<PAGE>
================================================================================
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 30, 1999
SCHLUMBERGER N.V.
(Schlumberger Limited)
(Exact name of registrant as specified in charter)
<TABLE>
<S> <C> <C>
Netherlands Antilles 001-04601 52-0684746
(State or other jurisdiction (Commission File No.) (I.R.S. Employer Identification No.)
of incorporation)
42, rue Saint-Dominque 277 Park Avenue Parkstraat 83
Paris, France 75007 New York, New York, USA 10172 The Hague
(33-1) 4062-1000 (212) 350-9400 The Netherlands
2514 JG
(31-70) 310-5447
</TABLE>
(Address, including Zip Code, and Telephone Number, Including Area Code, of
Principal Executive Offices)
================================================================================
<PAGE>
Item 2. Acquisition or Disposition of Assets.
On December 30, 1999, we completed the spin-off of our offshore contract
drilling business, Sedco Forex Holdings Limited, to our shareholders. On that
date, each of our shareholders received one share of Sedco Forex for each share
of Schlumberger common stock owned as of December 20, 1999. On December 31,
1999, Sedco Forex merged with a subsidiary of Transocean Offshore Inc. A copy of
our December 31, 1999 press release regarding the spin-off and the merger is
attached to this current report on Form 8-K as Exhibit 99 and is incorporated
into this report by this reference.
In connection with the spin-off of Sedco Forex, each option to acquire
Schlumberger common stock outstanding under our employee stock option plans has
been equitably adjusted to reflect the approximate decrease in the fair market
value of Schlumberger common stock resulting from the spin-off. As a result, the
number of shares purchasable under each option has been increased by multiplying
the number of shares by a factor of 1.099 and the exercise price per share of
each option has been decreased by dividing the exercise price by a factor of
1.099. Appropriate rounding adjustments were also made.
The table below shows, for each of our registration statements on Form S-8,
the number of shares available for issuance under that Form S-8 prior to the
adjustment for the spin-off and the number of shares available for issuance
under that Form S-8 after being adjusted for the spin-off by the factor
described above.
<TABLE>
<CAPTION>
Registered Shares Registered Shares
Available Prior Available After
Form S-8 to Adjustment Adjustment
-------- ----------------- -----------------
<S> <C> <C>
Reg. No. 333-62545 filed August 31, 1998 1,582,824 1,739,523
1997 Long-Term Incentive Plan of Camco International Inc.
Long-Term Incentive Plan of Camco International Inc.
Production Operators Corp. 1992 Long-Term Incentive Plan
Camco 1996 Savings Related Share Option Scheme
Camco International Inc. Amended and Restated Stock Option Plan
for Nonemployee Directors
Reg. No. 333-40227 filed November 14, 1997 1,922 2,112
Interactive Video Systems, Inc. 1995 Incentive Stock Option Plan
Reg. No. 33-86424 filed November 17, 1994 18,747,314 20,603,298
Schlumberger 1994 Stock Option Plan
Reg. No. 33-35606 filed June 27, 1990 8,952,264 9,838,538
Schlumberger 1989 Stock Incentive Plan
Reg. No. 33-47592 filed May 15, 1992 33,179 36,463
Schlumberger Discounted Stock Purchase Plan
</TABLE>
Page 2
<PAGE>
Item 5. Other Events
(a) Submission of matters to a vote of shareholders
A special general meeting of our shareholders was held on December 10,
1999. At that meeting, our shareholders voted to approve the spin-off of Sedco
Forex. There were 549,851,321 shares of our common eligible to be voted at the
meeting, of which 371,661,164 shares were voted. The results were as follows:
For 368,722,084.02
Against 1,281,903.46
Abstain 1,657,176.52
(b) Earnings charge
On January 10, 2000, Schlumberger announced that it will record the
following fourth quarter 1999 charges:
. $50 million as part of discontinued operations for costs directly
associated with the spin-off of its offshore drilling business to
shareholders.
. $37 million against income from continuing operations related to the
restructuring of its land drilling activity because of the spin-off.
. $26 million against income from continuing operations related primarily
to the reduction of its marine seismic fleet.
The total charge to income from continuing operations will be $63 million ($0.11
per share).
Item 7. Financial Statements and Exhibits
(a) Pro Forma Financial Information.
