Final Results

    Schlumberger Ld.

   Schlumberger Announces Fourth Quarter and Full Year 2003 Results

Schlumberger Limited (NYSE:SLB) reported today 2003 operating revenue of $13.9
billion versus $13.1 billion in 2002.

Income from continuing operations, before credits and charges, of $913 million
was 32% higher than last year with diluted earnings per share of $1.56 versus
$1.20 in 2002. Income from continuing operations, including credits and charges,
was $473 million representing diluted earnings per share of $0.82. Net income
was $383 million or $0.67 per share.

Fourth Quarter Results

Fourth quarter operating revenue of $3.67 billion was 10% above fourth quarter
2002 and 6% above the prior quarter. Net income from continuing operations
before credits and charges was $295 million, 95% above 2002 and 23% above the
prior quarter. Diluted earnings per share from continuing operations, excluding
credits and charges, of $0.50 increased 92% versus the same period last year and
22% sequentially. Including a net charge of $61 million ($0.10 per share) for
the write-down of an investment partially offset by the gain on the sale of a
note, the earnings per share from continuing operations was $0.40.

Discontinued operations recorded a loss of $57 million ($0.10 per share) in the
quarter. Net income was $177 million ($0.30 per share).

Oilfield Services revenue of $2.31 billion increased 12% versus the same period
last year and 3% sequentially. Pretax operating income of $420 million grew 48%
year-on-year and 5% sequentially.

WesternGeco revenue of $308 million was 17% higher sequentially, but 7% lower
compared to the same period last year. Pretax operating income of $32 million
improved $69 million sequentially, and $26 million year-on-year.

SchlumbergerSema revenue improved 12% to $721 million sequentially and 16%
year-on-year. Pretax operating income of $31 million increased 86% sequentially
and 26% year-on-year.

Within Other activities, Cards revenue of $206 million increased 6% versus the
same period last year and 2% sequentially, while pretax operating income of $27
million grew 36% year-on-year and 21% sequentially.

The following credits and charges were taken in the quarter:

    --  In August 2001, Schlumberger sold its Oilfield Services worldwide gas
        compression activity to Hanover Compressor Company (NYSE:HC). The
        proceeds included 8.7 million shares of Hanover Compressor with a value
        at closing of $173 million which are restricted from marketability until
        Aug. 30, 2004, and a $150 million long-term subordinated note maturing
        Dec. 15, 2005. During the fourth quarter of 2003, Schlumberger sold the
        note for $177 million realizing an after-tax gain of $20 million. As of
        Dec. 31, 2003 the carrying value of Schlumberger's investment in Hanover
        Compressor common stock exceeded the market value. As required by
        generally accepted accounting principles and SEC regulations,
        Schlumberger wrote down its investment to fair market value at Dec. 31,
        2003. The write-down was $81 million after tax.

    --  Discontinued operations in the quarter consisted of the parking and mass
        transit terminals (e-City) activities sold to Apax Partners in October
        2003 for $84 million in cash. e-City had nine-month 2003 revenue of $88
        million and a pretax operating loss of $2.3 million. As a consequence of
        this sale, Schlumberger recorded a loss from discontinued operations of
        $57.4 million, including a $65 million allocation of goodwill.

Schlumberger Chairman and CEO, Andrew Gould, commented, "The fourth quarter
activity continued the trend set earlier in the year, posting sequential gains
that contributed to an encouraging year-on-year performance. In particular,
Oilfield Services activity was strong in North America, India,
Peru/Colombia/Ecuador, Indonesia, and Mexico driven by new contracts, new
technologies, and demand for project management and information solutions
services.

Further divestitures of non-core assets were made during the quarter. These,
together with strong cash flow from operations, lowered net debt by $691 million
to $4.18 billion at the quarter end in spite of unfavorable currency effects
that increased European debt by $154 million.

The recent acceleration of the global economic recovery has led to several
successive upward revisions of oil demand for 2004, particularly in China.
Current supplies are likely to be adequate, as existing new projects come on
line. However, there is no doubt that any sustained economic recovery and the
consequent increase in demand coupled with the acceleration of the underlying
rate of decline of the world's aging production base will require higher E&P
investment going forward. Current signs are that the customer base is beginning
to respond to this need."

