Schlumberger Closes Offer for Eastern Echo
Schlumberger BV (“Schlumberger”) announced today that its offer dated November 16, 2007 (“the Offer”) to acquire all shares and convertible bonds in Eastern Echo Holdings Plc (“Eastern”), as detailed in the Offer document dated November 16, 2007, expired at 16H30 Oslo time on November 23, 2007 and is no longer open for acceptance by Eastern shareholders and bondholders. (All expressions herein with capital letters shall have the meaning as defined in the Offer document unless otherwise stated.)
This Offer has been well received by investors and Schlumberger has secured a total of 233 million Eastern Shares by way of shares owned and shares tendered under the Offer. This represents 95% of the currently issued shares. Schlumberger has also secured USD 36 million in Eastern Bonds. Additionally, all Eastern warrant rights have been waived as per the Offer conditions. Provided that the Offer is completed, and that the Eastern Bonds are converted into Eastern Shares, Schlumberger will control 94% of all Eastern shares on a Fully Diluted Basis.
Since launching the Offer, Schlumberger and Eastern have agreed the scope and procedures for the due diligence review, which forms a condition on which the Offer is based. Schlumberger has already met the Eastern management team in Dubai to commence this process, which is expected to be completed in line with the Offer document.
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