Schlumberger Completes Offer for Eastern Echo

Reference is made to the voluntary offer made by Schlumberger BV to acquire all of the shares, convertible bonds and warrants in Eastern Echo Holdings, as detailed in the offer document of November 6, 2007 and amended on November 8 and 12, 2007.

The acceptance period pursuant to the Offer expired 2200 hrs Oslo time on November 12, 2007. Schlumberger has decided to waive all of the conditions to the Offer as stated in section 3.9, and, accordingly, to acquire all shares and convertible bonds tendered under the Offer. Settlement will take place within 5 business days as per section 3.12 of the Offer.

The Offer is hence no longer open for Eastern shareholders to accept.

Upon completion of the Offer, Schlumberger will control 90,100,382 Eastern shares (representing 37% of the currently issued Eastern shares), and Eastern bonds in the total nominal amount of USD 35.9 million corresponding to 90% of the convertible bonds issued by Eastern. In the event of a change of control in Eastern, Schlumberger will have the right to convert the convertible bonds held by it into approximately 34,284,500 Eastern shares, representing approximately 15% of the issued Eastern shares as per today. Hence in the event that a change of control occurs and Schlumberger elects to convert all the convertible bonds held, Schlumberger will control 41% of the Eastern shares on a fully diluted basis.


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