<TABLE>
<S> <C>
Unaudited Condensed Pro Forma Balance Sheet as of September 30, 1999.................................. F-2
Unaudited Condensed Pro Forma Statement of Operations for the Nine Months Ended September 30, 1999.... F-3
Unaudited Condensed Pro Forma Statement of Operations for the Nine Months Ended September 30, 1998.... F-4
Unaudited Condensed Pro Forma Statement of Operations for the Year Ended December 31, 1998............ F-5
Unaudited Condensed Pro Forma Statement of Operations for the Year Ended December 31, 1997............ F-6
Unaudited Condensed Pro Forma Statement of Operations for the Year Ended December 31, 1996............ F-7
Notes to Unaudited Condensed Pro Forma Financial Statements........................................... F-8
</TABLE>
(b) Exhibits.
2.1 - Agreement and Plan of Merger dated as of July 12, 1999 among
Schlumberger Limited, Sedco Forex Holdings Limited and Transocean
Offshore Inc. (incorporated by reference to Annex A of our Schedule
14A Proxy Statement filed November 1, 1999)
2.2 - Distribution Agreement dated as of July 12, 1999 between
Schlumberger Limited and Sedco Forex Holdings Limited (incorporated
by reference to Annex B of our Schedule 14A Proxy Statement filed
November 1, 1999)
99.1 - Press Release dated December 31, 1999 announcing the completion of
the spin-off and the merger
Page 3
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SCHLUMBERGER N.V.
(Schlumberger Limited)
/s/ JACK LIU
Dated: January 10, 1999 By: _________________________________
Name: Jack Liu
Title: Executive Vice President-Finance
Chief Financial Officer
Chief Accounting Officer
Page 4
<PAGE>
Unaudited Condensed Pro Forma Financial Statements
The following unaudited condensed pro forma financial statements of
Schlumberger reflect the spin-off of Sedco Forex and other related party
adjustments in connection with the spin-off.
We derived these unaudited condensed pro forma financial statements from
the audited and unaudited financial statements of Schlumberger and Sedco Forex
for the periods indicated. The statements of operations assume the spin-off was
completed on January 1 of the period presented. The balance sheet assumes the
spin-off was completed on September 30, 1999.
If the spin-off had been completed earlier, Schlumberger and Sedco Forex
might have performed differently. You should not rely on the pro forma financial
information as an indication of the financial position or results of operations
that Schlumberger or Sedco Forex would have achieved had the spin-off taken
place earlier or of the future results that Schlumberger or Sedco Forex will
achieve after the spin-off.
Schlumberger is expected to incur fees and expenses of approximately $50
million in connection with the spin-off and related transactions.
F-1
<PAGE>
Unaudited Condensed Pro Forma Balance Sheet
As of September 30, 1999
<TABLE>
<CAPTION>
Historical Pro Forma
-------------------------------
Schlumberger Sedco Forex Adjustments(1) Schlumberger
------------ ----------- -------------- ------------
(amounts in thousands)
<S> <C> <C> <C> <C>
Cash and Cash Equivalents................ $ 4,021,531 $ 25,560 $ (9,440)(a) $ 3,986,531
Accounts Receivable...................... 2,694,001 164,303 -- 2,529,698
Other Current Assets..................... 1,922,464 139,659 387,840(b) 2,170,645
----------- ---------- -------------- ------------
Total Current Assets................ 8,637,996 329,522 378,400 8,686,874
Long-Term Investments, held to maturity.. 694,679 -- -- 694,679
Property and Equipment, net.............. 4,869,269 1,229,435 -- 3,639,834
Goodwill and Intangibles, net............ 1,321,744 -- -- 1,321,744
Other Assets............................. 835,710 58,510 1,000(c) 778,200
----------- ---------- -------------- ------------
Total Assets............................. 16,359,398 1,617,467 379,400 15,121,331
=========== ========== ============== ============
Current Liabilities...................... $ 3,716,014 $ 344,032 106,989(d) 3,478,971
Long-Term Debt........................... 3,563,146 72,753 -- 3,490,393
Related Party Debt....................... -- 502,163 502,163(e) --
Postretirement Benefits and Other
Credits............................. 794,126 97,827 9,021(f) 705,320
Shareholders Equity...................... 8,286,112 600,692 (238,773)(g) 7,446,647
----------- ---------- -------------- ------------
Total Liabilities and Shareholders'
Equity................................ $16,359,398 1,617,467 379,400 15,121,331
=========== ========== ============== ============
</TABLE>
_______________
(1) See Notes to the Schlumberger Unaudited Condensed Pro Forma Financial
Statements.
