Schlumberger BV Makes Cash Offer to Eastern Echo

Schlumberger BV has made a cash offer for outstanding shares, convertibles and warrants of Eastern Echo Holding Plc The Hague, November 6, 2007.

The offer price is set at a minimum of NOK 11 and a maximum of NOK 12 per share with the final price dependent on the acceptance level achieved under the offer. To ensure fair treatment for all, a similar price structure is offered to holders of convertibles and warrants in Eastern Echo in accordance with the terms of their respective underlying agreements. Based on a price of NOK 12 per share, the Offer represents a premium of 57.9% based on the IPO price, a premium of 53.4% based on the average weighted share price over the last 20 trading days, and a premium of 50.9% on the last closing price.

The Offer values the equity of Eastern Echo on a fully diluted basis at approximately NOK 3,672 million based on NOK 12 per share.


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