SLB Schlumberger Ltd

Schlumberger Limited (NYSE:SLB) announced today that it has been notified of an unsolicited �mini- tender� offer by TRC Capital Corporation to purchase up to 1,500,000 shares of Schlumberger common stock, representing approximately 0.13 percent of Schlumberger outstanding shares. TRC Capital�s offer price of $67.75 represents, as TRC�s own offer document acknowledges, a 4.51 percent discount to the closing price of Schlumberger stock on April 3, 2007 ($70.95), the day prior to the date of the offer, and a 5.69 percent discount to yesterday�s closing price of $71.84. Schlumberger would like to inform its shareholders that it does not recommend or endorse this offer and that the company is in no way associated with TRC Capital Corporation. Schlumberger cautions its shareholders that mini-tender offers such as this one avoid many of the investor protections afforded for larger tender offers, including the filing of disclosure and other tender offer documents with the Securities and Exchange Commission (SEC) and other procedures required by United States securities laws. Schlumberger is in no way associated with TRC Capital Corporation, its mini-tender offer or the offer documentation. Schlumberger strongly urges shareholders to obtain current market quotations for their shares of Schlumberger common stock, to consult with their financial advisors and to exercise caution with respect to TRC Capital�s offer. Shareholders who may already have tendered their shares may withdraw them by providing the written notice described in the TRC Capital offering documents prior to the expiration of the offer currently scheduled for 12:01 a.m., New York time, on Friday, May 4, 2007. The SEC has issued an investor alert regarding these mini-tender offers. The SEC has noted that, in making the offers at below-market prices, bidders are �hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price.� The SEC advisory may be found at www.sec.gov/investor/pubs/minitend.htm. The Canadian Securities Administrators have also issued an advisory entitled �Mini-Tender Offers: Watch Out For Mini-Tender Offers Below Market Price!�, which may be found at www.osc.gov.on.ca/Media/NewsReleases/1999/nr_19990927_mini.jsp. Schlumberger refers broker/dealers and other market participants in the dissemination of TRC Capital�s offer to the SEC�s recommendations to broker/dealers in these circumstances, which can be found at www.sec.gov/divisions/marketreg/minitenders/sia072401.htm and to Information Memo Number 01-27 issued by the New York Stock Exchange on Sept. 28, 2001, regarding the dissemination of mini-tender offer materials, which can be found under the �Market Professional - Information Memos� tab on the NYSE website at www.nyse.com. About Schlumberger Schlumberger is the world�s leading oilfield services company supplying technology, information solutions and integrated project management that optimize reservoir performance for customers working in the oil and gas industry. The company employs more than 70,000 people of over 140 nationalities working in approximately 80 countries. Schlumberger supplies a wide range of products and services from seismic acquisition and processing; formation evaluation; well testing and directional drilling to well cementing and stimulation; artificial lift and well completions; and consulting, software and information management. In 2006, Schlumberger operating revenue was $19.23 billion. For more information, visit www.SLB.com.