
North America					$	3,409					$	655					$	3,290					$	610
Latin America						2,071						377						1,860						333
Europe/CIS/Africa						2,958						579						2,985						646
Middle East & Asia						2,577						601						2,352						570
Eliminations & other					?	159	?				?	(48	)				?	121	?				?	(17	)
						11,174						2,164						10,608						2,142
Corporate & other						-						(180	)					-						(176	)
Interest income⁽¹⁾						-						6						-						8
Interest expense⁽¹⁾						-						(90	)					-						(85	)
Charges & credits					?	-	?				?	(93	)				?	-	?				?	(32	)
					$	11,174	?				$	1,807	?				$	10,608	?				$	1,857	?
																									?

	?
⁽¹⁾		Excludes interest included in the Product Groups and Geographic Areas Results.
		?

?
Product Groups
(Stated in millions)
	?	?	?	?	Twelve Months Ended
					Dec. 31, 2012									?	?	?	Dec. 31, 2011
					Revenue			?	?	?	Income						Revenue		?	?	?	Income
											Before											Before
											Taxes											Taxes
Oilfield Services
Reservoir Characterization					$	11,424					$	3,212					$	9,929				$	2,449
Drilling						15,971						2,824						13,860					2,254
Production						14,875						2,371						13,136					2,637
Eliminations & other					?	(121	)				?	(60	)				?	34				?	(35	)
						42,149						8,347						36,959					7,305
Corporate & other						-						(694	)					-					(590	)
Interest income⁽¹⁾						-						30						-					37
Interest expense⁽¹⁾						-						(331	)					-					(290	)
Charges & credits					?	-	?				?	(161	)				?	-				?	(223	)
					$	42,149	?				$	7,191	?				$	36,959				$	6,239	?
																						?
																						?
Geographic Areas
(Stated in millions)
					Twelve Months Ended
					Dec. 31, 2012												Dec. 31, 2011
					Revenue						Income						Revenue					Income
											Before											Before
											Taxes											Taxes
Oilfield Services
North America					$	13,485					$	2,736					$	12,323				$	3,052
Latin America						7,554						1,387						6,467					1,074
Europe/CIS/Africa						11,443						2,245						9,676					1,477
Middle East & Asia						9,194						2,152						8,102					1,874
Eliminations & other					?	473	?				?	(173	)				?	391				?	(172	)
						42,149						8,347						36,959					7,305
Corporate & other						-						(694	)					-					(590	)
Interest income⁽¹⁾						-						30						-					37
Interest expense⁽¹⁾						-						(331	)					-					(290	)
Charges & credits					?	-	?				?	(161	)				?	-				?	(223	)
					$	42,149	?				$	7,191	?				$	36,959				$	6,239	?

	?
⁽¹⁾		Excludes interest included in the Product Groups and Geographic Areas Results.
		?

Oilfield Services

Full-year 2012 revenue of $42.15 billion increased 14% over 2011 with
the International Areas growing by 16% and the North America
Area by 9%. International revenue of $28.2 billion increased
$3.9 billion from higher exploration and development activity in a
number of GeoMarkets?both offshore and in key land markets. The
international increase was led by the Europe/CIS/Africa Area where
revenue was up 18%, mainly from strength in Russia and in the Nigeria &
Gulf of Guinea, Angola, East Africa and North Sea GeoMarkets. Latin
America revenue grew by 17%, driven by strong Integrated Project
Management (IPM) activity on land, and robust offshore activity for
Wireline services and Drilling Group Technologies mainly in the Mexico &
Central America; Venezuela, Trinidad & Tobago; and Ecuador GeoMarkets.
Middle East & Asia Area revenue increased by 13% on strong results in
the Saudi Arabia & Bahrain; Australasia; Brunei, Malaysia & Philippines;
and China GeoMarkets. North America revenue of $13.5 billion
increased $1.2 billion, driven by a 38% increase in offshore revenue
with robust deepwater and exploration services benefiting Reservoir
Characterization and Drilling Group Technologies, particularly in the US
Gulf of Mexico. North America land revenue improved by 4% on stronger
Production Group products and services although the increase was
tempered by weakness in the hydraulic fracturing market.

By segment, Reservoir Characterization Group revenue of $11.4
billion increased $1.5 billion, or 15%, with all product lines posting
double-digit growth driven by improved offshore exploration activity
across all Areas. Drilling Group revenue of $16.0 billion
increased $2.1 billion, or 15%, led by strong growth in M-I SWACO,
Drilling & Measurements and Drilling Tools & Remedial products and
services. Production Group revenue of $14.9 billion increased
$1.7 billion, or 13%, with double-digit growth posted by Well
Intervention, Completions and Artificial Lift Technologies. Well
Services revenue also increased, although this was mainly limited to
international and North America offshore activity.

