SCL: Schlumberger Limited: Cameron and Schlumberger Complete Subsea Joint Venture

  SCL: Schlumberger Limited: Cameron and Schlumberger Complete Subsea Joint
  Venture

UK Regulatory Announcement

LONDON

OneSubsea targets subsea oil production and recovery

Cameron and Schlumberger today announced that OneSubsea™, a joint venture to
manufacture and develop products, systems and services for the subsea oil and
gas market, has received all required regulatory approvals. The parties will
close the transaction making OneSubsea operational on June 30, 2013.

Cameron and Schlumberger have 60/40 ownership of the joint venture,
respectively. Cameron, with its long history of innovation and firsts in the
subsea market, is an industry leader in design capability, manufacturing
excellence and successful installations. Schlumberger brings a deep
understanding of the reservoir, and industry-leading well completions, subsea
processing and integration platform. Through the integration of these
strengths, OneSubsea will offer best-in-class subsea solutions for its
customers.

Cameron Chairman, President and CEO, Jack B. Moore said, “This is an exciting
time for Cameron as we now have the opportunity to further expand our subsea
business through OneSubsea. Our near term focus is on the execution of plans
that have been laid out in recent months while continuing to deliver the
highest levels of quality and safety in our product and service offerings.”

Schlumberger CEO Paal Kibsgaard commented, “We are extremely pleased to
complete the OneSubsea joint venture with Cameron. We are now uniquely
positioned to optimize complete subsea production systems and help our
customers improve production and recovery from their subsea developments."

About Cameron

Cameron is a leading provider of flow equipment products, systems and services
to worldwide oil, gas and process industries. For more information, visit
www.c-a-m.com.

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 approximately 120,000 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 $42.15 billion in 2012. For
more information, visit www.slb.com.

This document includes forward-looking statements regarding the joint venture
and the companies, made in reliance upon the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. The joint venture and
companies’ actual results may differ materially from those described in
forward-looking statements. Such statements are based on current expectations
of the joint venture and companies’ performance and are subject to a variety
of factors, some of which are not under the control of the joint venture and
companies, which can affect the joint venture and companies’ results of
operations, liquidity or financial condition.

Because the information herein is based solely on data currently available, it
is subject to change as a result of changes in conditions over which the joint
venture and companies have no control or influence, and should not therefore
be viewed as assurance regarding the joint venture and companies’ future
performance. Additionally, the joint venture and companies are not obligated
to make public indication of such changes unless required under applicable
disclosure rules and regulations.

2013 Schlumberger Limited. All rights reserved.

Investors
Cameron International Corporation
Jeff Altamari, +1 713-513-3344
Vice President, Investor Relations
jeff.altamari@c-a-m.com
or
Schlumberger Limited
Malcolm Theobald, +1 713-375-3535
Vice President of Investor Relations
investor-relations@slb.com
or
Media
Cameron International Corporation
Sharon Sloan, +1 713-939-2706
Marketing Communications Manager
Sharon.Sloan@c-a-m.com
or
Schlumberger Limited
Joao Felix, +1 713-375-3494
Director of Corporate Communications
jpfelix@slb.com

Contact:

Schlumberger Limited
 
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