Schlumberger Makes New Offer for Remaining Eastern Echo Shares

Schlumberger BV announced a new offer to acquire all outstanding shares, convertible bonds and warrants in Eastern Echo Holding. The offer price is set at NOK 15.00 per share, NOK 14.94 per warrant, and the price for the bonds will reflect this value computed on the basis of the underlying convertible bond agreement.

To ensure fair treatment, those investors who tendered shares in the first offer which closed on November 12, 2007, or sold shares in Eastern to Schlumberger after close of trading on the Oslo Stock Exchange on November 5, 2007 will be offered additional consideration per share sold equal to the difference between the Offer Price and the price of NOK 12 at which Schlumberger acquired such shares. A corresponding price adjustment based on the terms of the underlying convertible bond agreement will be offered to bond holders who sold their convertibles to Schlumberger after the close of trading on the Oslo Exchange on November 5, 2007 and until the close of the First Offer.

Based on NOK 15.00 per share, the New Offer represents a premium of 97% over the IPO price at the end of October 2007, and a premium of 92% based on the average weighted share price over the 20 trading days preceding the First Offer.

The New Offer values the equity of Eastern on a fully diluted basis at NOK 4,590 million based on NOK 15.00 per share.

Schlumberger is pleased to announce that as of this morning, it had received irrevocable pre-acceptances from the founders and directors of Eastern, who hold an aggregate 34,595,000 shares, representing 14.2% of the issued shares and 20,000,000 warrants in Eastern. Through previous purchases in the market and through the First Offer, Schlumberger already controls a further 90,100,382 shares, representing 36.9% of the issued shares in Eastern. In addition Schlumberger owns bonds, which are convertible into approximately 34,284,500 shares in the event of a change of control in Eastern. In total this corresponds to approximately 55.6% of all outstanding shares in Eastern on a fully diluted basis.

The Offer Period will last from and including November 19, 2007 to and including 16:30 (Oslo time) on November 23, 2007.

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