Full-year 2012 pretax operating income of $8.3 billion increased $1.0
billion, or 14%, as International pretax operating income of $5.8
billion increased 31% while North America pretax operating income
of $2.7 billion declined 10% year-on-year.

Pretax operating margin was essentially flat with the previous year at
19.8% as International pretax operating margin expanded 226 basis
points (bps) to reach 20.5% while North America pretax operating
margin declined 448 bps to 20.3%. Europe/CIS/Africa Area posted a 435
bps improvement to reach 19.6%, Latin America increased by 175 bps to
18.4%, and Middle East & Asia improved by 27 bps to 23.4%. The decline
in North America was due to pricing pressure for Well Services
production technologies on land. By segment, Reservoir
Characterization Group pretax operating margin expanded 345 bps to
28.1% while pretax operating margins of the Drilling and ProductionGroups were 17.7% and 15.9%, respectively.

Fourth-Quarter Results

Fourth-quarter revenue of $11.17 billion increased $567 million, or 5%
sequentially, and $873 million or 8% year-on-year on robust
international activity. Of the sequential revenue increase,
approximately 36% came from the typical year-end surge in product and
software sales, and 12% came from the increase in WesternGeco
multiclient sales. Sequentially, Reservoir Characterization Group
revenue grew 8% to reach $3.2 billion, while Drilling Group
revenue of $4.1 billion was 2% higher. Production Group revenue
increased 7% sequentially to $3.9 billion. Geographically, International
revenue of $7.6 billion increased $409 million, or 6% sequentially,
while North America revenue of $3.4 billion grew by $118 million,
or 4% sequentially.

The sequential increase in Reservoir CharacterizationGroup
revenue resulted mainly from robust international end-of-year
Schlumberger Information Solutions (SIS) software sales. Testing
Services grew for the third successive quarter from higher activity in
the Saudi Arabia & Bahrain GeoMarket. PetroTechnical Services posted
double-digit revenue growth on strong consulting activity in the Mexico
& Central America GeoMarket. WesternGeco increased slightly as the
end-of-year multiclient sales and UniQ* land seismic technology direct
sale in Russia were partly offset by a sharp seasonal decline in Marine
revenue on lower vessel utilization following the seasonal transits out
of the North Sea. Wireline revenue grew from increased activity in the
US Gulf of Mexico but this was largely offset by a seasonal activity
decline in Asia. DrillingGroup revenue increased on
international and offshore demand for Drilling & Measurements and M-I
SWACO technologies. Drilling Tools & Remedial Services also contributed
to growth with the full-quarter revenue from Radius services. IPM
improved slightly as the combination of an increase in projects in
Australia and new start-ups in Iraq and Argentina was partly offset by
project completions in North Africa. The increase in ProductionGroup
revenue resulted primarily from stronger Completions and Artificial Lift
product year-end sales coupled with new Framo subsea projects in the US
Gulf of Mexico and in the North Sea and Angola GeoMarkets. Well
Intervention Services revenue also increased on higher activity in the
Mexico & Central America and Saudi Arabia & Bahrain GeoMarkets. Well
Services revenue grew mainly due to higher activity in international and
offshore North America markets. Well Services stage count in North
America land also increased, but revenue declined from continued pricing
weakness as a result of hydraulic horsepower oversupply.

Among the Areas, Middle East & Asia revenue of $2.6 billion
grew 10% sequentially led by the start of new IPM turnkey projects in
Iraq; higher Testing, Well Intervention and Drilling Group services in
addition to year-end product sales in the Saudi Arabia & Bahrain
GeoMarket; the start of the Jurassic seismic project as well as strong
product and year-end software sales in Kuwait; and the increase in IPM
onshore projects and strong drilling activity in the Australasia
GeoMarket. In Latin America, revenue of $2.1 billion increased
11% sequentially led by robust year-end software and product sales,
strong PetroTechnical Services consulting activity, unconventional
fracturing and well intervention stimulation activity in the Mexico &
Central America GeoMarket. Higher WesternGeco vessel utilization for new
seismic acquisition surveys in Brazil, Trinidad and Uruguay, coupled
with the start of an IPM project in Argentina, also contributed to the
increase. In Europe/CIS/Africa, revenue of $3.0 billion declined
1% mainly due to lower WesternGeco vessel utilization following the
seasonal transit of vessels out of the North Sea. Completed IPM projects
and service contract delays in North Africa and the completion of the
WesternGeco survey in the Kara Sea in Russia also contributed to the
decline. The sequential decrease, however, was partially offset by
increased activity in Angola and higher product and software sales in
the Russia and Central Asia region and the Continental Europe GeoMarket. North
America revenue of $3.4 billion increased 4% sequentially?mainly
from offshore which was up by 24%, while land fell by 2%. The increase
in offshore revenue resulted from both higher drilling activity as the
number of deepwater drilling rigs increased and stronger year-end
WesternGeco multiclient sales. The decline in land revenue was mainly
due to continued pricing weakness for Well Services hydraulic fracturing
activities. A seasonal decline in deviated and horizontal land drilling
activity paired with pricing weakness also affected the Drilling Group
segment in North America.