F-2
<PAGE>
Unaudited Condensed Pro Forma Statement of Operations
For the Nine Months Ended September 30, 1999
<TABLE>
<CAPTION>
Historical Pro Forma
-------------------------------
Schlumberger Sedco Forex Adjustments Schlumberger
------------ ----------- ----------- ------------
(amounts in thousands, except per share amounts)
<S> <C> <C> <C> <C>
Revenue:
Operating $ 6,730,040 $ 514,393 $ - $ 6,215,647
Interest and other Income 286,534 8,818 - 277,716
----------- ----------- ------------ -------------
7,016,574 523,211 - 6,493,963
----------- ----------- ------------ -------------
Expenses:
Cost of goods sold and 5,382,887 438,788 31,546 (1) 4,975,645
services
Research & engineering 398,565 9,026 - 389,539
Marketing 324,006 810 - 323,196
General 300,904 11,683 - 289,221
Interest 142,420 9,512 - 132,908
----------- ----------- ------------ -------------
6,548,782 469,819 31,546 6,110,509
----------- ----------- ------------ -------------
Income before taxes 467,792 53,392 (31,546) 382,854
Taxes on income 112,357 366 - 111,991
----------- ----------- ------------ -------------
Net Income $ 355,435 $ 53,026 (31,546) $ 270,863
=========== =========== ============ =============
Earnings Per Share:
Basic $0.64 $ 0.50
=========== =============
Diluted $0.64 $ 0.48
=========== =============
Weighted Average Shares
Outstanding:
Basic 547,386 - 547,386
=========== ============ =============
Diluted 562,998 (256) (2) 562,742
=========== ============ =============
Depreciation and Amortization
included in Expenses $ 848,911 $ 96,137 $ - $ 752,774
=========== =========== =========== =============
</TABLE>
(1) The $31,546 represents insurance premiums paid to third party insurance
companies for some risks where the insurance risk is then assumed by a
Schlumberger wholly owned affiliated company through a reinsurance program.
In the consolidated accounts of Schlumberger, the Sedco Forex insurance
premium expense is eliminated against the insurance premium income received
by the affiliated company.
(2) The 256 represents the elimination of the dilutive effect of Sedco Forex
employees' unexercised stock options.
F-3
<PAGE>
Unaudited Condensed Pro Forma Statement of Operations
For the Nine Months Ended September 30, 1998
<TABLE>
<CAPTION>
Historical Pro Forma
-------------------------------
Schlumberger Sedco Forex Adjustments Schlumberger
------------ ----------- ----------- ------------
(amounts in thousands, except per share amounts)
<S> <C> <C> <C> <C>
Revenue:
Operating $ 9,040,053 $ 824,481 $ - $ 8,215,572
Interest and other Income 120,989 5,019 - 115,970
------------- ----------- ------------- -------------
9,161,042 829,500 - 8,331,542
------------- ----------- ------------- -------------
Expenses:
Cost of goods sold and 6,956,899 503,884 40,995 (1) 6,494,010
services
Research & engineering 430,884 8,731 - 422,153
Marketing 349,081 - - 349,081
General 341,439 19,126 - 322,313
Interest 92,854 12,278 - 80,576
------------- ----------- ------------- -------------
8,171,157 544,019 40,995 7,668,133
------------- ----------- ------------- -------------
Income before taxes 989,885 285,481 (40,995) 663,409
Taxes on income 252,532 35,017 - 217,515
------------- ----------- ------------- -------------
Net Income $ 737,353 $ 250,464 $ (40,995) $ 445,894
============= =========== ============= =============
Earnings Per Share:
Basic $ 1.36 $ 0.82
============= =============
Diluted $ 1.31 $ 0.79
============= =============
Weighted Average Shares
Outstanding:
Basic 543,800 - 543,800
============= ============= =============
Diluted 563,137 (315) (2) 562,822
============= ============= =============
Depreciation and Amortization
included in Expenses $ 845,088 $ 92,661 $ - $ 752,427
============= =========== ============= =============
</TABLE>
(1) $40,995 represents insurance premiums paid to third party insurance
companies for some risks where the insurance risk is then assumed by a
Schlumberger wholly owned affiliated company through a reinsurance program.
