Schlumberger Reports Record Oilfield Services Revenue and Profitability for 2001.

Business Editors

NEW YORK--(BUSINESS WIRE)--Jan. 22, 2002

Schlumberger Limited (NYSE:SLB) reported today 2001 operating revenue of $13.7 billion, an increase of 43% over 2000 including the second quarter acquisition of Sema plc.

Income of $819 million, excluding exceptional items, was 11% higher than last year with diluted earnings per share of $1.41 representing an 11% improvement on 2000 results.

Diluted earnings per share, excluding acquisition related costs and exceptional items, were $1.98 compared with $1.44 in 2000.

FOURTH QUARTER 2001 RESULTS

Fourth quarter operating revenue of $3.6 billion was 33% above fourth quarter 2000. Excluding exceptional items of $5 million, net income was $179 million.

Diluted earnings per share, excluding acquisition-related costs and exceptional items, were $0.49 compared with $0.46 for the same period last year and $0.51 for the third quarter 2001.

Oilfield Services revenue increased 21% versus the fourth quarter of 2000. In contrast to the worldwide M-I rig count, which decreased 8% over the same period, revenue excluding WesternGeco, increased 14%, and was down 2% compared to the third quarter of 2001. This compares favorably to the sequential quarterly average rig count drop of 13%.

SchlumbergerSema posted sequential revenue improvement of 10% to $...

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