On a worldwide basis, fourth-quarter pretax operating income of $2.2
billion increased 1% sequentially and was flat year-on-year. International
pretax operating income of $1.6 billion grew 1% sequentially and 21%
year-on-year, while North America pretax operating income of $655
million increased 7% sequentially but declined 31% year-on-year.

Pretax operating margin of 19.4% declined 83 bps sequentially and
decreased 169 bps year-on-year. International pretax operating
margin of 20.5% declined 104 bps sequentially but increased 125 bps
year-on-year. The sequential margin decrease stemmed from a
higher-than-usual seasonal slowdown and contractual delays in the
Europe/CIS/Africa Area that traditionally attract higher margins. In
North America, pretax operating margin of 19.2% increased 65 bps
sequentially but declined 764 bps year-on-year. Sequentially, margin
expansion was due to the increased contribution of high-margin offshore
services, particularly in the US Gulf of Mexico, which more than offset
margin decline in Drilling Group and Well Services activities on land.
By segment, Reservoir Characterization Group pretax operating
margin reached 29.1% while the pretax operating margins of the Drilling
and ProductionGroups were 16.8% and 15.0%, respectively.

Reservoir Characterization Group

Fourth-quarter revenue of $3.15 billion increased $240 million or 8%
sequentially, and grew $363 million or 13% year-on-year. Pretax
operating income of $917 million was 9% higher sequentially, and grew
18% year-on-year.

Sequentially, revenue increased mainly through robust international
end-of-year SIS software sales while Testing Services grew for the third
successive quarter from higher activity in the Saudi Arabia & Bahrain
and Mexico & Central America GeoMarkets. PetroTechnical Services revenue
also posted double-digit growth on strong consulting activity in the
Mexico & Central America GeoMarket. WesternGeco increased slightly as
the end-of-year multiclient sales and UniQ land seismic technology
direct sale in Russia were partly offset by the sharp seasonal decline
in Marine revenue on lower vessel utilization following seasonal
transits out of the North Sea. Wireline grew slightly on increased
activity in the US Gulf of Mexico following the recovery from the
activity shut-down associated with Hurricane Isaac in the previous
quarter, but this was offset by a seasonal activity decline in Asia,
mainly in the Australasia and China GeoMarkets.

Pretax operating margin of 29.1% increased 31 bps sequentially and
expanded 122 bps year-on-year. Sequential margin expansion was primarily
due to traditionally strong end-of-year sales of SIS software and
WesternGeco multiclient licenses. Testing Services, Wireline and
PetroTechnical Services margins also expanded on a more favorable
technology mix in exploration and development projects. These
improvements were, however, subdued by lower WesternGeco Marine margin
as a result of lower vessel utilization.

A number of technology highlights across the Reservoir Characterization
Group contributed to the fourth-quarter results.

Offshore Malaysia, WesternGeco completed the world′s first commercial
survey using the ObliQ* sliding-notch broadband acquisition and imaging
technique combined with Coil Shooting* single-vessel full-azimuth
acquisition for PETRONAS. The Coil Shooting technique was selected to
resolve illumination challenges while the ObliQ technology provided
greater penetration in deeper targets. Data processing is underway in
the Kuala Lumpur WesternGeco GeoSolutions center.

Offshore Indonesia, BP West Aru, a subsidiary of BP Plc in Indonesia,
awarded WesternGeco one of the largest 3D marine seismic surveys to be
conducted in Indonesia over a maximum of 9,000-km2 in the new concession
blocks West Aru I and II. The project will use Q-Marine Solid* streamer
technology and include extensive onboard data processing.

Shell has awarded WesternGeco two 4D monitor surveys for Shell companies
including a survey for Shell Nigeria Exploration and Production Company
(SNEPCO) over the Bongo field in Nigeria and a survey for Sarawak Shell
Berhad (SSB) offshore Malaysia. The Nigeria survey will be conducted by
the WG Amundsen using Q-Marine Solid streamer technology and is
the second 4D survey WesternGeco has performed for SNEPCO over this
field. ?The Malaysian 4D survey will be acquired by the Western
Patriot.