In the consolidated accounts of Schlumberger, the Sedco Forex insurance
premium expense is eliminated against the insurance premium income received
by the affiliated company.
(2) The 315 represents the elimination of the dilutive effect of Sedco Forex
employees' unexercised stock options.
F-4
<PAGE>
Unaudited Condensed Pro Forma Statement of Operations
For the Year Ended December 31, 1998
<TABLE>
<CAPTION>
Historical Pro Forma
-------------------------------
Schlumberger Sedco Forex Adjustments Schlumberger
------------ ----------- ----------- ------------
(amounts in thousands, except per share amounts)
<S> <C> <C> <C> <C>
Revenue:
Operating $ 11,815,553 $ 1,090,523 $ - $ 10,725,030
Interest and other Income 181,756 8,750 - 173,006
-------------- ------------ ---------- ------------
11,997,309 1,099,273 - 10,898,036
-------------- ------------ ---------- ------------
Expenses:
Cost of goods sold and 9,034,409 674,685 54,659 (1) 8,414,383
services
Research & engineering 568,225 11,343 - 556,882
Marketing 467,592 - - 467,592
General 454,049 26,274 - 427,775
Interest 150,161 12,950 - 137,211
-------------- ------------ ---------- ------------
10,674,436 725,252 54,659 10,003,843
-------------- ------------ ---------- ------------
Income before taxes 1,322,873 374,021 (54,659) 894,193
Taxes on income 308,674 32,443 - 276,231
-------------- ------------ ---------- ------------
Net Income $ 1,014,199 $ 341,578 $ (54,659) $ 617,962
============== ============ ========== ============
Earnings Per Share:
Basic $ 1.87 $ 1.14
============== ============
Diluted $ 1.81 $ 1.10
============== ============
Weighted Average Shares
Outstanding:
Basic 544,338 - 544,338
============== ========== ============
Diluted 561,855 (288) (2) 561,567
============== ========== ============
Depreciation and Amortization
included in Expenses $ 1,136,290 $ 124,708 $ - $ 1,011,582
============== ============ ========== ============
</TABLE>
(1) The $54,659 represents insurance premiums paid to third party insurance
companies for some risks where the insurance risk is then assumed by a
Schlumberger wholly owned affiliated company through a reinsurance program.
In the consolidated accounts of Schlumberger, the Sedco Forex insurance
premium expense is eliminated against the insurance premium income received
by the affiliated company.
(2) The 288 represents the elimination of the dilutive effect of Sedco Forex
employees' unexercised stock options.
F-5
<PAGE>
Unaudited Condensed Pro Forma Statement of Operations
For the Year Ended December 31, 1997
<TABLE>
<CAPTION>
Historical Pro Forma
-------------------------------
Schlumberger Sedco Forex Adjustments Schlumberger
------------ ----------- ----------- ------------
(amounts in thousands, except per share amounts)
<S> <C> <C> <C> <C>
Revenue:
Operating $ 11,543,431 $ 891,334 $ - $ 10,652,097
Interest and other Income 111,334 8,242 - 103,092
------------- ------------ ------------- --------------
11,654,765 899,576 - 10,755,189
------------- ------------ ------------- --------------
Expenses:
Cost of goods sold and 8,372,714 561,784 36,866 (1) 7,847,796
services
Research & engineering 519,365 9,803 - 509,562
Marketing 433,911 - - 433,911
General 428,505 15,891 - 412,614
Interest 95,316 19,639 - 75,677
------------- ------------ ------------- --------------
9,849,811 607,117 36,866 9,279,560
------------- ------------ ------------- --------------
Income before taxes 1,804,954 292,459 (36,866) 1,475,629
Taxes on income 420,405 32,004 - 388,401
------------- ------------ -------------- --------------
Net Income $ 1,384,549 $ 260,455 $ (36,866) $ 1,087,228
============= ============ ============== ==============
Earnings Per Share:
Basic $ 2.57 $ 2.02
============= ==============
Diluted $ 2.47 $ 1.94
============= ==============
Weighted Average Shares
Outstanding:
Basic 539,330 - 539,330
============= ============== ==============
Diluted 559,653 (220) (2) 559,433
============= ============== ==============
Depreciation and Amortization
included in Expenses $ 1,035,003 $ 110,780 $ - $ 924,223
============= ============ ============== ==============
</TABLE>
(1) The $36,866 represents insurance premiums paid to third party
insurance companies for some risks where the insurance risk is then
assumed by a Schlumberger wholly owned affiliated company through a
reinsurance program. In the consolidated accounts of Schlumberger,
the Sedco Forex insurance premium expense is eliminated against the
insurance premium income received by the affiliated company.
