Schlumberger Ltd. (RIG) Chief Executive Andrew Gould was paid $15.6 million last year, a 10.6% increase over his 2009 compensation, according to a document filed Tuesday with the U.S. Securities and Exchange Commission.

Gould, 64, is expected to retire from Schlumberger later this year and be replaced as head of the world's largest oilfield services company by Chief Operating Officer Paal Kibsgaard.

When Gould retires he will be eligible to exercise stock options valued on Dec. 31 at more than $34 million, according to the filing.

While Gould's base salary of $2.5 million has remained unchanged since 2006, he benefited last year from a $2.8 million cash bonus, up from $1.79 million in 2009. The executive also received $8.9 million in option awards and saw the value of his pension and deferred compensation earnings climb $1.1 million.

-By Ryan Dezember, Dow Jones Newswires; 713-547-9208; Ryan.Dezember@dowjones.com
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