Following a number of successful surveys in the North Sea and in
Trinidad & Tobago, BP has awarded WesternGeco additional contracts for
the North Sea, including two surveys using the Q-Seabed* multicomponent
seabed seismic system and two 4D monitor surveys using the DISCover*
broadband deep interpolated streamer ?coverage seismic technique. ?The
projects will commence in Q2 2013.

Offshore UAE, Wireline Flow Scanner* horizontal and deviated well
production logging technology in combination with the RST* reservoir
saturation tool was run for ZADCO, a consortium between ADNOC,
ExxonMobil and JODCO, on a horizontal well using the MaxTRAC* downhole
well tractor system. The tools were conveyed to total depth with two
logging runs made over a producing interval that contained several
inflow control devices. The combination of the tools' measurements
enabled a successful determination of the well flow profile, and the
mechanically complex operation experienced no downtime and yielded all
required data.

In Myanmar, Wireline ReSOLVE* instrumented intervention technology was
deployed to set a plug to shut off unwanted water production from an
onshore well for Petronas Carigali Myanmar (Hong Kong) Limited. The
ReSOLVE tool was conveyed by TuffTRAC* cased hole services tractor
technology that enabled running through completions restrictions to
reach the plug-setting depth, overcoming previous unsuccessful attempts
using conventional mechanical means. During the operation, ReSOLVE
technology provided an indication of operational status in real time,
including positive confirmation of the plug setting.

In the Gulf of Thailand, Wireline MDT Forte-HT* rugged high-temperature
modular formation dynamics tester and lnSitu Fluid Analyzer*
technologies were deployed for PTTEP in three Arthit field wells in the
high-temperature North Malay basin. The technology was instrumental in
obtaining representative formation pressures and conclusive fluid
identification and CO2 content, which provided the customer′s asset team
critical information in real time on reservoir fluid composition by
distinguishing dry gas from gas condensate, and on reservoir fluid
properties at downhole conditions, including CO2 content and formation
permeability.

In Oman, Wireline FMI-HD* fullbore formation microimager technology has
been deployed for PDO on deep tight gas exploration wells drilled with
both oil- and synthetic-based drilling fluids. This provided images with
superior resolution in high resistive formations and higher borehole
coverage. This resulted in better structural definition, more accurate
breakout information for geomechanical modeling, and better interval
selection for MDT* modular formation dynamics tester technologies.

In the UK sector of the North Sea, Wireline PowerJet Nova* extra deep
penetrating shaped charges set a new world record for the longest single
wireline-conveyed perforating run in a well for Taqa Bratani in the
Pelican field. The PowerJet Nova charges perforated a 421-ft interval
and were conveyed by an extra-strength cable deployed by a high-tension
logging unit. Dual Secure* detonators provided perforating system
redundancy while conveyance system enhancements led to operational
efficiency, lower costs and greater safety. Job execution was flawless.

In the US Rockies, SureLog* Thrubit wireline triple-combo logging
technology was used to log a 10,000-ft horizontal section of an Oasis
Petroleum well in the Bakken formation, at a formation depth of more
than 10,000 ft. By using ThruBit* logging services, the customer was
able to maintain circulation, deploy the logging tools, and log the
well?all during the conditioning trip. The robust battery and tool
design allowed 37 hours of continuous operation, enabling a
petrophysical evaluation of the horizontal section, and a thorough
analysis of completion options using data that were previously
unavailable.

In the geologically complex Kansas Mississippian Lime, the SureLog
Thrubit wireline triple-combo logging suite was used for Osage Resources
to optimize well completion design and improve performance relative to
adjacent wells. The horizontal log showed significant porosity and
lithology changes along the lateral length and enabled design of
fracturing stage lengths, water volumes and perforation clusters for
treatment optimization. Based on interpretation of the log data, Osage
Resources decided to add an additional fracturing stage to the
completion design.

In Turkmenistan, the Wireline Dielectric Scanner* multifrequency
dielectric dispersion service was deployed for the first time in the
country for CNPC International Turkmenistan. Dielectric Scanner
technology clearly showed the gas-water contact and established the
interpretation parameters needed to evaluate gas saturation in the
low-porosity carbonate reservoir.

In Myanmar, Schlumberger Testing has been awarded two separate contracts
for services on deepwater exploration and appraisal wells in the Zawtika
field for PTTEP International Limited. The services consist of full well
testing packages, including surface well testing, fluid sampling, subsea
test tree, drillstem test and tubing conveyed perforating.