(2) The 220 represents the elimination of the dilutive effect of Sedco
Forex employees' unexercised stock options.
F-6
<PAGE>
Unaudited Condensed Pro Forma Statement of Operations
For the Year Ended December 31, 1996
<TABLE>
<CAPTION>
Historical Pro Forma
-------------------------------
Schlumberger Sedco Forex Adjustments Schlumberger
------------ ----------- ----------- ------------
(amounts in thousands, except per share amounts)
<S> <C> <C> <C> <C>
Revenue:
Operating $ 9,701,685 $ 663,245 $ - $ 9,038,440
Interest and other Income 72,818 8,066 - 64,752
-------------- ------------ ---------- ------------
9,774,503 671,311 - 9,103,192
-------------- ------------ ---------- ------------
Expenses:
Cost of goods sold and services 7,282,010 476,374 27,043 (1) 6,832,679
Research & engineering 478,875 10,179 - 468,696
Marketing 399,808 - - 399,808
General 422,327 13,800 - 408,527
Interest 79,862 7,887 - 71,975
Unusual items 333,091 - - 333,091
-------------- ------------ ---------- ------------
8,995,973 508,240 27,043 8,514,776
-------------- ------------ ---------- ------------
Income before taxes 778,530 163,071 (27,043) 588,416
Taxes on income (140,957) 15,536 - (156,493)
-------------- ------------ ---------- ------------
Net Income $ 919,487 $ 147,535 $ (27,043) $ 744,909
============== ============ ========== ============
Earnings Per Share:
Basic $ 1.72 $ 1.39
============== ============
Diluted $ 1.69 $ 1.37
============== ============
Weighted Average Shares Outstanding:
Basic 534,298 - 534,298
============== ========== ============
Diluted 545,609 (156) (2) 545,453
============== ========== ============
Depreciation and Amortization
included in Expenses $ 940,582 $ 103,610 $ - $ 836,972
============== ============ ========== ============
</TABLE>
(1) The $27,043 represents insurance premiums paid to third party insurance
companies for some risks where the insurance risk is then assumed by a
Schlumberger wholly owned affiliated company through a reinsurance program.
In the consolidated accounts of Schlumberger, the Sedco Forex insurance
premium expense is eliminated against the insurance premium income received
by the affiliated company.
(2) The 156 represents the elimination of the dilutive effect of Sedco Forex
employees' unexercised stock options.
F-7
<PAGE>
Notes to Unaudited Condensed Pro Forma
Financial Statements
(Amounts in thousands, except for per share amounts or unless otherwise
indicated)
(1) The unaudited condensed pro forma balance sheet eliminates the amounts of
the historical Sedco Forex balance sheet and reflects the pro forma
adjustments to reflect the following transactions between Schlumberger and
Sedco Forex effected prior to the spin-off as required by the distribution
agreement dated July 12, 1999 between Schlumberger and Sedco Forex relating
to the spin-off.
. Cash is adjusted to the required minimum cash balance of $35
million;
. Certain assets and liabilities included in the historical Sedco
Forex accounts are retained by Schlumberger;
. Related party receivable and payable balances are eliminated;
. Related party debt is adjusted to $313 million, which represents
the actual amount transferred in the spin-off.
. The net amount of the pro forma distribution is treated as an
adjustment to the net shareholder's equity of Sedco Forex.
A summary of the pro forma distribution agreement adjustments by balance
sheet caption is as follows:
(a) Cash and cash equivalents - Represents the cash adjustment
to increase Sedco Forex cash to the $35 million required minimum cash
balance.