Notes:

    --  Following the Atos Origin shareholder meeting held on Jan. 22, 2004, the
        closing of the sale of certain SchlumbergerSema businesses is expected
        at the end of January. The transaction proceeds will consist of EUR400
        million in cash and a fixed number of 19.3 million of Atos Origin common
        shares that will represent approximately 29% of the common shares
        outstanding of Atos Origin. As previously announced and subsequent to
        closing, Schlumberger expects to reduce its ownership in Atos Origin to
        19%.

        Schlumberger is retaining the strategic activities of IT
        services for the oil & gas industry and the operations that
        provide connectivity with the upstream oil and gas business.
        These activities are reported under Oilfield Services, the
        figures of which are restated for the quarter, the full year,
        and prior periods.

    --  Additionally, Schlumberger will retain a number of specific
        SchlumbergerSema businesses, which are in the process of divestiture.
        These include Business Continuity, Infodata, and all software products
        related to SchlumbergerSema telecommunications activity. These
        activities are reported under "Other," the figures of which are also
        restated.

                   Consolidated Statement of Income

                        (Stated in thousands except per share amounts)
                         Fourth Quarter           Twelve Months
For Periods Ended   --------------------------------------------------
 December  31           2003         2002        2003(6)      2002
----------------------------------------------------------------------
Revenue
   Operating        $3,670,774   $3,350,412  $13,892,604  $13,117,562
   Interest and
    other income(1)     68,168       26,138      166,493      139,068
----------------------------------------------------------------------
                     3,738,942    3,376,550   14,059,097   13,256,630
----------------------------------------------------------------------
Expenses
   Cost of goods
    sold and
    services
    (2)(4)(5)        2,911,633    5,804,399   11,419,873   13,525,742
   Research &
    engineering        138,269      146,284      556,124      595,675
   Marketing            92,443       97,173      350,996      353,622
   General             165,273      166,067      662,224      640,641
   Debt
    extinguishment
    costs(3)                 -            -      167,801            -
   Interest             73,246       91,069      334,336      367,973
----------------------------------------------------------------------
                     3,380,864    6,304,992   13,491,354   15,483,653
----------------------------------------------------------------------
Income (Loss) from
 continuing
 operations
 before taxes and
 minority
 interest              358,078   (2,928,442)     567,743   (2,227,023)
Taxes on income(4)
 (5)(8)                119,999       95,341      209,386      282,070
----------------------------------------------------------------------
Income (Loss) from
 continuing
 operations
 before minority
 interest              238,079   (3,023,783)     358,357   (2,509,093)
Minority interest
 (2)(4)(5)              (3,600)      94,328      114,200       91,879
----------------------------------------------------------------------
Income (Loss) from
 Continuing
 Operations            234,479   (2,929,455)     472,557   (2,417,214)
Income (Loss) from
 Discontinued
 Operations            (57,439)      68,116      (89,555)      97,219
----------------------------------------------------------------------
Net Income (Loss)     $177,040  $(2,861,339)    $383,002  $(2,319,995)
----------------------------------------------------------------------

Diluted Earnings
 (Loss) Per Share(a):
   Income (Loss)
    from Continuing
    Operations           $0.40       $(5.04)       $0.82       $(4.18)
   Income (Loss)
    from
    Discontinued
    Operations           (0.10)        0.12        (0.15)        0.17
                      ---------    ---------    ---------    ---------
   Net Income
    (Loss)               $0.30       $(4.92)       $0.67       $(4.01)
                      =========    =========    =========    =========
Average shares
 outstanding           585,755      581,174      583,904      578,588
Average shares
 outstanding
 assuming dilution(a)  607,967      581,174      597,057      578,588

(a) There was no dilution of shares in the fourth quarter and twelve
    months of 2002 due to the net loss.

