BW20030722002050 20030723T060009Z UTC
( BW)(SCHLUMBERGER-LD.)(SCL) Interim Results
Business Editors
UK REGULATORY NEWS
NEW YORK--(BUSINESS WIRE)--July 23, 2003--
Schlumberger Announces Second Quarter 2003 Results
Schlumberger Limited (NYSE:SLB) reported today second quarter 2003
operating revenue of $3.52 billion and income from continuing
operations of $142 million, which includes a charge of $81 million
related to the extinguishment of certain Euro denominated debt.
Income from continuing operations (including the charge of $0.14 per
share) was $0.24 per share. Excluding the charge, income from
continuing operations was $0.38 per share, compared to $0.33 per share
last year.
Oilfield Services revenue of $2.13 billion increased 8% versus the
first quarter of 2003, and increased 9% compared to the second quarter
of last year. Pretax operating income was $382 million, increases of
21% sequentially and 10% year-on-year.
WesternGeco revenue of $306 million was flat versus the first quarter
of 2003, and decreased 15% compared to the second quarter of last
year. Pretax operating results were a loss of $16 million compared to
breakeven in the first quarter of 2003 and income of $18 million in
the second quarter of last year.
SchlumbergerSema revenue of $840 million increased 6% sequentially and
16% year-on-year. Pretax operating income was $24 million, an increase
of 65% sequentially and $21 million year-on-year.
Discontinued operations recorded a loss of $30 million ($0.05 per
share) in the quarter.
Net income was $112 million ($0.19 per share).
Schlumberger Chairman and CEO Andrew Gould commented, "The second
quarter results for Oilfield Services showed strong activity trends in
the North American land gas market, a return to more normal activity
levels in Venezuela and high growth in Mexico. Good performance in the
North Sea and West Africa was helped by strong technology penetration
in the completion and directional drilling markets. Overall, operating
results were accompanied by a continuing overhead reduction that led
to very satisfactory sequential pretax income growth.
In spite of the profitability of the Land and Marine product lines,
WesternGeco showed a pretax loss due to lower sales of multiclient
data. Considerable progress was made with the introduction of Q(a) -
Marine technology that continues to show remarkable examples of
reservoir quality data for which our customers are recognizing the
benefits and are prepared to pay premium pricing.
SchlumbergerSema had a solid quarter helped by continued cost cutting
in what remains a lackluster market for IT services in Europe. Good
progress was made in booking orders in line with our objective of
achieving double-digit growth in Energy IT services.
Improved capital discipline coupled with advances in the disposal of
certain non-core assets meant that considerable strides were made
towards our declared objective of net debt of $4 billion by the end of
2003.
Looking forward, gas drilling in North America is expected to remain
strong for the rest of the year, and may continue next year as the
rapid decline rates of new wells reduce production capacity. Recent
high re-injection rates into storage suggest short-term demand could
be falling as a result of the current high gas prices. In
international markets, the continued absence of a large excess
production capacity should sustain activity at current levels for the
remainder of the year."
Other highlights were:
-- Schlumberger raised $1.425 billion through an offering of its
senior convertible debentures due June 1, 2023.
-- Between June 12 and July 22, 2003, certain subsidiaries of
Schlumberger launched and concluded a tender offer on three of its
outstanding European bonds. The companies bought back $1.3 billion of
principal of these bonds for a total cost of $1.5 billion, which
includes the premium, and issuing and tender costs. The total charge
on the tender was $168 million, of which $81 million was recorded in
the second quarter when the first tender closed, with the balance to
be recorded in the third quarter of this year. The interest savings
generated by this re-financing are estimated at $46 million per annum.
-- On June 24, 2003, Schlumberger announced that certain of its
subsidiaries signed a definitive agreement with a partnership led by
Francisco Partners and Shah Management for the sale of the NPTest
business unit. Cash proceeds from the sale will be $220 million and
the transaction is expected to close in July. Loss on the sale of $12
million has been recorded as discontinued operations in the second
quarter.
-- On July 16, 2003, certain subsidiaries of Schlumberger Limited
signed a definitive agreement with Itron, Inc. (NASDAQ:ITRI) for the
sale of its Electricity Metering business unit. Under terms of the
agreement, Itron will pay $255 million in cash at closing. The
transaction is subject to Hart-Scott-Rodino clearance, financing, and
is expected to close before year-end. Schlumberger expects the
transaction to result in a net after tax gain, which will be recorded
as discontinued operations when the transaction closes.
