Correcting figure in Change in Liquidity table.--(BUSINESS WIRE)--October 22--In BW1159 (SCHLUMBERGER Schlumberger Limited is the world's largest oilfield services corporation operating in approximately 80 countries, with about 70,000 people of 140 nationalities. Schlumberger supplies a wide range of products and services from seismic acquisition and processing; formation ), Schlumberger 1998 Third Quarter Earnings, correcting figure in Change in Liquidity table, header (1) In a disk or tape file, a set of data that resides permanently at the beginning. It may be used for identification only (type of file, date of last update, etc.), or it may describe the structural layout of the contents, as is common with many document and database formats. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). on sale of drilling rigs should have a (2), figure for 1998 column should be - . Corrected table follows.
CHANGE IN LIQUIDITY
Liquidity represents cash plus short-term and long-term
investments less debt. A summary of the major components of the change
in liquidity follows:
(Stated in millions) Nine Months 1998 1997(1) Funds provided by: Net income after 1998 third-quarter charge $ 736 $ 986 Third-quarter charge 380 - Depreciation and amortization 845 761 Employee stock option plan 61 76 Employee stock purchase plan 70 50 Net proceeds on sale of drilling rigs(2) -- 174 Funds used for: Fixed asset additions (1,342) (1,067) Businesses acquired (30) (12) Dividends paid (286) (283) Working capital and other (521) (376) Change in liquidity (87) 309 Liquidity, beginning of period 527 170 Liquidity, end of period $ 440 $ 479
(1) Restated to reflect the acquisition of Camco International
Inc., which has been accounted for as a pooling of interests.
(2) In September 1997, the Sedco Forex semisubmersibles Drillstar
and Sedco Explorer were sold to a newly formed venture in which
Schlumberger has a 25% interest. The rigs are operated by Sedco Forex
under bareboat charters. The gain on sale was deferred and is being
amortized over a six-year period. This transaction had no effect on
1997 third quarter results and has no significant impact on future
results of operations.
This press release is available on the Schlumberger World Wide
Web site at: http://www.slb.com/
*Mark of Schlumberger
** VisionDome is a mark of Alternate Realities Corporation (ARC)
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