Depreciation &
 Amortization
 included in
 expenses(7)          $360,537     $385,950    $1,570,851  $1,533,406
----------------------------------------------------------------------

1) Includes interest income of:

    -- Fourth quarter 2003 -  $14 million (2002 - $13 million)
    -- Twelve months 2003 -  $52 million (2002 - $69 million)

2) The first quarter of 2002 includes a $29 million charge (pretax $30
    million and minority interest credit of $1 million) related to the
    financial/economic crisis in Argentina ($0.05 per share -
    diluted).

3) Related to the repurchase of European Bonds ($0.14 per share in the
    second quarter 2003 and $0.14 per share in the third quarter
    2003).

4) The third quarter of 2003 includes a $205 million ($0.34 per share)
    Multiclient library impairment charge (pretax $398 million, tax
    benefit $106 million and minority interest credit $88 million), a
    $38 million ($0.06 per share) vessel impairment charge (pretax $54
    million and minority interest credit of $16 million) and a pretax
    and after-tax gain of $31 million ($0.05 per share) on the sale of
    a rig. In addition, the quarter included a provision for insurance
    claims and a release of a prior period business divestiture
    reserve, which substantially offset. The fourth quarter of 2003
    includes a net $61 million ($0.10 per share - diluted) charge
    related to the write-down of an investment (pretax and after tax,
    $81 million), which is recorded in Cost of goods sold and
    services, partially offset by a $20 million credit (pretax $32
    million, tax charge $12 million) related to the gain on the sale
    of a note, which is recorded in Interest and other income.

5) In the fourth quarter of 2002, Cost of goods sold and services,
    Taxes on income, and Minority interest include the following ($
    millions):

       Goodwill impairment                   $2,638
       Intangibles impairment                   147
       SchlumbergerSema severance & other        97
       WesternGeco severance & other            117
       Multiclient library impairment           184
       Other                                     42
                                              -----
       Pretax                                 3,225
       Tax (a)                                   33
       Minority interest                        (90)
                                              -----
                                              3,168
       Gain on sale of drilling rigs            (87)
                                              -----
                                             $3,081
                                              -----

      (a) Includes deferred tax valuation allowance of $94 million.

6) Reclassified, in part, for comparative purposes.

7) Including Multiclient seismic data costs.

8) The effective tax rate for continuing operations excluding the
    charges/credits referred to in notes 1, 2, 3, 4, and 5 above were
    as follows:

    --  Fourth quarter 2003:  26.6%
    --  Fourth quarter 2002:  29.7%
    --  Total year 2003:  25.2%
    --  Total year 2002:  26.4%


                 Condensed Consolidated Balance Sheet

                                                          (Stated in
                                                           thousands)
Assets                                 Dec. 31, 2003     Dec. 31, 2002
----------------------------------------------------------------------
Current Assets
   Cash and short-term investments       $3,108,973        $1,736,016
   Assets held for sale (a)               3,140,153                 -
   Other current assets                   4,049,627         5,449,424
----------------------------------------------------------------------
                                         10,298,753         7,185,440
Fixed income investments, held to
 maturity                                   223,300           407,500
Fixed assets                              3,799,711         4,663,756
Multiclient seismic data                    505,784         1,018,483
Goodwill                                  3,284,254         4,229,993
Other assets                              1,823,835         1,930,023
----------------------------------------------------------------------
                                        $19,935,637       $19,435,195
----------------------------------------------------------------------

Liabilities and Stockholders' Equity
----------------------------------------------------------------------
Current Liabilities
   Accounts payable and accrued
    liabilities                          $3,225,546        $4,580,762
   Estimated liability for taxes on
    income                                  807,938           625,058
   Bank loans and current portion of
    long-term debt                        1,411,168         1,135,533
   Dividend payable                         110,511           109,565
   Liabilities held for sale (a)          1,119,880                 -
----------------------------------------------------------------------
                                          6,675,043         6,450,918
Long-term debt                            6,097,418         6,028,549
Postretirement benefits                     614,850           544,456
Other liabilities                           254,707           251,607
----------------------------------------------------------------------
                                         13,642,018        13,275,530
Minority interest                           398,330           553,527
Stockholders' Equity                      5,895,289         5,606,138
----------------------------------------------------------------------
                                        $19,935,637       $19,435,195

(a) Assets and liabilities held for sale represent the gross assets
    and liabilities of the SchlumbergerSema businesses to be sold to
    Atos Origin.

