Schlumberger Completes Offer for Eastern Echo

Schlumberger completed the share settlement under the voluntary offer dated Nov. 16, 2007.

The completion of the share settlement for 145.2 million Eastern shares tendered under the offer has resulted in Schlumberger now holding 241.6 million Eastern shares representing 99.0% of the issued shares. In addition, Schlumberger had received irrevocable waivers of any and all rights under the warrants from the warrant holders. Schlumberger paid the warrant holders the cash consideration set out in section 3.6 of the offer.

As previously announced, Schlumberger controls Eastern bonds with a nominal value of U.S. $39.9 million, which is equal to 99.8% of the convertible bond loan. If Schlumberger elects to convert the Eastern Bonds in accordance with their terms, Schlumberger will hold a total of 279.6 million Eastern shares.

Accordingly, Schlumberger will control 97.8% of the Eastern shares on a Fully Diluted Basis. Bond settlement under the offer is expected to take place on Dec. 14, 2007.

Schlumberger intends to acquire the remaining Eastern shares in accordance with the Eastern articles of association.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Director Downhole Tool Engineering
Expertise: Electrical Engineering|Engineering Manager|MWD / LWD
Location: Houston, TX
Senior Land Professional Job
Expertise: Landman|Lease Analyst
Location: Oklahoma City, OK
Surface Land Professional Job
Expertise: Landman|Lease Analyst
Location: San Antonio, TX
search for more jobs

Brent Crude Oil : $51.46/BBL 4.63%
Light Crude Oil : $48.9/BBL 4.78%
Natural Gas : $3.18/MMBtu 0.90%
Updated in last 24 hours