UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

SCHLUMBERGER N.V. (SCHLUMBERGER LIMITED)

Curaçao (State or other jurisdiction of incorporation)		1-4601 (Commission File Number)		52-0684746 (IRS Employer Identification No.)

     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o     Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o     Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o     Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o     Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

Item 5.02		Departures of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Item 5.02(b)

     On July 21, 2011, Andrew F. Gould notified the Board of Directors (the “Board”) of his intention to retire from his position as Chief Executive Officer of Schlumberger Limited (the “Company”), effective August 1, 2011. Mr. Gould’s retirement follows 36 years of service at the Company, driving strong business results during his tenure as CEO. He will continue to serve as the Chairman of the Board until the Company’s April 2012 annual general meeting of stockholders and as an executive until he retires from the Company on April 30, 2012. While serving as an executive and Chairman, Mr. Gould will continue to receive salary at the annual rate of $2,500,000, but will not be eligible to participate in the Company’s annual Performance Incentive Program or its Long Term Incentive Program, and will not receive further pension or profit-sharing contributions, other than continued contributions into the French State pension plans until April 30, 2012. The Company also has agreed to provide Mr. Gould information technology support and secretarial support for planning travel for five years following his April 30, 2012 retirement.

Item 5.02(c)

     Effective as of the date of Mr. Gould’s resignation, Paal Kibsgaard, 44, will become the Company’s Chief Executive Officer. During more than 14 years of employment with the Company, Mr. Kibsgaard has had operational and management responsibility in the Middle East, Europe and the U.S., and has been involved in all aspects of the Company’s operations. Prior to his appointment as Chief Operating Officer, Mr. Kibsgaard served as President of the Reservoir Characterization Group after assignments as Vice President, Engineering, Manufacturing and Sustaining; and Vice President of Personnel following a series of earlier international positions.

     The Compensation Committee of the Board also approved the following changes to Mr. Kibsgaard’s compensation:

	•		an increase in his annual base salary to $1,700,000, effective August 1, 2011;
	•		annual cash incentive range from 0% to 150%; and
	•		a stock option grant with a value of approximately $4,000,000.

     Mr. Kibsgaard has no familial relationships nor related person transactions with the Company that would require disclosure under Items 401(d) or 404(a) of Regulation S-K in connection with his appointment described above.

Item 7.01		Regulation FD Disclosure.

     On July 21, 2011, the Company issued a press release announcing the retirement of Mr. Gould as Chief Executive Officer and the appointment of Mr. Kibsgaard to that position, effective August 1, 2011. A copy of the press release is furnished with this Form 8-K as Exhibit 99 and incorporated into this Item 7.01 by reference.

Item 9.01		Financial Statements and Exhibits.

     (d) Exhibits

The exhibit listed below is furnished pursuant to Item 9.01 of this Form 8-K.

99

Press Release dated July 21, 2011.

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: July 21, 2011

Exhibit 99

Schlumberger Announces Management Succession

PARIS, July 21, 2011 — The Board of Directors of Schlumberger Limited [NYSE:SLB] announced today that Andrew Gould, Chairman and Chief Executive Officer of Schlumberger Limited will retire as Chief Executive Officer effective August 1^st 2011. Mr. Gould will continue to serve as Chairman of the Board until the annual general meeting of the company’s stockholders in April 2012. It is the Board’s intention that its directors will select the current independent lead director, Tony Isaac, to be the new non-executive Chairman upon Mr. Gould’s departure.

Andrew Gould will be succeeded as Chief Executive Officer by Paal Kibsgaard, Chief Operating Officer of Schlumberger Limited. During more than 14 years of employment with the company, Mr. Kibsgaard has held operational and management responsibility in the Middle East, Europe and the U.S., and has been involved in all aspects of the company’s operations. Prior to his appointment as Chief Operating Officer, Mr. Kibsgaard served as President of the Reservoir Characterization Group after assignments as Vice President, Engineering, Manufacturing and Sustaining; and Vice President of Personnel following a series of earlier international positions.

Commenting on the move, Tony Isaac, the current independent lead director of the Schlumberger Board remarked, “The Board joins me in thanking Andrew for his 36 years of service to Schlumberger and appreciates the significant contributions he has made in driving the company’s strong business results during his tenure as Chief Executive Officer. Mr. Isaac continued, “The Board welcomes Paal Kibsgaard as Chief Executive Officer, and is highly confident that Schlumberger will continue to grow and prosper under his leadership.”

Kibsgaard has served as Chief Operating Officer since February 2010, and as a member of the Schlumberger Limited Board since April 2011.

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 110,000 people representing over 140 nationalities and working in approximately 80 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 of $27.45 billion in 2010. For more information, visit www.slb.com.

For further information, contact

Malcolm Theobald
Vice President of Investor Relations
Office +1 (713) 375-3535
investor-relations@slb.com

Stephen Whittaker
Director of Corporate Communications
Office + 33 1 4062 1308
swhittaker@slb.com