                               Net Debt

Net Debt represents gross debt less cash, short-term investments and
fixed income investments, held to maturity. Details of the Net Debt is
as follows:

                                                  (Stated in millions)
                                              Qtr. ended    Year ended
                                           Dec. 31, 2003 Dec. 31, 2003
----------------------------------------------------------------------
Net Debt, beginning of period                   $(4,867)      $(5,021)
    Net income from continuing operations           234           473
    Charges                                          61           440
    Depreciation and amortization                   361         1,571
    Change in working capital                       247          (228)
    Capital expenditures                           (355)       (1,175)
    Dividends paid                                 (110)         (437)
    Employee stock plans                             51           172
    Sale of NPTest                                    -           220
    Sale of e-City                                   79            79
    Debt extinguishment costs                         -          (168)
    Sale of Grant Prideco stock                       -           106
    Sale of Hanover note                            177           177
    Other                                           100            76
    Translation effect on net debt                 (154)         (461)
                                           ------------- -------------
Net Debt, end of period                         $(4,176)      $(4,176)
                                           ============= =============

                                                  (Stated in millions)
Components of Net Debt                     Dec. 31, 2003 Dec. 31, 2002
----------------------------------------------------------------------
Cash and short-term investments                  $3,109        $1,736
Fixed income investments, held to maturity          223           408
Bank loans and current portion of long-term
 debt                                            (1,411)       (1,136)
Long-term debt                                   (6,097)       (6,029)
                                           ------------- -------------
                                                $(4,176)      $(5,021)
                                           ============= =============

                            Business Review

(Stated in millions)        Fourth Quarter          Twelve Months
                        ---------------------  -----------------------
                        2003(2)   2002  %chg   2003(2)  2002(2)   %chg
                        ---------------------  -----------------------
Oilfield Services
-----------------------
Operating Revenue       $2,313  $2,073   12%   $8,823   $8,171      8%
Pretax Operating
 Income(1)                $420    $283   48%   $1,536   $1,278     20%

WesternGeco
-----------------------
Operating Revenue         $308    $332  (7)%   $1,183   $1,476   (20)%
Pretax Operating
 Income(1)(3)              $32      $6  412%     $(20)     $71      -

SchlumbergerSema
-----------------------
Operating Revenue         $721    $623   16%   $2,677   $2,409     11%
Pretax Operating
 Income(1)                 $31     $25   26%      $61      $17    249%

Other(4)
-----------------------
Operating Revenue         $409    $377    9%   $1,480   $1,334     11%
Pretax Operating
 Income(1)                 $47     $22  109%     $109      $18    505%


1) Pretax operating income represents income before taxes and minority
   interest, excluding interest income, interest expense and
   amortization of intangibles.

2) The fourth quarter of 2003 does not include a net charge of $49
   million for the write-down of an investment and the gain on the
   sale of a note. The third quarter of 2003 does not include $86
   million of debt extinguishment costs and a charge of $421 million
   for impairment and other charges/credits. The second quarter of
   2003 does not include $81 million of debt extinguishment costs.
   The first quarter of 2002 does not include an aggregate $30
   million charge related to the financial/economic crisis in
   Argentina.

3) The third quarter of 2003 does not include impairment charges of
   $398 million for Multiclient library and $54 million for vessels.
   The fourth quarter of 2002 does not include an impairment charge
   of $184 million for Multiclient library and charges of $117
   million for severance and other costs.

4) Principally comprises the Cards and Meters North America
   activities. Also included are the Business Continuity, Infodata
   and Telecom activities.

