HOUSTON--(BUSINESS WIRE)--Jun. 20, 2017--
Schlumberger Limited (NYSE: SLB) (“Schlumberger”) has been notified of
an unsolicited “mini-tender” offer by TRC Capital Corporation (“TRC
Capital”) to purchase up to 2 million shares of Schlumberger common
stock, representing approximately 0.14 percent of Schlumberger’s shares
of common stock outstanding. TRC Capital’s offer price of $65.63 per
share is approximately 4.3 percent below the closing price per share of
Schlumberger’s common stock on June 16, 2017, the last trading day
before the commencement of TRC Capital’s offer.
Schlumberger does not endorse TRC Capital’s unsolicited mini-tender
offer and is not associated in any way with TRC Capital, its mini-tender
offer, or its mini-tender offer documents.
Because TRC Capital’s offer price is at a price below the current market
price for Schlumberger’s common stock, Schlumberger recommends that
stockholders reject this unsolicited offer or, if stockholders have
already tendered shares, that they withdraw their shares by providing
the written notice described in the TRC Capital mini-tender offer
documents prior to the expiration of the offer, currently scheduled for
12:01 a.m., New York City time, on Wednesday, July 19, 2017.
TRC Capital’s mini-tender offer seeks less than 5 percent of
Schlumberger’s outstanding common stock, thereby avoiding many
disclosure requirements and procedural protections of the SEC. The SEC
has cautioned investors that some bidders make mini-tender offers at
below-market prices “hoping that they will catch investors off guard if
the investors do not compare the offer price to the current market
price.” The SEC’s cautionary advice to investors regarding these offers
is on its website at: http://www.sec.gov/investor/pubs/minitend.htm.
Stockholders should obtain current market quotations for their shares
of Schlumberger common stock, consult with their broker or financial
advisor, and exercise caution with respect to TRC Capital’s mini-tender
Schlumberger encourages brokers and dealers, as well as other market
participants, to review the SEC’s letter regarding broker-dealer
mini-tender offer dissemination and disclosure at http://www.sec.gov/divisions/marketreg/minitenders/sia072401.htm.
Schlumberger requests that a copy of this press release be included with
all distributions of materials relating to TRC Capital’s mini-tender
offer related to shares of Schlumberger’s common stock.
Schlumberger is the world’s leading provider of technology for reservoir
characterization, drilling, production, and processing to the oil and
gas industry. Working in more than 85 countries and employing
approximately 100,000 people who represent over 140 nationalities,
Schlumberger supplies the industry’s most comprehensive range of
products and services, from exploration through production, and
integrated pore-to-pipeline solutions that optimize hydrocarbon recovery
to deliver reservoir performance.
Schlumberger Limited has principal offices in Paris, Houston, London and
The Hague, and reported revenues of $27.81 billion in 2016. For more
information, visit www.slb.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170620005887/en/
Source: Schlumberger Limited
Simon Farrant – Schlumberger Limited, Vice
President of Investor Relations
Joy V. Domingo – Schlumberger
Limited, Manager of Investor Relations
Tel: +1 (713) 375-3535