-- The second quarter results included the recognition of the deferred
gain of $14 million on the sale of the PIGAP II joint venture, which
was part of the August 2001 sale of the gas compression business.
Additionally, the results also include a $15 million after tax charge
for a patent infringement settlement related to a business unit
planned for sale.
Consolidated Statement of Income (Unaudited)
(Stated in thousands except per share amounts)
Second Quarter Six Months
-----------------------------------------------
For Periods Ended
June 30 2003 2002 2003(5) 2002
----------------------------------------------------------------------
Revenue
Operating $3,515,653 $3,270,547 $6,801,864 $6,468,593
Interest and
other income(1) 39,088 38,176 68,746 72,013
----------------------------------------------------------------------
3,554,741 3,308,723 6,870,610 6,540,606
----------------------------------------------------------------------
Expenses
Cost of goods
sold and
services(2) 2,772,300 2,556,526 5,381,520 5,083,804
Research &
engineering 149,051 154,631 299,002 304,156
Marketing 89,929 86,177 176,685 172,767
General 168,220 158,912 331,867 315,731
Debt
extinguishment
costs(3) 81,473 - 81,473 -
Interest 92,301 96,413 185,164 178,666
----------------------------------------------------------------------
3,353,274 3,052,659 6,455,711 6,055,124
----------------------------------------------------------------------
Income from
continuing
operations
before taxes and
minority interest 201,467 256,064 414,899 485,482
Taxes on income 61,783 65,396 131,502 130,513
----------------------------------------------------------------------
Income from
continuing
operations
before minority
interest 139,684 190,668 283,397 354,969
Minority interest(2) 2,671 (643) 6,920 (7,137)
----------------------------------------------------------------------
Income from
Continuing
Operations 142,355 190,025 290,317 347,832
Income (Loss) from
Discontinued
Operations (30,233) 6,010 (29,033) 20,675
----------------------------------------------------------------------
Net Income $112,122 $196,035 $261,284 $368,507
----------------------------------------------------------------------
Diluted Earnings Per
Share:
Income from
Continuing
Operations $0.24 $0.33 $0.50 $0.60
Income (Loss)
from
Discontinued
Operations (0.05) 0.01 (0.05) 0.04
----- ----- ----- -----
Net Income $0.19 $0.34 $0.45 $0.64
===== ===== ===== =====
Average shares
outstanding 582,475 577,242 582,342 576,774
Average shares
outstanding
assuming dilution 589,024 581,445 586,502 581,275
Depreciation and
amortization
included in
expenses(4) $416,728 $387,680 $801,118 $746,599
----------------------------------------------------------------------
1) Includes interest income of:
-- Second quarter 2003 - $13 million (2002 - $20 million).
-- Six months 2003 - $28 million (2002 - $38 million).
2) The first quarter of 2002 includes a $29 million charge (pretax
$30 million and minority interest credit of $1 million) related to
the financial/economic crisis in Argentina ($0.05 per share -
diluted).
3) Related to the repurchase of Euro denominated bonds ($0.14 per
share - diluted).
4) Including multiclient seismic data costs.
5) Reclassified, in part, for comparative purposes.