                           Oilfield Services

Revenue of $8.82 billion increased 8% in 2003 versus 2002. North America led
with an increase of 14%, followed by Latin America and Middle East & Asia, which
both increased 9%, and Europe/CIS/West Africa, which was up 4%. Pretax operating
income of $1.54 billion in 2003 was 20% higher than in 2002.

Fourth quarter revenue of $2.31 billion was 3% higher sequentially and increased
12% year-on-year. The M-I rig count increased 3% sequentially and 23%
year-on-year. Pretax operating income of $420 million increased 5% sequentially
and 48% year-on-year.

Overall sequential revenue growth was strongest in the Gulf Coast, India,
Peru/Colombia/Ecuador, Indonesia, and Mexico GeoMarkets. By product, demand was
particularly strong for Schlumberger Information Solutions (SIS) services,
Integrated Project Management, Data & Consulting Services, Wireline and Drilling
& Measurements.

The year-on-year revenue growth reflected strong activity across most of the
GeoMarkets, but particularly in Mexico, Indonesia and U.S. Land. Most technology
segments recorded double-digit increases with record levels being achieved in
Drilling & Measurements from introduction of new technologies, and Data &
Consulting Services from the award of several contracts for reservoir modeling,
field assessments and production optimization projects.

North America

Revenue of $679 million increased 1% sequentially and 19% year-on-year as the
M-I rig count was up 4% sequentially and 36% year-on-year. Pretax operating
income of $106 million increased 17% sequentially and 91% year-on-year due
mainly to a better geographic mix.

Year-on-year, activity remained strong with the US Land, Alaska, and Canada
GeoMarkets posting significant increases while the Gulf of Mexico showed a more
modest gain. New Well Services technologies, such as ClearFRAC(a) polymer-free
fracturing fluid, and Viscoelastic Diverting Acid (VDA(a)), an advanced
acidizing system, continued to penetrate the market in US Land and Canada.

Sequentially, Gulf of Mexico activity increased following the end of the
tropical storm season that had impacted results in the prior quarter, partially
offsetting lower activity in US Land due to an early activity reduction by a
major customer related to budget restrictions.

New measurement-while-drilling (MWD) and logging-while-drilling (LWD) depth and
pressure records for the Gulf of Mexico were set during operations on
ChevronTexaco's deepwater Tonga Exploratory Prospect located in Green Canyon
Block 727. Drilling & Measurements wellsite engineers delivered continuous
real-time surveys that allowed the well trajectory to be kept on target during
the entire drilling and logging process.

Latin America

Revenue of $408 million was up 8% sequentially and 15% year-on-year as the M-I
rig count increased 3% sequentially and 16% year-on-year. Pretax operating
income of $67 million rose 7% sequentially and 32% year-on-year.

Activity levels in the Peru/Colombia/Ecuador GeoMarket improved sequentially due
to additional rig activity in Ecuador and resumption of Camisea operations in
Peru, but decreased year-on-year due to the one-off sale of Florena facilities
in the prior year. Mexico showed year-on-year and sequential growth from almost
all technology segments. Activity in Venezuela was stable both year-on-year and
sequentially.

Contract wins during the quarter included the Repsol YPF D-150 integrated well
construction project in Argentina. This project entails the drilling,
completion, testing, and tie-in of 150 wells in the Manantiales Behr Field over
a two-year period.

Europe/CIS/West Africa

Revenue of $670 million increased 2% sequentially and 7% year-on-year, as the
M-I rig count (excluding Russia) increased 3% sequentially and 1% year-on-year.
Pretax operating income of $115 million declined 6% sequentially, but increased
72% year-on-year.

Year-on-year increases were recorded in the Caspian and Russia, fueled by Well
Completions & Productivity Artificial Lift pump and PhaseWatcher(a) fixed
multiphase well production monitoring equipment, and Well Services fracturing
technologies, including ClearFRAC(a), which continued to penetrate the market.
However, revenue growth was partially offset by lower exploration activity in
the Norwegian sector of the North Sea and an overall decline in activity in
Nigeria. Sequentially revenue growth across the region was also partially offset
by the lower activity in the U.K. and West & South Africa.

