Schlumberger : 2021 Proxy Statement

February 26, 2021 at 05:01 am EST

2021

PROXY STATEMENT

and Notice of Annual General Meeting of Stockholders

Notice of 2021 Annual General Meeting of Stockholders

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Approval of an amendment and restatement of the

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Alexander C. Juden

Secretary

February 25, 2021

Dianne B. Ralston Chief Legal Officer

Wednesday, April 7, 2021 10:00 a.m. Curaçao time

Johan van Walbeeckplein 11, Willemstad, Curaçao

PROXY VOTING

Your vote is very important. Whether or not you plan to attend the annual general meeting in person, please (i) sign, date and promptly return the enclosed proxy card in the enclosed envelope, or (ii) grant a proxy and give voting instructions by telephone or internet, so that you may be represented at the meeting. Voting instructions are provided on your proxy card or on the voting instruction form provided by your broker.

Brokers cannot vote for Items 1, 2, 5, 6 or 7 without your instructions.

RECORD DATE

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HOW TO CAST YOUR VOTE

Please refer to the enclosed proxy materials or to the information

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Important Notice Regarding the Availability of Proxy Materials for the Annual General Meeting of Stockholders to Be Held on April 7, 2021.

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Table of Contents

Proxy Summary 4

ITEM 1.

Election of Directors 8

Corporate Governance 13

Board Leadership Structure ................................................................ 13

The Board's Role in Risk Oversight .................................................... 14

Our Commitment to Sustainability ...................................................... 15

Stockholder Engagement ................................................................... 16

Director Independence ....................................................................... 16

Board Refreshment ............................................................................ 17

Identifying Candidates for Director Nominations ................................ 17

Board Responsibilities, Committees and Attendance ......................... 19

Other Key Governance Policies and Practices ................................... 22

Communication with Board ................................................................. 22

Director Compensation in Fiscal Year 2020 23

Stock Ownership Information 25

ITEM 2.

Advisory Resolution to Approve

Our Executive Compensation 27

Compensation Discussion and Analysis 28

2020 - Executive Overview .............................................................. 28

Overview of Compensation Decisions for 2020 .................................. 29

Changes to Our 2021 Long-Term Incentive Program ......................... 30

Framework for Setting Executive Compensation in 2020 ................... 31

Elements of Total Direct Compensation; 2020 Decisions ................... 33

Other Aspects of Our Executive Compensation Framework .............. 44

Executive Stock Ownership Guidelines .............................................. 50

2WKHU ([HFXWLYH %HQH¿WV DQG 3ROLFLHV ................................................ 50

Compensation Committee Report ...................................................... 51

Executive Compensation Tables and Accompanying Narrative

2020 Summary Compensation Table ................................................. 52

Grants of Plan-Based Awards for Fiscal Year 2020 ............................ 54

Outstanding Equity Awards at Fiscal Year-End 2020 ......................... 55

Option Exercises and Stock Vested for Fiscal Year 2020 ................... 57

3HQVLRQ %HQH¿WV IRU )LVFDO <> ................................................ 58

1RQTXDOL¿HG 'HIHUUHG &RPSHQVDWLRQ IRU )LVFDO <> ................ 60

Pay Ratio of CEO to Median Employee ............................................. 62 Potential Payments Upon Termination or Change

in Control for Fiscal Year 2020 ........................................................... 63

ITEM 3.

Approval of Financial Statements

and Dividends 66

ITEM 4.

5DWLÀFDWLRQ RI $SSRLQWPHQW

of Independent Auditors for 2021 67

Audit Committee Report 68

ITEM 5.

Approval of the Amendment and Restatement of the 2017 Schlumberger Omnibus Stock

Incentive Plan 69

Equity Compensation Plan Information .............................................. 76

ITEM 6.

Approval of the Amendment and Restatement of the Schlumberger

Discounted Stock Purchase Plan 77

ITEM 7.

Approval of the Amendment and Restatement of the 2004 Stock and Deferral Plan for

Non-Employee Directors 81

General Information 85

Other Information 87

Appendix A A-1

Appendix B B-1

Appendix C C-1

Appendix D D-1

Proxy Summary

This summary highlights information contained elsewhere in this proxy statement. This summary does not contain all of the information that you should consider, and you should read the entire proxy statement carefully before voting. In addition, we are providing our 2020 Annual Report to Stockholders concurrently with this proxy statement. You should refer to its contents in considering agenda Item 3.

All references in this proxy statement to "the Company," "Schlumberger," "we" or "our" are to Schlumberger Limited (Schlumberger N.V.) and its subsidiaries.

Voting at the 2021 Annual General Meeting (pages 85-86)

Schlumberger's 2021 annual general meeting of stockholders will be held at Johan van Walbeeckplein 11, Willemstad, Curaçao, on Wednesday, April 7, 2021 beginning at 10:00 a.m., Curaçao time.

Persons who held shares on the record date through a broker, bank or

RWKHU QRPLQHH DUH UHIHUUHG WR DV EHQH¿FLDO RZQHUV ,I RX DUH D EHQH¿FLDO holder of Schlumberger common stock, you should follow the voting instructions provided by your bank, broker or other nominee.

