NEW YORK, October 17, 2002 - The Board of Directors of Schlumberger Limited [NYSE:SLB] announced today that Euan Baird, Chairman and Chief Executive Officer of Schlumberger Limited will retire from the company on February 1, 2003.

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He will be succeeded by Andrew Gould, President and Chief Operating Officer of Schlumberger Limited. Gould, who holds a degree in Economic History from University College in Wales, joined Schlumberger Internal Audit from Ernst & Young in 1975. Since then he has held a succession of financial and operational management positions including that of Executive Vice President of Schlumberger Oilfield Services from 1999 to 2002.

Gould was appointed to his current position in March 2002 and has been a director of the Schlumberger Limited board since April of this year.

Schlumberger Limited [NYSE:SLB] is a global technology services company consisting of two business segments. Schlumberger Oilfield Services is the leading provider of technology services and solutions to the international petroleum industry. SchlumbergerSema is a major IT services company providing information technology to the oil and gas, telecommunications, energy and utilities, finance, transport and public sector markets. In 2001, Schlumberger revenue was $14.3 billion. For more information visit www.slb.com.

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For further information, contact:

Stephen Whittaker
Schlumberger Limited
Director of Communications
Tel: 1 212 350 9492