In Pakistan, Testing Services HPHT CERTIS* high-integrity reservoir test
isolation technology combined with Signature* quartz high resolution
HPHT gauges successfully performed six fracturing jobs in different
Kadanwari tight gas formations for Eni. Fracturing and flow back
operations were completed over 39 days and the technology combination
saved rig time and offered greater safety, reliability and operational
flexibility.

In Brazil, SIS was ?awarded a contract to ?provide software, training and
services to ANP?the Brazilian Petroleum Agency. Schlumberger will
provide key technologies that include Petrel* E&P software and ECLIPSE*
reservoir simulation covering all E&P domains from geology and
geophysics to petroleum engineering. Schlumberger software will be used
by the ANP on studies for areas to be offered in the country's 11th oil
and gas tender round, expected to take place in 2013.

In Colombia, integration of Schlumberger well placement and completion
technologies with PetroTechnical Services expertise helped New Granada
Energy drill and complete the first horizontal well in a field in the
Eastern Llanos Basin. Drilling & Measurements PeriScope* bed boundary
mapper data were used in planning an openhole completion designed to
prevent sand production and maximize reservoir contact. With an achieved
production index of 30% and water cut of less than 1%, New Granada
Energy have planned four additional wells on this field.

The Schlumberger Reservoir Geomechanics Center of Excellence in the UK
has completed a 3D geomechanical modeling of the deepwater carbonate
Jabuti field, which forms part of the Petrobras Marlim Leste oilfield in
the Campos basin, Brazil. The project was executed by cross-disciplinary
teams from Petrobras and Schlumberger PetroTechnical Services based in
Brazil, the UK and Denmark. Key technologies were combined for the first
time in this project, including seismic AVO inversion, rock physics, 3D
full-field and near-wellbore stress models, structural restoration and
geomechanical forward modeling. The results revealed how the complex
interactions between depletion, natural fractures, stresses and
permeability play a critical role in controlling field production and
well stability and integrity.

In Brazil, Schlumberger PetroTechnical Services was awarded an
integrated geomechanics study for drilling optimization and production
risk evaluation in the deepwater Atlanta field operated by Queiroz
Galvão Exploracão e Producão (QGEP). A 4D mechanical earth model was
central to the study, and enabled the customer to select and optimize
solutions for wellbore stability, sand production, compaction,
subsidence and fault reactivation as well as quantify the impact and
risk of different production scenarios.

Drilling Group

Fourth-quarter revenue of $4.1 billion increased $88 million or 2%
sequentially, and grew $332 million or 9% year-on-year. Pretax operating
income of $696 million was 5% lower sequentially, but increased 7%
year-on-year.

Sequentially, revenue increased on international and offshore demand for
Drilling & Measurements and M-I SWACO products and services. Drilling
Tools & Remedial Services activity also contributed to growth with a
full-quarter of revenue for Radius services. IPM revenue grew slightly,
as increased projects in Australia and new start-ups in Iraq and
Argentina were partly offset by project completions in North Africa. The
overall revenue increase was tempered by a decline in drilling-related
services, mainly in North America land, due to a seasonal decline in
deviated and horizontal drilling activity coupled with pricing weakness.

Pretax operating margin of 16.8% decreased 128 bps sequentially and
decreased 26 bps year-on-year. Among the Group Technologies, sequential
margins in Drilling & Measurements and Drilling Tools & Remedial
Services were flat, while margin contractions were recorded at M-I SWACO
and IPM due to geographical mix and operational and start-up delays.

A number of Drilling Group technologies contributed to the
fourth-quarter results.

In the UAE, ZADCO, a consortium between ADNOC, ExxonMobil and JODCO,
awarded Schlumberger the integrated drilling services contract on the
first two artificial islands (North & South) for the Upper Zakum field,
offshore Abu Dhabi, one of the world's largest oil fields. The
three-year contract represents the first integrated drilling services
contract awarded in the United Arab Emirates.

In Malaysia, Schlumberger set three world records using CASING DRILLING?
technology in the Angsi D14 well for PETRONAS Carigali Sdn Bhd (PCSB).
These records covered the highest inclination of 82.3 ?; the deepest 13
3/8-in casing-while-drilling interval to 1,550 m; and the longest Level
3 directional drilling interval with 13 3/8-in casing run to 1,361 m.

In the South China Sea, Drilling & Measurements PeriScope* bed boundary
mapper technology was deployed in a horizontal well drilling campaign to
enable CNOOC Panyu Operating Company to develop highly mature reservoirs
with remaining thin oil columns. PeriScope technology enabled accurate
placement of the lateral sections within 0.5 m of the reservoir top for
optimum drainage and reduction of attic oil. The wells have been
producing oil at high rates with very low or zero water cut and the
Drilling & Measurements team has been recognized by Panyu Operating
Company for their contribution to this performance.