Condensed Balance Sheet (Unaudited)
(Stated in
thousands)
Assets June 30, 2003 Dec. 31, 2002
----------------------------------------------------------------------
Current Assets
Cash and short-term investments $3,217,852 $1,736,016
Other current assets 5,790,491 5,449,424
----------------------------------------------------------------------
9,008,343 7,185,440
Fixed income investments, held to maturity 300,000 407,500
Fixed assets 4,448,867 4,663,756
Multiclient seismic data 976,760 1,018,483
Goodwill 4,412,867 4,229,993
Other assets 1,845,869 1,930,023
----------------------------------------------------------------------
$20,992,706 $19,435,195
----------------------------------------------------------------------
Liabilities and Stockholders' Equity
----------------------------------------------------------------------
Current Liabilities
Accounts payable and accrued liabilities $4,492,882 $4,580,762
Estimated liability for taxes on income 645,895 625,058
Bank loans and current portion of long-
term debt 2,321,944 1,135,533
Dividend payable 109,891 109,565
----------------------------------------------------------------------
7,570,612 6,450,918
Long-term debt 6,353,471 6,028,549
Postretirement benefits 580,306 544,456
Other liabilities 240,519 251,607
----------------------------------------------------------------------
14,744,908 13,275,530
Minority interest 547,433 553,527
Stockholders' Equity 5,700,365 5,606,138
----------------------------------------------------------------------
$20,992,706 $19,435,195
----------------------------------------------------------------------
Net Debt (Unaudited)
Net Debt represents gross debt less cash, short-term investments
and fixed income investments, held to maturity. Details of the Net
Debt follows:
(Stated in millions)
Six Months 2003
----------------------------------------------------------------------
Net Debt, beginning of period $(5,021)
Net income from continuing operations 290
Debt extinguishment costs 81
Depreciation and amortization 801
Change in working capital (485)
Capital expenditures (550)
Dividends paid (218)
Employee stock plans 100
Sale of Grant Prideco stock 106
Other 58
Translation effect on net debt (320)
---------
Net Debt, end of period $(5,158)
=========
(Stated in millions)
Components of Net Debt June 30, 2003 Dec. 31, 2002
----------------------------------------------------------------------
Cash and short-term investments $3,218 $1,736
Fixed income investments, held to
maturity 300 408
Bank loans and current portion of long-
term debt (2,322) (1,136)
Long-term debt (6,354) (6,029)
-------------- --------------
$(5,158) $(5,021)
============== ==============
At June 30, 2003, both short-term investments and the current
portion of long-term debt were increased by approximately $1.3 billion
as the repurchase of certain European bonds with the proceeds of the
convertible debentures was completed in July.
Business Review
(Stated in millions) Second Quarter Six Months
-------------------- ----------------------
2003(2) 2002 %chg 2003(2) 2002(2) %chg
-------------------- ----------------------
Oilfield Services
-----------------
Operating Revenue $2,127 $1,960 9% $4,104 $3,863 6%
Pretax Operating
Income(1) $382 $347 10% $697 $654 7%
WesternGeco
-----------
Operating Revenue $306 $360 (15)% $613 $745 (18)%
Pretax Operating
Income (Loss)(1) $(16) $18 - $(16) $65 -
SchlumbergerSema
----------------
Operating Revenue $840 $727 16% $1,633 $1,433 14%
Pretax Operating
Income(1) $24 $4 - $39 $4 -
Other(3)
--------
Operating Revenue $316 $291 8% $597 $552 8%
Pretax Operating
Income(1) $14 $5 - $16 $2 -
1) Pretax operating income represents income before taxes and
minority interest, excluding interest income, interest expense and
amortization of intangibles.
2) The second quarter of 2003 excludes $81 million of debt
extinguishment costs. The first quarter of 2002 excludes an
aggregate $30 million charge related to the financial/economic
crisis in Argentina.
3) Principally comprises the Cards, Terminals and Meters North
America activities.
Oilfield Services
(Excluding WesternGeco)
Second quarter operating revenue of $2.13 billion increased 8%
sequentially and 9% year-on-year. In comparison, the M-I rig count
decreased 2% sequentially, but increased 19% year-on-year.
Pretax operating income of $382 million rose 21% sequentially and 10%
year-on-year. The combination of increased activity in all Areas and
continued cost reduction efforts across the organization resulted in
the strong sequential improvement in pretax operating income.
North America
Revenue of $638 million increased 7% sequentially and 14% year-on-year
as the M-I rig count decreased 6% sequentially, but increased 30%
year-on-year. Pretax operating income of $92 million grew 26%
sequentially and 20% year-on-year.
Record low gas storage levels in the US drove significant drilling
activity in the US Land GeoMarket, which recorded strong year-on-year
and sequential growth, while deep water Gulf of Mexico activity
remained relatively flat. An extended winter campaign resulted in
higher year-on-year activity in Canada, which decreased sequentially,
due to spring break-up.
PowerDrive(a) sales continued strong in most GeoMarkets, and field
trials of the PowerDrive Xceed(a) fully rotational steerable system in
North America indicate that it can reduce drilling time by as much as
50 percent. DeepSTIM III, a fit-for-purpose stimulation vessel
equipped with the latest advanced stimulation and information
technology, was launched in the Gulf of Mexico in June. Well Services
introduced Viscoelastic Diverting Acid(a) (VDA) treatments, an
advanced acidizing system for carbonate formations which provides
significantly improved results over previously used diversion-based
acid treatment systems.
