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Item 8 Notes to Consolidated Financial Statements
6. Sale of SchlumbergerSema to Atos Origin
On September 22, 2003, Schlumberger announced the signing of an agreement with Atos Origin for the sale of the SchlumbergerSema business.
On January 29, 2004 the sale transaction was completed. As consideration for the transaction, Schlumberger received ?443 million ($550 million) in cash which included a working capital adjustment, and 19.3 million shares of common stock of Atos with a value of ?1.02 billion ($1.275 billion), which represented approximately 29% of the outstanding common shares of Atos Origin after the transaction was completed. Schlumberger expects the result of the sale will be a gain which will be recorded as part of Discontinued Operations in the first quarter of 2004.
On February 2, 2004 Schlumberger sold 9.6 million of the Atos Origin shares for a net consideration of ?500 million ($625 million). As a result of this sale, Schlumberger's investment was reduced to approximately 15% of the outstanding common shares of Atos Origin. Schlumberger will account for the remaining investment in Atos Origin on the cost method.
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