Edgar Filing: SCHLUMBERGER LTD /NV/

Ownership Submission

FORM 4

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

Corrigan Mark

2. Issuer Name and Ticker or Trading Symbol
SCHLUMBERGER LTD /NV/ [SLB]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
Vice President

(Last)

(First)

(Middle)

153 EAST 53RD STREET 57TH FLOOR

3. Date of Earliest Transaction (Month/Day/Year)
07/25/2006

(Street)

NEW YORK, NY 10022-4624

4. If Amendment, Date Original Filed(Month/Day/Year)

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1.Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	07/25/2006		M		10,990	A	$ 41.174	23,211 ⁽¹⁾	D
Common Stock	07/25/2006		S		10,990	D	$ 64.73	12,221 ⁽¹⁾	D
Common Stock	07/25/2006		M		2,198	A	$ 35.658	14,419 ⁽¹⁾	D
Common Stock	07/25/2006		S		2,198	D	$ 64.73	12,221 ⁽¹⁾	D
Common Stock	07/25/2006		M		4,010	A	$ 27.81	16,231 ⁽¹⁾	D
Common Stock	07/25/2006		S		4,010	D	$ 64.73	12,221 ⁽¹⁾	D
Common Stock	07/25/2006		M		4,798	A	$ 41.141	17,019 ⁽¹⁾	D
Common Stock	07/25/2006		S		4,798	D	$ 64.73	12,221 ⁽¹⁾	D
Common Stock	07/25/2006		M		4,184	A	$ 27.873	16,405 ⁽¹⁾	D
Common Stock	07/25/2006		S		4,184	D	$ 64.73	12,221 ⁽¹⁾	D
Common Stock	07/25/2006		M		5,817	A	$ 23.01	18,038 ⁽¹⁾	D
Common Stock	07/25/2006		S		5,817	D	$ 64.73	12,221 ⁽¹⁾	D
Common Stock	07/25/2006		M		17,968	A	$ 27.81	30,189 ⁽¹⁾	D
Common Stock	07/25/2006		F		7,674	D	$ 65.11	22,515 ⁽¹⁾	D
Common Stock	07/27/2006		M		1,202	A	$ 41.141	23,717 ⁽¹⁾	D
Common Stock	07/27/2006		M		3,816	A	$ 27.873	27,533 ⁽¹⁾	D
Common Stock	07/27/2006		M		1,294	A	$ 23.01	28,827 ⁽¹⁾	D
Common Stock								2,122	I	SL Int'l P/S Plan

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security
(Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code
(Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date
(Month/Day/Year)

7. Title and Amount of Underlying Securities
(Instr. 3 and 4)

8. Price of Derivative Security
(Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)

11. Nature of Indirect Beneficial Ownership
(Instr. 4)

Code

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Employee Stock Option (right to buy) w/ tandem Tx w/h right

$ 23.01 ⁽²⁾

07/25/2006

5,817 ⁽²⁾

07/16/2004⁽³⁾

07/16/2013

Common Stock

5,817 ⁽²⁾

$ 0

10,339 ⁽²⁾

Employee Stock Option (right to buy) w/ tandem Tx w/h right

$ 27.81 ⁽²⁾

07/25/2006

4,010 ⁽²⁾

04/21/2000⁽⁴⁾

04/21/2009

Common Stock

4,010 ⁽²⁾

$ 0

Employee Stock Option (right to buy) w/ tandem Tx w/h right

$ 27.873 ⁽²⁾

07/25/2006

4,184 ⁽²⁾

04/17/2003⁽⁵⁾

04/17/2012

Common Stock

4,184 ⁽²⁾

$ 0

Employee Stock Option (right to buy) w/ tandem Tx w/h right

$ 35.658 ⁽²⁾

07/25/2006

2,198 ⁽²⁾

04/15/1999⁽⁶⁾

04/15/2008

Common Stock

2,198 ⁽²⁾

$ 0

Employee Stock Option (right to buy) w/ tandem Tx w/h right

$ 41.141 ⁽²⁾

07/25/2006

4,798 ⁽²⁾

10/19/2001⁽⁷⁾

10/19/2010

Common Stock

4,798 ⁽²⁾

$ 0

Employee Stock Option (right to buy) w/ tandem Tx w/h right

$ 41.174 ⁽²⁾

07/25/2006

10,990 ⁽²⁾

10/21/1998⁽⁸⁾

10/21/2007

Common Stock

10,990 ⁽²⁾

$ 0

Incentive Stock Option (right to buy)

$ 23.01 ⁽²⁾

07/27/2006

1,294 ⁽²⁾

07/16/2004⁽³⁾

07/16/2013

Common Stock

1,294 ⁽²⁾

$ 0

2,550 ⁽²⁾

Incentive Stock Option (right to buy)

$ 27.81 ⁽²⁾

07/25/2006

17,968 ⁽²⁾

04/21/2000⁽⁴⁾

04/21/2009

Common Stock

17,968 ⁽²⁾

$ 0

Incentive Stock Option (right to buy)

$ 27.873 ⁽²⁾

07/27/2006

3,816 ⁽²⁾

04/17/2003⁽⁵⁾

04/17/2012

Common Stock

3,816 ⁽²⁾

$ 0

2,000 ⁽²⁾

Incentive Stock Option (right to buy)

$ 41.141 ⁽²⁾

07/27/2006

1,202 ⁽²⁾

10/19/2001⁽⁷⁾

10/19/2010

Common Stock

1,202 ⁽²⁾

$ 0

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Corrigan Mark 153 EAST 53RD STREET 57TH FLOOR NEW YORK, NY 10022-4624			Vice President

Signatures

By: /s/Lynda M. Quagliara Attorney-In-Fact For: Mark Corrigan		07/27/2006
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	On March 1, 2006, the Common Stock of Schlumberger Limited split 2 for 1 resulting in the reporting person's acquisition of 5,987 additional shares.
(2)	Shares and option price were adjusted for the March 1, 2006 2 for 1 stock split.
(3)	This option becomes exercisable in four equal annual installments beginning July 16, 2004.
(4)	Exercisable in five equal annual installments beginning April 21, 2000.
(5)	Exercisable in five equal annual installments beginning April 17,2003.
(6)	The options became exercisable in five equal annual installments on April 15, 1999.
(7)	Exercisable in five equal annual installments beginning October 19, 2001.
(8)	The option becomes exercisable in five equal annual installments beginning October 21, 1998.
Remarks: On March 1, 2006, the Common Stock of Schlumberger Limited split 2 for 1 resulting in the reporting person's acquisition of 1,061 additional shares held in the SL International Profit Sharing Plan.

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