Latin America
Revenue of $349 million was up 20% sequentially and 12% year-on-year.
In contrast, the M-I rig count increased 9% sequentially and 24%
year-on-year. Pretax operating income of $59 million rose 74%
sequentially and 60% year-on-year.
Record growth in Mexico reflected the continuing increase in
Integrated Project Management activity in the Burgos basin and
Chicontepec project to meet Mexico's heightened demand for gas energy
and light oil output. Increased activity in Central America and Latin
America South, and the resumption of activity focused on restoring
production in Venezuela also contributed to the strong second quarter
performance.
All technology segments contributed to increased revenue during the
quarter, with notable success for Drilling & Measurements activity
utilizing geosteering and PowerDrive systems. Horizontal wells in
Brazil were drilled and logged with GeoVISION(a) imaging tools to
provide the unique benefit of steering wells in the optimum productive
reservoir layer. Real-time integration of resistivity images with
PERFORM(a) drilling optimization transmitted via InterAct(a) real-time
communication enabled fast, lower risk well placement in complex
intervals.
Europe/CIS/West Africa
Revenue of $615 million increased 5% both sequentially and
year-on-year compared with the M-I rig count (excluding Russia) which
dropped 1% sequentially and 10% year-on-year. Pretax operating income
of $114 million grew 15% sequentially and 3% year-on-year.
In the North Sea, increased demand for Integrated Project Management,
Well Completions & Productivity and Well Services led to strong
sequential growth in the United Kingdom/Ireland GeoMarket.
Additionally, Continental Europe, Western and Southern Africa posted
year-over-year and sequential increases from demand, particularly in
Well Services and Well Completions & Productivity. Russia grew
year-on-year, however declined sequentially following strong sales of
artificial lift equipment and stimulation services in the prior
quarter. Overall improvement in the region was partially offset by
continued slow activity in Nigeria.
Well Completions & Productivity continued to demonstrate its tubing
conveyed perforating (TCP) expertise by offering highly differentiated
solutions, such as the OrientXact(a) TCP gun orientation system that
North Sea clients have used to improve productivity and prevent sand
production in extended-reach and horizontal wells. OrientXact(a),
combined with PowerJet(a) shaped charge technology, has become a major
commercial success in the North Sea. In the UK, multiple Drilling &
Measurements contracts were also awarded in the second quarter.
Middle East & Asia
Revenue of $509 million increased 4% sequentially and 5% year-on-year
as the M-I rig count rose 4% sequentially and 8% year-on-year. Pretax
operating income of $134 million increased 16% sequentially and 12%
year-on-year. The pretax increase partially reflected a gain of $4
million related to the sale of a rig.
Almost all GeoMarkets grew year-on-year, notably the Arabia GeoMarket
where drilling activity increased. This was partially offset by
declines in Brunei, Malaysia, the Philippines and the Persian Gulf.
Sequential growth was led by China with strong demand for Wireline and
Well Services. Well Completions & Productivity displayed impressive
growth, including the award of the Cuulong contract, the first
completions project for Schlumberger in Vietnam.
Several technologies were successfully introduced this quarter,
including the Wireline Cased Hole Formation Resistivity tool in the
Egypt and India GeoMarkets. Drilling & Measurements introduced
PowerDrive Xceed in the Persian Gulf GeoMarket, and Well Services
introduced VDA in the Arabia and India GeoMarkets. Drilling &
Measurements also introduced PowerDrive Xtra rotary steerable services
into different hole sizes including 6" slim holes, while delivering
real-time well placement answers using VISION(a)
Logging-While-Drilling services in combination with INFORM (integrated
forward modeling) and Petrel workflow tools.
Highlights
-- Shell's BMC-10 deepwater exploration well in Brazil used
Schlumberger Directional Drilling, Logging While Drilling and
Measurement While Drilling services in the final section of the well,
producing several records including the deepest water depth drilled in
Brazil, the deepest water depth drilled by Shell worldwide, and the
fourth deepest water depth drilled worldwide.
-- Schlumberger Information Solutions (SIS) is integrating its
advanced Merak Value and Risk management tools with Rose and
Associates LLP's risk estimating methodology to provide a seamless
exploration and new venture value management workflow that enables
customers to make optimum exploration decisions.
