Schlumberger Purchases Remaining Shares of Saxon

Schlumberger takes full ownership of Saxon

HOUSTON, March 13, 2014—Schlumberger announced today the purchase of the remaining shares of SES Holdings Limited (“Saxon”), a Calgary-based provider of international land drilling services, from First Reserve and certain members of Saxon management. Saxon currently operates a fleet of 87 rigs (70 drilling and 17 workover) in 10 countries, and provides support services to an additional 35 rigs worldwide. The transaction is subject to customary closing conditions, including the receipt of regulatory approvals.

“Since our initial investment in 2008, Saxon’s land drilling rigs have provided Schlumberger with an excellent integration platform, allowing us to further optimize the drilling process in major projects around the world,” said Paal Kibsgaard, Schlumberger Chief Executive Officer. “The conversion of our minority share in Saxon into full ownership is in line with our integrated well construction and production management business growth plans.”

The Schlumberger technology integration approach is evolving the engineering of the drilling system from a simple combination of discrete services to optimal systems customized through extensive design and modeling capabilities for specific customer requirements. Saxon provides drilling engineering and services expertise, which are key enablers for further advances in drilling efficiency, leading to superior performance in challenging land-based operating environments.

Established in 2000, Saxon is now an international company with over 3,700 employees dedicated to safe and efficient operations worldwide. The company has developed innovative methods for optimizing the drilling process, including the use of technology and rapid deployment techniques. Saxon operates a young, technologically advanced fleet focused on complex development drilling, employing many of its assets under long-term contracts.

About Schlumberger

Schlumberger is the world’s leading supplier of technology, integrated project management and information solutions to customers working in the oil and gas industry worldwide. Employing 123,000 people representing over 140 nationalities and working in more than 85 countries, Schlumberger provides the industry’s widest range of products and services from exploration through production.

Schlumberger Limited has principal offices in Paris, Houston and The Hague, and reported revenues from continuing operations of $45.27 billion in 2013. For more information, visit www.slb.com.  

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For further information, contact:

Joao Felix
Director of External Communications
Schlumberger Limited
Tel:+1 713 375 3494
jpfelix@slb.com