Schlumberger Completes Offer for Eastern Echo
Schlumberger BV has completed its due diligence review of Eastern Echo Holding. The conditions of the Offer as set out in section 3.9 of the offer document have been satisfied or waived, and Schlumberger has accordingly decided to complete the voluntary offer announced on November 16, 2007.
Settlement under this Offer will be made in full on or about 11th December 2007. As a consequence, Schlumberger will hold 235.3 million Eastern Shares representing 96.5% of the issued shares, in addition to Eastern Bonds with a nominal value of USD 39.9 million, 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 273.4 million Eastern Shares. In addition, all warrants have been waived against compensation from Schlumberger. Accordingly, Schlumberger controls 95.6% of the Eastern Shares on a Fully Diluted Basis.
Schlumberger intends to compulsorily acquire the remaining Eastern shares in accordance with the Eastern articles of association and to apply for a delisting of the company from Oslo Axess as soon as practically possible following settlement of the Offer.
Shareholders who wish to sell their Eastern Shares to Schlumberger at NOK 15 per share prior to the compulsory acquisition and thereby obtain early settlement, are invited to contact First Securities ASA:
Paal Myhrvang - 47 2323 8209
Erik Frydendal - 47 2323 8205
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