Schlumberger Subsidiaries Announce Results and Amendments of Bond Tender Offers.

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Business Editors

NEW YORK--(BUSINESS WIRE)--June 30, 2003

Schlumberger Limited (NYSE:SLB) announced today that certain of its subsidiaries have made announcements regarding the tender offers launched on June 12th.

Schlumberger SA has accepted to purchase all of the tendered 5.25% Guaranteed Euro Bonds due 2008 under the offer that expired on June 27th. This represents 68% of the total bonds outstanding. The total consideration will be approximately $756 million including accrued interest.

As a result of this acceptance, Schlumberger will record an after-tax charge in the second quarter of $81 million, which includes both market and tender premiums and transaction costs. At current rates of exchange, this bond retirement will reduce Schlumberger SA interest expense by $36 million per year and consolidated Schlumberger interest expense by $22 million per annum net of the 1.5% interest expense due on the convertible debentures issued June 4th.

Schlumberger SA ("SSA") and Schlumberger plc ("SPLC") announced that they have received tenders for 40% and 93%, respectively, of the SSA 5.875% Guaranteed Euro Bonds due 2011 and the SPLC 6.25% Guaranteed Sterling Bonds due 2008, and that they have increased their offers, which expire July 15th, to include any and all of the respective bonds. As a result, Schlumberger expects to record and announce further charges and related interest expense savings in the third quarter.

About Schlumberger

Schlumberger is a global oilfield and information services company with major activity in the energy industry. The company employs 78,000 people of more than 140 nationalities working in 100 countries and consists of three primary business segments. Schlumberger Oilfield Services is the world's premier oilfield services company supplying a wide range of technology services and solutions to the international oil and gas industry. WesternGeco, jointly owned with Baker Hughes, is the world's largest and most advanced surface seismic company. SchlumbergerSema is a leading supplier of IT consulting, systems integration, and network and infrastructure services to the energy industry, as well as to the public sector, telecommunications and finance markets. In 2002, Schlumberger revenue was $13.5 billion. For more information, visit www.slb.com.