In a Unanimous Decision, Texas Supreme Court Finds in Favor of Schlumberger
NEW YORK–(BUSINESS WIRE)–Dec. 15, 1997–On December 11, the Texas Supreme Court unanimously ruled in favor of Schlumberger in a lawsuit originally filed against the company in Houston, Texas. The lawsuit involved the validity of a 1988 settlement and release in connection with an incidental business venture. The decision reverses a 1993 jury verdict against Schlumberger of approximately $75 million, and dismisses all claims against the company.
As previously disclosed, the company had made no provision in its consolidated financial statements for this matter. Consequently, this favorable outcome will have no effect on fourth quarter net income.
Schlumberger is a worldwide leader in technical services with 60,000 employees and operations in over 100 countries. In 1996, revenue was $8.96 billion.
CONTACT: Schlumberger Limited
Simone Crook, 212/350-9432
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