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SEC FORM 4 SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940 		 
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
1. Name and Address of Reporting Person*
SUMMER ELLEN
(Last) (First) (Middle)
C/O SCHLUMBERGER LIMITED
5599 SAN FELIPE 17TH FLOOR
(Street)
HOUSTON TX 77056
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
SCHLUMBERGER LTD /NV/ [ SLB ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
SECRETARY AND GENERAL COUNSEL
3. Date of Earliest Transaction (Month/Day/Year)
01/24/2008
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 01/24/2008 M 6,715 A $23.01 55,306 D
Common Stock 01/24/2008 S 1,600 D $80.73 53,706 D
Common Stock 01/24/2008 S 200 D $80.74 53,506 D
Common Stock 01/24/2008 S 100 D $80.75 53,406 D
Common Stock 01/24/2008 S 300 D $80.76 53,106 D
Common Stock 01/24/2008 S 300 D $80.78 52,806 D
Common Stock 01/24/2008 S 800 D $80.95 52,006 D
Common Stock 01/24/2008 S 200 D $80.96 51,806 D
Common Stock 01/24/2008 S 500 D $80.98 51,306 D
Common Stock 01/24/2008 S 225 D $80.99 51,081 D
Common Stock 01/24/2008 M 13,920 A $32.618 65,001 D
Common Stock 01/24/2008 S 175 D $80.99 64,826 D
Common Stock 01/24/2008 S 600 D $81 64,226 D
Common Stock 01/24/2008 S 800 D $81.01 63,426 D
Common Stock 01/24/2008 S 100 D $81.02 63,326 D
Common Stock 01/24/2008 S 500 D $81.04 62,826 D
Common Stock 01/24/2008 S 1,100 D $81.05 61,726 D
Common Stock 01/24/2008 S 300 D $81.06 61,426 D
Common Stock 01/24/2008 S 4,700 D $81.07 56,726 D
Common Stock 01/24/2008 S 1,345 D $81.09 55,381 D
Common Stock 01/24/2008 M 13,797 A $32.455 69,178 D
Common Stock 01/24/2008 S 2,055 D $81.09 67,123 D
Common Stock 01/24/2008 S 600 D $81.1 66,523 D
Common Stock 01/24/2008 S 2,300 D $81.12 64,223 D
Common Stock 01/24/2008 S 1,200 D $81.14 63,023 D
Common Stock 01/24/2008 S 200 D $81.16 62,823 D
Common Stock 01/24/2008 S 200 D $81.17 62,623 D
Common Stock 01/24/2008 S 300 D $81.18 62,323 D
Common Stock 01/24/2008 S 700 D $81.19 61,623 D
Common Stock 01/24/2008 S 1,975 D $81.2 59,648 D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right to buy) w/ tandem Tx w/h right $32.618 01/24/2008 M 13,920 07/21/2005(1) 07/21/2014 Common Stock 13,920 $0 16,687 D
NQ Stock Option (right to buy) w/ tandem Tax w/h right $23.01 01/24/2008 M 6,715 07/16/2004(2) 07/16/2013 Common Stock 6,715 $0 17,201 D
NQ Stock Option (right to buy) w/ tandem Tax w/h right $32.455 01/24/2008 M 13,797 01/19/2006(3) 01/19/2015 Common Stock 13,797 $0 13,996 D
Explanation of Responses:
1. This option becomes exercisable in four equal annual installments beginning July 21, 2005
2. This option becomes exercisable in four equal annual installments beginning July 16, 2004.
3. This option becomes exercisable in four equal annual installments beginning January 19, 2006.
By: /s/Lynda M. Quagliara Attorney-in-Fact For: Ellen S. Summer 01/28/2008
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.