-- Schlumberger is providing Hocol, S.A. with remote real-time well
pump monitoring and control service, including its new espWatcher(a)
service, which delivers reliable and secure remote connectivity and
viewing of Schlumberger Reda ESP variable speed drive controllers;
remote satellite-based data acquisition; immediate alarm and alert
callout notification; and remote pump start-up, speed control and
resolution of pump problems.
-- Norway's Revus Energy AS contracted SIS to provide Europe's first
Living Model(a) workflow solution to integrate new data, rapidly
update understanding of the subsurface and reduce uncertainty, which
are becoming increasingly important as the industry moves toward the
true SmartField(a).
WesternGeco
Revenue of $306 million was flat sequentially and decreased 15%
year-on-year. Pretax operating loss of $16 million compared to a
break-even in the first quarter of 2003 and a profit of $18 million in
the second quarter last year.
The continued rationalization of Land seismic operations in North
America and lower activity in the Middle East contributed to the
year-on-year revenue decline, while sequential results were impacted
by increased Marine activity in Europe, Caspian and Middle East,
offset by seasonal declines in multiclient sales in North and South
America and West Africa, and the end of the Land acquisition winter
season in Alaska. Both sequential and year-on-year pretax results were
negatively impacted by lower sales of the multiclient library in North
America, partially offset by the restructuring and cost-cutting
initiatives that were implemented in the second quarter.
Including multiclient pre-commitments, the total backlog at the end of
the second quarter stood at $291 million. The Marine seismic backlog
is strong in Mexico, Asia/Pacific and Europe, with the North Sea fully
booked for the 2003 season. Land backlog is still strong in the Middle
East, and Data Processing remains steady. Q-Marine utilization will
increase during Q3, with the majority of the working Q-equipped fleet
employed on third-party contract work.
Q technology revenue increased in the second quarter, with several new
contracts underway, including a multiproject Q-Marine contract
covering three ExxonMobil assets in West Africa, the Gulf of Mexico
and the North Sea. WesternGeco has begun to license reservoir quality
Q data - which show details invisible on conventional 3D seismic - as
part of a highly focused multiclient program over some of the most
prospective acreage in the Gulf of Mexico.
SchlumbergerSema
Operating revenue of $840 million in the second quarter increased 6%
sequentially and 16% year-on-year. The improvements are mainly due to
the strengthening of the European currencies against the US dollar,
with a positive impact of $15 million sequentially and $94 million
year-on-year. Besides the currency impact, the year-on-year growth was
mainly due to expanding activity in the Public Sector in the UK.
Consulting & Systems Integration revenue was 8% higher sequentially
and 16% higher year-on-year, reflecting the stronger currencies in
Europe. Network Information Solutions revenue improved 3% sequentially
and 22% year-on-year. The year-on-year increase was mainly due to the
effect of the strengthened Euro coupled with a new contract in UK for
the Department of Work and Pensions.
The Energy segment revenue of $197 million grew 4% sequentially,
demonstrating progress that SchlumbergerSema is making in this
industry. Illustrating this breakthrough is the signature of a
strategic contract with a leading electricity/utility company in
France; the selection by Perenco, an independent upstream oil and gas
company based in London and Paris, of the Schlumberger DeXa.Net Remote
Connectivity solution to link all its offshore and land-based
facilities across West Africa; and the award by Petrobras Rio of a
two-year desktop support outsourcing contract. Additionally, a
partnership was signed with Hewlett-Packard to jointly pursue
opportunities in the Americas for Oil & Gas.
Pretax operating income of $24 million increased $10 million, or 65%,
sequentially and $21 million year-on-year. The year-on-year
improvement reflected significant indirect cost reduction programs
carried out throughout 2002 particularly in North America and Asia,
coupled with higher profitability on North American contracts.
Europe, Middle East and Africa
Revenue of $658 million increased 9% sequentially and 19%
year-on-year. Both year-on-year and sequential revenue growths
reflected the positive impact of the European currencies strongly
appreciating against the US dollar. Additionally, the UK also
contributed to the overall improvement due to new Public Sector
contracts such as Department of Work and Pensions, Department of Trade
and Industry, and in the Transport segment in the UK for the
Government Vehicle and Operator Services Agency, and the Network Rail.
