AWARDED TWO-YEAR EXTENSION TO KEY DRILLING SERVICES CONTRACT

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AWARDED TWO-YEAR EXTENSION TO KEY DRILLING SERVICES CONTRACT
26 August 2004 - Schlumberger

Schlumberger Oilfield Services today announced that Statoil ASA has awarded the company a two-year extension to its 2002 contract for integrated drilling services. The new contract covers services for eight Statoil fields and their satellite operations on the Norwegian Continental Shelf. The award extension includes the introduction of new drilling technology.

The new contract covers services for eight Statoil fields and their satellite operations on the Norwegian Continental Shelf. The award extension includes the introduction of new drilling technology.

'During the original contract period, we were able to meet several ambitious goals that demonstrated the value of Schlumberger services to our operations,' said Mads Grinrød, vice president and process owner of drilling, well and production technology, Statoil ASA. 'Excellent QHSE results, introduction of new technology and good drilling performance has enabled us to frequently set new Rushmore records and drill more and more complex wells for improved recovery.

'We also recognize that we can maximize the effectiveness of our own R&D spending by working in close collaboration with companies like Schlumberger to ensure that the technology needed to increase recovery from maturing fields is developed in the most effective and timely manner.'

Services provided under the contract include measurements while drilling, logging while drilling, directional drilling services, drilling optimization and mud logging.

As part of the contract extension, Schlumberger will support Statoil's implementation of Onshore Operation Centers. With an ambitious target of 50% reduction in well costs over the next eight years, Statoil has identified the control and management of well operations from onshore support centers as a key means of reducing costs while optimizing operations.

'Schlumberger is committed to working with Statoil to deliver the work processes, the infrastructure, and the technologies that will make this possible,' said Paal Kibsgaard, president, Drilling & Measurements, Schlumberger. 'Our suite of PowerDrive fully rotational rotary steerable systems has already delivered many benefits across the Statoil portfolio, and product development continues as we seek to broaden the range of applications for which the technology can be used. In the coming months we will launch additional technologies that will further assist Statoil in their strategic aims.'

New drilling technologies to be included are the PowerDrive family of rotary steerable systems for slimhole and extended reach applications; the PowerDrive Xceed rotary steerable system for harsh, rugged environments; and the PowerDrive vorteX powered RSS, which provides high-performance directional drilling capability from spud to total depth.

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About: Schlumberger
Schlumberger is the world's leading oilfield services company supplying technology, project management and information solutions that optimize performance for customers working in the oil and gas industry. The company employs more than 52,000 people of over 140 nationalities working in more than 80 countries, and comprises two business segments.

Schlumberger supplies a wide range of products and services from formation evaluation through directional drilling, well cementing and stimulation, well completions and productivity to consulting, software, information management and IT infrastructure services that support core industry operational processes. WesternGeco, jointly owned with Baker Hughes, is the world's largest seismic company and provides advanced acquisition and data processing services.

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