BW20030604002051  20030604T133216Z UTC



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

    Business Editors
    UK REGULATORY NEWS

   NEW YORK--(BUSINESS WIRE)--June 4, 2003--

Schlumberger Limited (NYSE:SLB) announced today the pricing of
$850,000,000 principal amount of its Series A Convertible Debentures
due June 1, 2023 and $450,000,000 principal amount of its Series B
Convertible Debentures due June 1, 2023. These are being sold in 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. The initial purchasers of the
debentures will have an option to purchase up to $125,000,000 of
additional Series A debentures and up to $75,000,000 of additional
Series B debentures.

Each $1,000 principal amount of Series A debentures will be
convertible, at the holder's option, into 13.8 shares of common stock
of Schlumberger Limited which represents a 51% conversion premium
based on the closing price of $47.90 on June 3, 2003. Each $1,000
principal amount of Series B debentures will be convertible, at the
holder's option, into 12.5 shares of common stock of Schlumberger
Limited which represents a 67% conversion premium based on the closing
price of $47.90 on June 3, 2003. The Series A debentures will pay a
cash interest at a rate of 1.5% per annum, and the Series B debentures
will pay a cash interest at a rate of 2.125% per annum. The Series A
debentures will have an initial put and call at five years, and the
Series B debentures will have an initial put and call at seven years.
   
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 or to U.S. persons 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: 00005461
   Time of Receipt (offset from UTC): 20030604T140552+0100

    --30--ZW/uk*

    CONTACT: Schlumberger Ld.

    KEYWORD: UNITED KINGDOM INTERNATIONAL EUROPE
    INDUSTRY KEYWORD: ENERGY OIL/GAS
    SOURCE: Schlumberger Ld.

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