In the Black Sea, Drilling & Measurements StethoScope* formation
pressure-while-drilling service was deployed to test multiple zones in a
well for the Turkish Petroleum Corporation (TPAO) to enable calibration
of the pore pressure model in real time. This allowed TPAO to eliminate
the requirement for drilling a 10 5/8-in section, resulting in
significant cost savings.

In Nigeria, Drilling & Measurements StethoScope formation
pressure-while-drilling technology was used for Total to estimate pore
pressure in the reservoir sands penetrated while drilling. With better
understanding of the pore pressure regime, the customer was able to
place the casing deeper and saved a casing string compared to the
original program. In addition, the pressure points measured were used to
calculate formation fluid mobility and helped optimize the subsequent
MDT modular formation dynamics tester sampling program.

In Algeria, Drilling & Measurements PowerV* vertical drilling technology
provided controlled well verticality below 0.35 ? in a highly dipping
formation in the Zemoul el Kbar field for Groupement Sonatrach Agip
(GSA). The technology was used to drill a total of 3,481 m and
controlled well trajectory within a 1.4-m lateral displacement. This
drilling performance saved the customer three days compared to previous
wells drilled with standard technology. In addition, the PowerV
technology yielded excellent wellbore quality to run logs and deploy
casing.

In Poland, Schlumberger PowerDrive Archer* high build rate rotary
steerable system technology with customized Smith drill bits were used
to build inclination from vertical to horizontal in a complex-geometry
well in the Lubocino field for Polskie Górnictwo Naftowe i Gazownictwo
(PGNiG). PowerDrive Archer technology built the curve in a single run,
successfully landing the well safely at the required target to overcome
the challenges that conventional motors had faced in this sequence of
formations in the past.

In Russia, the integration of Drilling & Measurements PowerDrive* rotary
steerable technology, M-I SWACO MEGADRILL* system, and Smith drill bits
achieved a new Russian drilling record for LUKOIL with the longest 8
1/2-in section in a single run with the highest average rate of
penetration. As a result, performance improved from 22.1 days/1000 m
down to 9.5 days/1000 m and the operation, which resulted in excellent
hole quality, allowed the first two-stage completion worldwide with
distributed temperature sensing and inflow control device screens.

In Russia, Schlumberger Drilling Group technologies were deployed for
Eriell Corporation on several projects in the West Siberia and
Volga-Urals regions. On one well in the Urengoyskoe field, Smith Viking
drill bits, developed and manufactured for Russia, were used with
Drilling & Measurements positive displacement motors to achieve new
performance benchmarks, and with Drilling & Measurements PowerDrive X5*
rotary steerable systems where the rate of penetration was doubled
compared to previous wells. On another well in the Nizhne-Kamenskoe
field, the combination of Smith Neyrfor* turbodrilling systems and
customized Smith drill bits helped decrease drilling times in one hole
section by 133%.

In Russia, Drilling Group technologies helped Rosneft drill an
extended-reach, sidetrack re-entry campaign in the Odoptu-morye field. A
combination of Drilling & Measurements PowerDrive X6* rotary steerable
technology with specifically designed Smith drill bit and engineered
jars drilled a 1,990-m sidetrack with a complex 3D well path. The
EcoScope^? multifunction logging-while-drilling service for
well placement was used with Schlumberger PetroTechnical Services
interpretation of data from SonicVISION* sonic-while-drilling tools to
optimally place a Smith Trackmaster* whipstock system. This integrated
approach resulted in the well being drilled seven days ahead of plan.

In Russia, integration of Drilling & Measurements and Smith drillbit
technologies delivered record performance for Rosneft Vankor in the
Vankorskoe development project. On one well, the PowerDrive vorteX*
powered rotary steerable system and customized Smith drill bit were
assisted by Schlumberger rate of penetration optimization software to
reach the total depth nearly 10 days ahead of schedule, setting the
field's highest daily meterage. By combining this integrated drilling
package with EcoScope multifunction logging-while-drilling technology,
further rig time savings were achieved.

In Brazil, integration of Drilling Group technologies including the
PowerV vertical drilling system, RHELIANT* synthetic-based drilling
fluids and customized Smith drill bits helped Shell reduce the drilling
time of two presalt wells in the Santos Basin by 15 days. The technology
and methodology proposed by Schlumberger contributed to these wells
being within the top quartile of similar wells in Brazil.