In the North Sea, wellbore instability and geological uncertainties threatened
the success of the BG Group Blake Flank development project. The No Drilling
Surprises (NDS) process from Drilling & Measurements, which combines real-time
wellbore stability modeling and geosteering, was implemented in close
collaboration with BG, resulting in the successful completion of the F1 well.
This has resulted in a global wellbore stability agreement between BG Group and
Schlumberger as an important part of the BG well assurance process.

The sequential decline in pretax operating income was due to the recognition of
gains from the sale of the Langley facilities and rigs in the prior quarter,
start-up costs for projects in Eastern Europe, appreciation of local currencies
against the U.S. dollar, and a less favorable revenue mix.

Middle East & Asia

Revenue of $538 million increased 1% sequentially and was 13% higher
year-on-year, while the M-I rig count increased 1% sequentially and 7%
year-on-year. Pretax operating income of $131 million increased 2% sequentially
and 13% year-on-year.

Strong year-on-year improvements across the region were tempered by reduced rig
activity in the Arabian GeoMarket and lower activity in China. The Wireline
ABC(a) Analysis Behind Casing suite of services contributed to significantly
improved results sequentially and year-on-year in Indonesia, where the Slim
Cased Hole Resistivity Tool, which extends the range of service and can be
operated through tubing, was introduced, and the Cased Hole Drilling Tool was
used to obtain formation pressures in a complex wellbore environment. Sequential
increases were posted throughout by Integrated Project Management and SIS, but
were partially offset by a decline in Well Completions & Productivity due to the
artificial lift pump delivery in the prior quarter.

During the quarter, Kuwait Oil Company (KOC) chose Schlumberger to build and
support the first 3D Visual Reality center in Kuwait. The contract includes full
time IT support together with Schlumberger experts in software and domain
science working alongside KOC multidisciplinary teams for improved
decision-making.

Highlights

    --  espWatcher(a), a service for remote real-time surveillance and control
        for electric submersible pumps, continued successful introduction this
        quarter. In total, over 600 wells were connected in 2003 worldwide,
        making this the largest number of wells monitored with a centralized
        system of this type. Once online, pumps can be monitored to maximize
        well performance, reducing workovers and enabling a step change in
        production and lift system performance with lower operating costs for
        producing assets.

    --  MRX(a) Magnetic Resonance eXpert, the leading Wireline magnetic
        resonance tool, was commercialized in the quarter to wide industry
        acceptance. Operations were run in multiple locations, including Saudi
        Arabia, Egypt and Gulf of Mexico. Customer demand for this service has
        grown rapidly due to improved fluid characterization.

    --  Well Services introduced LiteCRETE(a) Coalbed Methane (CBM) slurry
        system, a technology specifically designed for cementing coalbed methane
        wells that exerts lower pressure on the coalbed to prevent breakdown and
        inhibit cement flow into factures and fissures. In the U.S., one large
        coalbed methane operator saw cementing success rise from 40% to 75% when
        using LiteCRETE.

    --  The growing family of PowerDrive(a) rotary steerable systems (RSS)
        continues to penetrate markets while realizing record-breaking
        performance. In Norway, a record 2,784 meters were drilled on Norsk
        Hydro Njord field in one run. Operators continue to see reduced drilling
        time, improved wellbore quality, and lower well construction costs.

    --  SIS announced a set of digital, auditable software reports, which are
        compliant with the new disclosure regulations for publicly traded
        upstream oil and gas companies in Canada. These reports work seamlessly
        with the SIS Merak VOLTS(a) reserve management and reporting system, to
        help reduce errors, speed up processing, and facilitate Canadian
        securities reporting.


                              WesternGeco

Operating revenue for 2003 was $1.18 billion versus $1.48 billion in 2002,
reflecting a 20% decrease year-on-year. This was primarily due to lower land
crew activity following the exiting of the North American Land market combined
with the completion of some contracts in the Middle East and lower Multiclient
sales in North & South America. Pretax operating loss in 2003 was $20 million
versus a profit of $71 million in 2002.

