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SCHLUMBERGER ANNOUNCES SALE OF NPTEST BUSINESS UNIT
24 June 2005 - Schlumberger
| Schlumberger Limited (NYSE:SLB) announced today that certain of its subsidiaries have signed a definitive agreement with a partnership led by Francisco Partners and Shah Management for the sale of the NPTest business unit. Under terms of the agreement, the partnership will pay Schlumberger $220 million in cash at closing. Additionally, the agreement states that the partnership has a contingent obligation to make a further payment to Schlumberger upon a subsequent qualifying disposition or an initial public offering of NPTest by the partnership, under certain circumstances. The transaction is expected to close in July, subject to the satisfaction of customary closing conditions. |
Schlumberger Limited (NYSE:SLB) announced today that certain of its subsidiaries have signed a definitive agreement with a partnership led by Francisco Partners and Shah Management for the sale of the NPTest business unit. Under terms of the agreement, the partnership will pay Schlumberger $220 million in cash at closing. Additionally, the agreement states that the partnership has a contingent obligation to make a further payment to Schlumberger upon a subsequent qualifying disposition or an initial public offering of NPTest by the partnership, under certain circumstances. The transaction is expected to close in July, subject to the satisfaction of customary closing conditions. Schlumberger will record a net loss of $12 million in the second quarter as discontinued operations. This sale represents the completion of another step in the divestiture plan of non-core activities set out by Schlumberger last year. NPTest designs and manufactures advanced semiconductor test and diagnostic equipment, and provides related product engineering services. The customers of NPTest include semiconductor manufacturers, fabless companies, foundries and test contractors worldwide. NPTest, which employs 900 people, had revenue of $230 million in 2002.
http://www.slb.com/
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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