BW20030603002203  20030604T060022Z UTC


( BW)(SCHLUMBERGER-LD.)(SCL) Schlumberger Announces the Offering of
Senior Convertible Debentures

    Business Editors
    UK REGULATORY NEWS
 
    NEW YORK--(BUSINESS WIRE)--June 4, 2003--

Schlumberger Limited (NYSE:SLB) announced today that it intends to
raise approximately $1,300,000,000, subject to market and other
conditions, through an offering of its senior convertible debentures
due June 1, 2023. This is a private placement to qualified
institutional buyers pursuant to Rule 144A under the Securities Act of
1933, as amended (the "Securities Act") and outside the United States
to non-U.S. investors pursuant to Regulation S under the Securities
Act. Schlumberger also intends to grant the initial purchasers an
option to purchase up to an additional $200,000,000 of the debentures.
The debentures will be convertible, at the holders' option, into
common stock of Schlumberger Limited.

Schlumberger intends to use the proceeds of this offering to retire
debt.

This notice does not constitute an offer to sell or the solicitation
of an offer to buy securities. Any offers of the securities will be
made only by means of a private offering circular. The debentures and
the shares of common stock of Schlumberger Limited issuable upon
conversion of the debentures have not been registered under the
Securities Act of 1933, as amended, or the securities laws of any
other jurisdiction and may not be offered or sold in the United States
absent registration or an applicable exemption from registration
requirements.

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 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.

   Short Name: schlumberger ld
   Category Code: IOD
   Sequence Number: 00005442
   Time of Receipt (offset from UTC): 20030603T233224+0100

    --30--CK/ny*

    CONTACT: Schlumberger Limited
             Christian Lange, +1 212 350 9432
             lange@new-york.sl.slb.com
             or
             Paulo Loureiro, +1 212 350 9432
             loureiro@new-york.sl.slb.com

    
    KEYWORD: NEW YORK UNITED KINGDOM INTERNATIONAL EUROPE
    INDUSTRY KEYWORD: ENERGY OIL/GAS
    SOURCE: schlumberger ld

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