Fourth quarter revenue of $308 million was 17% higher sequentially, but 7% lower
compared to the same period last year. Sequential growth was primarily impacted
by a return to traditional fourth quarter seasonal Multiclient revenue levels.
Data Processing revenue also increased sequentially, mainly in North America,
while a slight increase in Land in Mexico and Europe was offset by lower
activity in the Middle East. Marine revenue decreased due to the seasonal
slowdown in the North Sea, completion of projects in the Middle East, and vessel
transits. This was partially mitigated by the completion of a Q(a) project for a
large independent in West Africa, and expanded operations in North & South
America.

The year-on-year decline was mainly due to the reduction of Land, which was down
23% although revenue per crew was maintained. Multiclient revenue was 7% lower
due to a historically low third quarter in North America. Marine and Data
Processing business lines both showed slight increases.

Pretax operating income of $32 million improved by $69 million sequentially and
$26 million year-on-year. Sequential improvement was mainly in Multiclient due
to the combination of increased sales and lower amortization costs, and the
release of about $10 million of business related contingency reserves/accruals,
partially offset by seasonally lower Marine activity. The year-on-year increase
reflected the impact of contractual losses in Marine in India and Land in Mexico
during the same period the previous year.

Including Multiclient pre-commitments, the backlog at the end of the quarter
reached $408 million, a 22.5% increase over the previous quarter, reflecting the
award of a number of Land contracts in the Middle East and a material
Multiclient volume agreement signed in December 2003.

Highlights

    --  Q(a) acceptance continued to grow during the fourth quarter, and
        contract wins included a Q-Marine(a) contract for a major client in the
        Gulf of Mexico, as well as an integrated project for Kuwait Oil Company
        that includes Q-Land(a) acquisition, processing and interpretation. Q(a)
        revenue approximately doubled year-on-year.

    --  WesternGeco signed a long-term business agreement with a major energy
        company that included the licensing of part of the WesternGeco data
        library, as well as joint R&D and training on new technology for seismic
        data processing.


                           SchlumbergerSema

The results for SchlumbergerSema are limited to the businesses being sold to
Atos Origin. The retained businesses are reported in Oilfield Services for IT
services for the oil & gas industry and network and infrastructure services for
the upstream oil and gas sector, and in Other for Business Continuity, Infodata,
and all software products related to the SchlumbergerSema telecommunications
activity.

Revenue of $2.68 billion in 2003 was 11% higher than in 2002. The increase was
mainly due to the strengthening of European currencies against the U.S. dollar
with a positive impact of $274 million.

Pretax operating income of $61 million increased $44 million over 2002
reflecting mainly the benefits of cost reduction programs carried out in North &
South America, Asia, the U.K. and Sweden coupled with an improvement in gross
margins in Asia and Brazil. These increases were partially offset by declining
prices in France, and lower activity in Germany.

Revenue of $721 million in the fourth quarter was 16% higher year-on-year and
12% higher sequentially. The improvement on prior year is mainly due to the
strengthening of the European currencies against the U.S. dollar, with a
positive impact of 12% year-on-year. Sequentially, excluding the positive impact
of exchange rates of 4%, revenue increased following the seasonally low revenue
in the third quarter due to vacations in Europe.

Pretax operating income of $31 million increased 26% year-on-year and 86%
sequentially. The improvement on prior year is mainly due to the benefit of cost
reduction programs carried on throughout the year, principally in North & South
America, Asia, and Sweden, partially offset by continued pricing pressures in
France. Sequential growth is consistent with increased revenues following the
seasonal effects of vacations in the third quarter, and increased customer
spending in the fourth.

Europe, Middle East & Africa

Revenue of $602 million increased 9% year-on-year and 17% sequentially. The
increase year-on-year was due to the strengthening of the European currencies
against the U.S. dollar, with a positive impact of $73 million, coupled with
stronger activity in the U.K. for the Public Sector. This was partially offset
by overcapacity in France leading to further pricing pressure. The sequential
increase was mainly a result of the seasonal and currency effects noted above
combined with increased activity in the Public Sector in the U.K.

