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Schlumberger Ltd. ([url=]SLB[/url]) is a leading oilfield services company, providing technology, project management and information services to the global oil and gas industry.

We are lowering our earnings estimates ahead of first quarter 2009 results to reflect the softening oilfield environment. Our new 2009 and 2010 EPS estimates are $2.72 and $2.65, down from $3.90 and $4.09, respectively. The outlook remains weak for North American natural gas focused drilling, Russian activities, and some offshore regions. While these near-term headwinds are expected to weigh on the stock price, the company’s long-term prospects remain positive, given its strong international footprint, particularly in the Eastern Hemisphere.

Schlumberger remains better positioned in the current tentative outlook environment for the North American market, given its low exposure to this region. Our Buy recommendation and price objective remain unchanged.

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