In Norway, a Drilling Tools & Remedial Services bottomhole assembly,
designed and optimized by the Smith i-DRILL* engineered drilling system,
was deployed for Talisman using a 12 1/4-in bit combination with a
staged hole opener (SHO) and a Rhino XC* on-demand hydraulically
actuated reamer. The well section was drilled and under-reamed with an
average rate of penetration 28% faster than that planned. The Rhino XC
tool correctly activated and deactivated below the
measurement-while-drilling tools with no problems experienced while
pulling out of hole through swelled clays. Downhole shock and vibration
were minimal, verticality was maintained within 0.4 ?, and the drilled
section was completed 13 hours ahead of plan.

In Brazil, Smith drill bits and Schlumberger Dynamic Pressure Management
services successfully performed a percussion drilling operation on a
well in the São Francisco onshore basin for Petra Energia. By using
combined air hammers, hammer bits and managed pressure drilling
technologies, a rate of penetration 178% greater than the field average
was achieved. Such tailored engineering solutions are helping Petra
Energia′s exploration program by drilling more efficiently with reduced
risk and cost.

In Russia, Schlumberger IPM was awarded a three-year exploration
contract by Bashneft Polyus, a joint venture between Bashneft and
Lukoil, for the Trebsa and Titova fields in the north-western
territories. This region contains one of the remaining major unexplored
onshore oil fields in Russia. Schlumberger will provide drilling and
completion services under IPM management.

Production Group

Fourth-quarter revenue of $3.9 billion increased $249 million or 7%
sequentially, and grew $221 million or 6% year-on-year. Pretax operating
income of $590 million was 8% higher sequentially, but declined 24%
year-on-year.

Sequentially, the increase in revenue resulted primarily from stronger
Completions and Artificial Lift product year-end sales coupled with new
Framo subsea projects in the US Gulf of Mexico and in the North Sea and
Angola GeoMarkets. Well Intervention Services revenue increased on
higher activity in the Mexico & Central America and Saudi Arabia &
Bahrain GeoMarkets. Well Services revenue grew mainly due to higher
activity in the international and the North America offshore markets.
International activities were strong from stimulation vessel operations
in Brazil, unconventional fracturing activity in Mexico, and new
projects in Kuwait and Iraq. Well Services stage count in North America
land also grew but land revenue declined on continued pricing weakness
from the oversupply of hydraulic horsepower.

Pretax operating margin increased 13 bps sequentially to 15% but
declined 590 bps year-on-year. The sequential increase was largely
attributable to the favorable impact of year-end Completions and
Artificial Lift product sales coupled with improved profitability from
new Framo subsea projects. This margin increase was largely offset by
continued Well Services pricing weakness.

Highlights during the quarter included successes in a number of
Production Group technologies.

In Argentina, Schlumberger has been awarded an integrated services
contract by Shell for their exploration campaign in the unconventional
Vaca Muerta formation of the Neuquen basin. The 18-month contract
encompasses project management, well engineering and execution of well
construction services including formation evaluation, reservoir
stimulation, coiled tubing, and well testing. The first horizontal
exploration well was successfully spudded in October, 2012.

In Pakistan, Losseal* reinforced composite mat pill technology was
deployed for Oil & Gas Development Company Limited (OGDCL) while running
the 9 5/8-in casing string in two Naspha wells on the Potwar Plateau
following total loss of circulation prior to pumping cement. Heavy
weight 16.5 and 17 ppg Losseal pills, which extended the established
range of the technology, were used as spacer material and restored
circulation to ensure subsequent zonal isolation.

In India, Well Services ThermaFRAC* shear-tolerant, high temperature
fracturing fluid has been successfully used at a depth of 4,400 m and a
temperature of 325 deg F in a land well for Cairn Energy India Pty Ltd
in the KG Basin in the state of Andra Pradesh. Close collaboration
between Cairn Energy India and Schlumberger optimized the ThermaFRAC
fluid design as well as the overall job design.

In Tunisia, Well Services executed the first openhole multistage HiWAY*
flow-channel hydraulic fracturing operation for STORM Venture
International in the Bin Tartar field. The treatment included seven
stages using HiWAY technology that resulted in significantly reduced
operating time from seven to three days with no premature treatment
terminations.

In Congo, Well Services PropGUARD* technology has been deployed for Eni
in the Mboundi field with PropGUARD fiber being added during the last
proppant stage of a hydraulic fracturing treatment. The well responded
to the treatment, naturally flowing before being lifted with no proppant
being observed at surface during the flowback and testing. PropGUARD
fiber application hydraulic fracturing treatments have become the
solution of choice for increasing oil production when it is necessary to
prevent sand production at the same time.

In Peru, Schlumberger Well Services has been awarded a 12-well
stimulation contract by Maple Gas Corporation del Peru S.R.L to
stimulate vertical wells on the mature Agua Caliente and Maquia fields.
Job planning and execution on the first well showed outstanding results,
with oil production increasing by a factor of 10 with reduced water cut.