Pretax operating income of $20 million decreased $29 million year-on-year, but
increased $10 million sequentially. The year-on-year decline was mainly due to
lower margins in France and Central Europe, partially offset by improvements in
Sweden from the cost-cutting programs implemented during the year, and the
African Games contract that started in the second quarter of 2003. The
sequential improvement was a result of higher Consulting & Systems Integration
utilization in France, and a general seasonal increase in activity in Spain and
Italy.

North & South America

Revenue of $86 million increased 16% year-on-year, but decreased 5%
sequentially. The year-on-year improvement was partially due to new contract
wins with Lee County and Sprint, partially offset by a decline in activity in
Consulting & Systems Integration. The sequential decline was mainly due to the
energy segment in the U.S., partially offset by new contracts in Mexico and
Brazil in the Telecom segment.

Pretax operating income of $1 million increased $15 million from a loss of $14
million last year, but decreased $3 million sequentially. The year-on-year
increase was a result of the cost reduction program in North America and
improved margins in Brazil and Mexico. The sequential decline was a direct
consequence of the lower activity base.

Asia

Revenue of $36 million decreased 12% year-on-year but increased 2% sequentially.
The year-on-year decrease was mainly due to lower activity in India. The
sequential improvement resulted mainly from higher activity in Malaysia.

Pretax operating income of $8 million increased $7 million year-on-year, but
showed a $1 million decrease sequentially. The year-on-year growth reflected
improved gross margins and indirect cost savings.

                        Other

¶   Cards revenue for 2003 was $717 million versus $658 million in
2002. Cards fourth quarter revenue of $206 million was up 2%
sequentially and 6% year-on-year. Pretax operating income of $27
million increased 21% sequentially and 36% year-on-year. Sequentially,
mobile communication card activity improved 12%, of which 3% was due
to the strengthening of European currencies against the U.S. dollar.
The increase was mainly in Europe due to strong demand coupled with a
shift toward high-end products, which led to a pricing increase, and
in North & South America, partially offset by lower demand in Asia.
¶   Electricity Meters North America revenue of $78 million increased
13% year-on-year, while pretax operating income was $21 million
compared to $9 million for the same period last year.

¶   About Schlumberger

¶   Schlumberger is a global oilfield and information services company
with major activity in the energy industry. The company employs 78,000
people of more than 140 nationalities working in 100 countries and
comprises three primary business segments. Schlumberger Oilfield
Services is the world's premier oilfield services company supplying a
wide range of technology services and solutions to the international
oil and gas industry. WesternGeco, jointly owned with Baker Hughes, is
the world's largest and most advanced surface seismic company.
SchlumbergerSema is a leading supplier of IT consulting, systems
integration, and network and infrastructure services. In 2003,
Schlumberger operating revenue was $13.9 billion. For more
information, visit www.slb.com.

¶   (a) Mark of Schlumberger

¶   Notes:

¶   --  Schlumberger will hold a conference call to discuss the above
        announcement on Friday, Jan. 23, 2004, at 9:00 a.m. New York
        City time (2:00 p.m. London time/3:00 p.m. Paris time). To
        access the conference call, attendees should contact the
        conference call operator at [phone] within North
        America or [phone] outside of North America
        approximately 10 minutes prior to the call's start time, and
        ask for the "Schlumberger Earnings Conference Call." A replay
        of the conference call will be available until Feb. 6, 2004,
        and can be accessed by dialing [phone] within North
        America or [phone] outside of North America, and
        giving the access code 715631. A live webcast of the
        conference call will be simultaneously broadcast at
        www.slb.com/irwebcast on a listen-only basis. Attendees should
        log-in 15 minutes ahead of time to test their browsers and
        register for the webcast. Following the event, a replay will
        be available at the same URL until Feb. 6, 2004.

¶   --  Supplemental information in the form of a question and answer
        document on this press release is available at www.slb.com/ir.

    CONTACT: Schlumberger
             Investor Relations
             Doug Pferdehirt or Paulo Loureiro, [phone]
             [e-mail]