22nd Sep 2010 13:00
Schlumberger Technology Corporation (the "Company"), a wholly owned subsidiary of Schlumberger Limited (NYSE:SLB), announced today that it has commenced a cash tender offer to purchase any and all of one series of its outstanding notes. The terms and conditions of the tender offer are described in the Offer to Purchase dated September 22, 2010.
The Tender Offer for the Notes
Upon the terms and subject to the conditions described in the Offer to Purchase, the Company is offering to purchase for cash any and all of its 6.50% Notes due 2012 (the "Notes").
The following table sets forth some of the terms of the tender offer for the Notes:
| Title of Notes | CUSIPNumber | PrincipalAmountOutstanding | ReferenceTreasurySecurity | FixedSpread(bps) | BloombergReferencePage | |||||||||||||||
| 6.50% Senior Notes due 2012 | 806860AA0U80664AA0
| $649.245million | 1.375%due April15, 2012 | 20 | PX4 | |||||||||||||||
Holders of Notes that are validly tendered on or prior to 5:00 p.m., New York City time, on September 28, 2010 (such time, as it may be extended, the "Expiration Date") and not subsequently validly withdrawn, and that the Company accepts for purchase, will receive consideration for their Notes (the "Purchase Price").
The Purchase Price for each $1,000 principal amount of Notes validly tendered pursuant to the tender offer shall be the price equal to the sum of (i) the present value on the settlement date of $1,000 principal amount of the Notes and (ii) the present value of the interest that would be payable on, or accrue from, the last interest payment date until the maturity date, in each case, determined on the basis of a yield to the maturity date equal to the sum of (x) the bid-side yield on the applicable Reference Treasury Security for the Notes, plus (y) the applicable fixed spread, minus accrued and unpaid interest from the last interest payment date to, but not including, the settlement date, payable on the settlement date.
Payments for the Notes purchased by the Company will also include accrued and unpaid interest from and including the last interest payment date up to, but not including, the settlement date.
Holders who tender Notes on or prior to 5:00 p.m., New York City time, on September 28, 2010 (such date and time, as it may be extended, the "Withdrawal Deadline") may withdraw such tendered Notes at any time on or prior to the Withdrawal Deadline. Following the Withdrawal Deadline, holders who have tendered their Notes may not withdraw such Notes, except as described in the Offer to Purchase or required by law.
The complete terms and conditions of the tender offer are set forth in the Offer to Purchase and a Letter of Transmittal, along with any amendments and supplements thereto, which holders are urged to read carefully before making any decision with respect to the tender offers. Copies of the Offer to Purchase and the Letter of Transmittal may be obtained from Global Bondholder Services Corporation, the depositary and information agent for the tender offers, at (212) 430-3774 (banks and brokers) or (866) 804-2200 (all others). Questions regarding the tender offer also may be directed to the dealer managers for the tender offer, Citi at (800) 558-3745 (toll-free) or (212) 723-6106 (collect), JPMorgan at (866) 834-4666 (toll-free) or (212) 834-2494 (collect) or Morgan Stanley at (800) 624-1808 (toll-free) or (212) 761-5384 (collect).
This press release is neither an offer to purchase nor a solicitation of an offer to sell any securities. The Company is making the tender offers only by, and pursuant to the terms of, the Offer to Purchase and a Letter of Transmittal. The tender offers are not being made in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. None of the Company, the depositary and information agent, the dealer managers or the trustee with respect to the Notes, or any of their respective affiliates, makes any recommendation as to whether holders should tender or refrain from tendering, all or any portion of their notes in response to the applicable tender offer.
About Schlumberger
Schlumberger is the world's leading supplier of technology, integrated project management and information solutions to customers working in the oil and gas industry worldwide. Employing approximately 105,000 people representing over 140 nationalities and working in approximately 80 countries, Schlumberger provides the industry's widest range of products and services from exploration through production.
Schlumberger Limited has principal offices in Paris, Houston and The Hague and reported revenues of $22.70 billion in 2009. For more information, visit www.slb.com.
| CONTACT: | Schlumberger Limited | |
| Investors | ||
| Malcolm Theobald, +1 713-375-3535 | ||
| Vice President of Investor Relations | ||
| Media | ||
| Stephen Whittaker, + 33 1 4062 1330 | ||
| Director of Corporate Communications | ||
Copyright Business Wire 2010
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