Schlumberger $900 Million Notes Offering and Concurrent Tender Offer

Davis Polk advised the representatives of the underwriters on an SEC-registered offering by Schlumberger Investment SA of $900 million aggregate principal amount of 2.650% senior notes due 2030. The notes are fully and unconditionally guaranteed by Schlumberger Limited, the parent company of the issuer.

Davis Polk also advised the dealer managers in connection with a concurrent tender offer by Schlumberger Investment SA to purchase any and all of its outstanding 3.300% notes due 2021, which was paid for in part with the proceeds from the notes offering.

Operating in approximately 85 countries, Schlumberger Limited is the world’s leading supplier of technology, integrated project management and information solutions to the international oil and gas exploration and production industry.

The Davis Polk capital markets team included partner Byron B. Rooney and associates Ryan Lewis and Charlie Lin. Partner Michael Farber and associate Erin van Wesenbeeck provided tax advice. The environmental team consisted of counsel Betty Moy Huber and associate Michael Comstock. All members of the Davis Polk team are based in the New York office.