In Kuwait, Well Intervention Services performed the first ACTive*
in-well live performance with distributed temperature sensing (DTS) and
ABRASIJET* hydraulic pipe-cutting and perforating service on an openhole
horizontal well in the tight Mauddud limestone reservoir for Kuwait Oil
Company. Based on the interpretation of the DTS temperature profile,
ABRASIJET technology successfully jetted across the damaged zones to
create slots, leading to increased reservoir contact and bypassing of
near wellbore damage. These innovative technologies played a key role in
the well′s incremental oil production.

Also in Kuwait, Well Intervention Services deployed ACTive in-well live
performance with DTS on a stimulation operation in a Kuwait Oil Company
well in the Burgan field which had been drilled and completed in 1994
but not placed on production. Based on interpretation from temperature
profiles obtained by DTS and the provided openhole logs, the pumping
schedule was adjusted and the fluids were placed in an optimized manner
across the openhole section targeting the potential oil zones in order
to obtain uniform stimulation of the tight reservoir section. The well
is now producing oil at a rate of 600 bbl/d as a result of this
technology application.

Elsewhere in Kuwait, Schlumberger Well Intervention Services Discovery
MLT* multilateral tool and ACTive in-well live performance were used to
enter a lateral section in a well for Joint Operations. A stimulation
treatment was performed to bypass damage using real-time fiber-optic DTS
permanent monitoring technology. Post-treatment production attained
satisfactory results, leading to plans for similar operations in the
development of multilateral wells of the South Fawares field.

Offshore Egypt, Well Intervention Services deployed ACTive in-well live
performance technology with DTS in a stimulation operation for Petrobel.
This intervention enabled identification of excess water producing zones
and real-time decision-making to isolate them. In parallel, the gas zone
was stimulated using a through-tubing inflatable packer, which was
successfully set using ACTive downhole data. This single rig-up
intervention maximized operational efficiency, minimized equipment
footprint, and helped save four days of offshore rig time.

In Saudi Arabia, the first ACTive in-well live performance matrix
service was deployed on a well stimulation job with ABRASIJET hydraulic
pipe-cutting and perforating service. These technologies enabled the
cutting of slots at the target zones while monitoring and optimizing the
placement of stimulation fluids and diversion efficiency using DTS.
Post-stimulation well performance exceeded expectations.

In Tunisia, Eni has deployed Schlumberger LIVE* digital slickline
services on interventions to re-perforate old, non-producing offshore
wells on a two-wellhead platform with limited deckspace and
crane-lifting capacity. Wireline eFire* electronic firing head
technology was used for the first time in combination with DSL* digital
slickline technology, correlated in real time on multiple runs.
Following intervention, both wells were completed successfully and
brought back online. LIVE services offer an efficient lightweight, low
footprint solution, capable of providing conventional slickline
operations with advanced perforating technology with the same crew and
equipment.

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 more than 118,000 people
representing over 140 nationalities and working in approximately 85
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 $42.15 billion in 2012. For more
information, visit www.slb.com.

*Mark of Schlumberger or of Schlumberger Companies.

^?Japan Oil, Gas and Metals National Corporation (JOGMEC),
formerly Japan National Oil Corporation (JNOC), and Schlumberger
collaborated on a research project to develop LWD technology. The
EcoScope and NeoScope services use technology that resulted from this
collaboration.

Notes

Schlumberger will hold a conference call to discuss the above
announcement and business outlook on Friday, January 18, 2013. The call
is scheduled to begin at 8:00 a.m. US Central Time (CT), 9:00 a.m.
Eastern Time (ET). To access the call, which is open to the public,
please contact the conference call operator at +1-800-230-1059 within
North America, or +1-651-291-5254 outside of North America,
approximately 10 minutes prior to the call′s scheduled start time. Ask
for the 'Schlumberger Earnings Conference Call.? At the conclusion of
the conference call an audio replay will be available until February 18,
2013 by dialing +1-800-475-6701 within North America, or +1-320-365-3844
outside of North America, and providing the access code 269201.

The conference call will be webcast simultaneously at www.slb.com/irwebcast
on a listen-only basis. Please log in 15 minutes ahead of time to test
your browser and register for the call. A replay of the webcast will
also be available at the same web site.

Supplemental information in the form of a question and answer document
on this press release and financial information is available at www.slb.com/ir.

Schlumberger Limited

Malcolm Theobald, +1 (713) 375-3535

Vice
President of Investor Relations

or

Joy V. Domingo, +1 (713)
375-3535

Manager of Investor Relations

investor-relations@slb.com

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