Offshore staff

NICOSIA, Cyprus –Schlumberger's unsolicited bid to acquire Eastern Echo "does not sufficiently reflect the value potential" of the company, says Eastern Echo's board of directors.

In a statement following yesterday's announcement by Schlumberger, Eastern Echo says its board and ABG Sundal Collier Norge ASA as advisor are seeking "alternative solutions and reviewing all options open to the company."

The offer of NOK 11 to NOK 12 ($2.08 to $2.27) per share, depending upon the number tendered, is a 38-51% premium over the closing price on Nov. 5.

11/07/2007