Lackluster activity in France, mostly due to the decline in the French
IT services industry leading to an overcapacity of consulting and
systems integration specialists, coupled with a depressed market in
Germany and Eastern Europe, principally in Telecom, partially offset
the Area's yearly improvement. Furthermore, due to overcapacity in the
IT market, Sweden GeoMarket activity decreased significantly, mainly
in Telecom and Systems Integration.
Pretax operating income of $25 million increased $12 million, or 87%,
sequentially, but decreased 25% year-on-year. Despite revenue
increasing over last year, pretax operating income decreased mainly in
Sweden and France, suffering from lower daily fee rates on System
Integration contracts and overcapacity. The sequential profitability
increase was primarily due to contracts in the UK, and in Nigeria for
the African Games.
North and South America
Revenue of $132 million decreased 3% sequentially and 7% year-on-year,
mostly due to an overall sluggish IT services environment, as well as
the deliberate exiting of certain unprofitable segments, principally
in Telecom. Energy remained the main Area contributor, and there was
strong growth in the Public Sector.
Pretax operating income of $4 million decreased $1 million
sequentially, but increased $17 million from a loss of $14 million
year-on-year. Despite revenue decreasing year-on-year, pretax
operating income increased mainly due to systematic cost cutting
programs carried out in North America. In addition, the Area
experienced gross margins improvement year-on-year as a result of an
intensified focus on profitable projects.
Asia
Revenue of $51 million decreased 3% sequentially and 2% year-on-year.
The decreases are mainly due to the impact of SARS, which
significantly affected the activity during the quarter with project
reductions and postponements, and partially due to lower activity in
Japan.
Pretax operating income of $7 million decreased $3 million
sequentially, but increased $4 million year-on-year. Despite the
decline in revenue year-on-year, Asia operating income increased
mainly due to indirect cost savings and improved gross margins. The
sequential decline is mainly due to lower activity in Japan and the
exceptional release of employee-related cost accruals during the first
quarter.
Telecom Products
Revenue of $17 million increased 34% sequentially, but decreased 25%
year-on-year. Sequentially, the revenue increase was mainly due to
higher billing systems maintenance and support contracts coupled with
higher messaging contracts.
Pretax operating loss of $3 million improved by $2 million
sequentially and $3 million year-on-year. Despite a lower activity
level, the improvement came as a consequence of reductions in R&E
centers in France and North America.
Highlights
-- As a result of the energy market deregulation in Belgium,
SchlumbergerSema and INTER-REGIES have set up an innovative IT-based
clearing house system that will provide secure exchange and processing
of information between key energy market players.
-- SchlumbergerSema signed an agreement with Sprint to provide systems
integration, data migration and network inventory management services
over the next four years to support Sprint's migration from a
circuit-switched telephone network to a packet network.
-- Gartner, Inc. ranked SchlumbergerSema among the fastest growing
companies in its "Worldwide Top 25 IT Management Services Vendors"
report, with SchlumbergerSema emerging as the second-fastest growing
company among the leading ten companies on the list.
Other
Revenue for Cards of $162 million increased 10% sequentially and was
flat year-on-year. The sequential increase was mostly due to Mobile
Telecom activity in Asia, with over 28 million cards shipped during
the quarter, and higher banking cards deliveries in the UK and in
Belgium.
Pretax operating income for Cards was $8 million compared to $500,000
in the first quarter 2003 and $7 million last year.
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
comprises 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 operating revenue was $13.2
billion. For more information, visit www.slb.com.
(a) Mark of Schlumberger
Short Name: Schlumberger Ld.
Category Code: IR
Sequence Number: 00007435
Time of Receipt (offset from UTC): 20030722T211031+0100
--30--MJB/ho* DB/ny
CONTACT: Schlumberger, New York
Christian Lange, 212-350-9432
Investor Relations Director
ir-nam@slb.com
or
Paulo Loureiro, 212-350-9432
Investor Relations Manager
ir-nam@slb.com
KEYWORD: NEW YORK VENEZUELA UNITED KINGDOM RUSSIA MEXICO BRAZIL
INTERNATIONAL CANADA AFRICA/MIDDLE EAST LATIN AMERICA ASIA PACIFIC
EUROPE
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS ENERGY OIL/GAS EARNINGS
SOURCE: Schlumberger Ld.
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