(b) Other current assets - A reconciliation of the pro forma
distribution agreement adjustments to other current assets is as follows:
<TABLE>
<S> <C>
Estimated deferred tax assets retained by Schlumberger... $ 2,000
Estimated related party receivables...................... 73,068
To eliminate related party debt and establish a
receivable from Transocean pursuant to the distribution
agreement.............................................. 312,772
--------
Total pro forma adjustment to other current assets.. $387,840
========
</TABLE>
(c) Other assets - Represents estimated deferred tax assets
retained by Schlumberger.
(d) Current liabilities - A reconciliation of the pro forma
distribution agreement adjustments to current liabilities is as follows:
<TABLE>
<S> <C>
Estimated employee benefit and other liabilities retained by Schlumberger.. $ 30,000
Estimated current tax liabilities retained by Schlumberger................. 15,000
Eliminated related party payables.......................................... 61,989
--------
Total pro forma adjustment to other current liabilities............... $106,989
========
</TABLE>
(e) Related Party - Represents adjustment to reflect related
party debt:
<TABLE>
<S> <C>
Amount actually transferred on closing date................................ $189,391
To eliminate related party debt and establish a receivable from Transocean
pursuant to the distribution agreement.................................... 312,772
--------
$502,163
========
</TABLE>
F-8
<PAGE>
(f) Deferred taxes and other credits - A reconciliation of the
pro forma distribution agreement adjustments to deferred taxes and other
credits is as follows:
<TABLE>
<S> <C>
Postretirement benefit liability retained by Schlumberger....... $ 5,521
Other employee-related liabilities retained by Schlumberger..... 3,500
-------
Total pro forma adjustment to deferred taxes and other credits.. $ 9,021
=======
</TABLE>
(g) Shareholder's equity - A reconciliation of the pro forma
distribution agreement adjustments to shareholder's equity is as follows:
<TABLE>
<S> <C>
Net liabilities to be retained by Schlumberger........... $ (51,021)
Cash adjustment for required minimum cash balance........ (9,440)
Adjustment to related party debt......................... (189,391)
Settlement of related party receivables and payables..... 11,079
----------
Total pro forma adjustment to shareholder's equity.. $ (238,773)
==========
</TABLE>
F-9
<PAGE>
INDEX TO EXHIBITS
Number Exhibit
- ------ -------
2.1 - Agreement and Plan of Merger dated as of July 12, 1999 among
Schlumberger Limited, Sedco Forex Holdings Limited and Transocean
Offshore Inc. (incorporated by reference to Annex A of our Schedule
14A Proxy Statement filed November 1, 1999)
2.2 - Distribution Agreement dated as of July 12, 1999 between
Schlumberger Limited and Sedco Forex Holdings Limited (incorporated
by reference to Annex B of our Schedule 14A Proxy Statement filed
November 1, 1999)
99.1 - Press Release dated December 31, 1999 announcing the completion of
the spin-off and the merger
<PAGE>
EXHIBIT 99.1
SCHLUMBERGER COMPLETES SPIN-OFF OF SEDCO FOREX; MERGER OF SEDCO FOREX AND
TRANSOCEAN OFFSHORE COMPLETED; MERGER RATIO ANNOUNCED
NEW YORK, December 31, 1999 - Schlumberger Limited [NYSE:SLB] announced today
the completion of the spin-off of its offshore contract drilling business, Sedco
Forex, to its stockholders and the subsequent merger of Sedco Forex and
Transocean Offshore Inc. [NYSE:RIG], which changed its name to Transocean Sedco
Forex Inc. following with the merger.
Schlumberger stockholders now hold approximately 52% of the ordinary shares of
Transocean Sedco Forex Inc. and Transocean Offshore Inc. shareholders hold the
remaining 48%. Schlumberger Limited retains no ownership in the combined
company.
In the spin-off, Schlumberger stockholders received one share of Sedco Forex for
each share of Schlumberger owned on the record date of December 20, 1999. In the
merger, each Sedco Forex share was exchanged for 0.1936 ordinary share of
Transocean Sedco Forex Inc. Stockholders will receive cash in lieu for
fractional shares.
Results for the Sedco Forex operations spun off by Schlumberger Limited for this
transaction will be reported as discontinued operations in Schlumberger fourth
quarter 1999 earnings and for all prior earnings periods.
Schlumberger is a worldwide leader in technical services, with operations in
over 100 countries. In 1998, revenue was $10.73 billion (excluding Sedco Forex).