Each stockholder of record at the close of business on February 17, 2021 (the "record date") is entitled to one vote for each director nominee and one vote for each of the other proposals to be voted on with respect to each share registered in the stockholder's name. Stockholders with shares registered in their names with Schlumberger's transfer agent may authorize a proxy:

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BY TELEPHONE

(866) 240-5191

BY MAIL

The mailing date of this proxy statement is February 25, 2021. Business at the meeting will be conducted in accordance with the procedures determined by the Chairman of the meeting and will be limited to matters properly brought before the meeting by or at the direction of our Board or by a stockholder.

Sign, date, and mail your proxy card

Voting Matters

Our Board'sPage ReferenceItem 1 2 3

Recommendation (for more detail)

Election of the eight director nominees named in this proxy statement. Approval of an advisory resolution regarding our executive compensation.

FOR each nominee

FOR

8 27

Approval of our consolidated balance sheet as at December 31, 2020, our consolidated statement of income for the year ended December 31, 2020, and the declarations of dividends by our Board in 2020.

FOR

4 5 6 7

5DWL¿FDWLRQ RI WKH DSSRLQWPHQW RI 3ULFHZDWHUKRXVH&RRSHUV //3 DV RXU LQGHSHQGHQW auditors for 2021.

FOR

Approval of an amendment and restatement of the 2017 Schlumberger Omnibus Stock

,QFHQWLYH 3ODQ

FOR

Approval of an amendment and restatement of the Schlumberger Discounted Stock Purchase Plan.

FOR

Approval of an amendment and restatement of the 2004 Stock and Deferral Plan for Non-Employee Directors.

FOR

67 69 77 81

Our Board Nominees (pages 8-12)

Below is summary information about the nominees to our Board of Directors (the "Board").

Patrick de La Chevardière

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Miguel M. Galuccio Chairman and CEO

Olivier Le Peuch

Total S.A.

Director since 2019

Vista Oil & Gas Director since 2017

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Director since 2019

Tatiana A. Mitrova Director of the Energy Centre Moscow School of Management 6.2/.292

Age: 63 Committees: Audit, Finance

INDEPENDENT

Age: 52 Committees: Finance, Science and Technology

Age: 57 Committees: None

Director since 2018

EXECUTIVE

Age: 46 Committees: Audit, Finance

NON-EXECUTIVE

INDEPENDENT

Maria Moræus Hanssen Former Deputy CEO & COO

Mark G. Papa

Wintershall Dea GmbH Director since 2020

Former Chairman and CEO Centennial Resource DevelopmentHenri Seydoux Chairman and CEOJeff. W. Sheets Former EVP and CFO

Director since 2018

Parrot S.A. Director since 2009

ConocoPhillips Director since 2019

Age: 56 Committees: Compensation, Nominating and Governance

Age: 74

INDEPENDENT

Committees: Compensation, Science and Technology INDEPENDENT BOARD CHAIR

Age: 60 Committees: Nominating and Governance, Science and Technology, Compensation

Age: 63 Committees: Audit, Compensation

INDEPENDENT

Board Highlights (pages 16-18)

Independence

Balanced Director Nominee Tenure

Director Nominees

Directors who are dual citizens are represented by the geographic region in which they currently reside.

Governance Highlights (pages 13-22)

We are committed to adhering to sound principles of corporate governance and have adopted practices that promote effective functioning of our Board, its committees, and the Company. Our governance practices, as detailed in our Bylaws, Corporate Governance Guidelines, Code of Conduct, policies and other business practices, include:

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Robust stock ownership guidelines for executives (page 50)

and directors (page 24)

We provide our stockholders a right of proxy access (page 22)

One or more stockholders representing 10% or more of our outstanding shares can call a special meeting

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Annual Board and committee self-evaluationsProactive stockholder engagement (pages 16 and 33)

Comprehensive risk assessment process designed to identify and manage enterprise-wide risks, including risks relating to climate change and the energy transition

2020 Performance Highlights (page 28)

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Against this backdrop, we took swift and decisive actions to execute on our performance strategy, cut operating costs, and reinvent ourselves to adapt

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We accelerated the most comprehensive corporate restructuring in our history, with our new structure organized on the basis of divisions,

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We formed Schlumberger New Energy, our portfolio of business and technology ventures dedicated to exploring new opportunities in low-carbon or carbon-neutral energy technologies. New Energy activities include ventures in the domains of hydrogen, lithium, carbon capture and sequestration, geothermal power and geoenergy for heating and cooling buildings.

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2020 Executive Compensation Highlights (pages 28-65)

As more fully discussed in the "Compensation Discussion and Analysis" section of this proxy statement:

• Our CEO and CFO's 2020 target direct compensation places them at approximately the 50th percentile among CEOs and CFOs, respectively, in our main peer groups.
- • We made no changes to the performance goals in our 2020 long-term incentive ("/7,") SURJUDP GHVSLWH WKH SDQGHPLF ,Q IDFW ZH LQFUHDVHG the overall rigor of our 2020 /7, program as compared to 2019, by significantly increasing all performance targets for our free cash
• Despite the unprecedented global economic and industry downturn, and due to our rapid introduction of a decisive cost management program:
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  - • our 2020 earnings before interest, taxes, depreciation and
- • :H GLG QRW LQFUHDVH WKH WDUJHW /7, JUDQW YDOXHV IRU DQ RI RXU QDPHG H[HFXWLYH RI¿FHUV, other than in the case of Stephane Biguet, ZKR ZDV SURPRWHG WR WKH UROH RI (93 DQG &)2 ,Q DGGLWLRQ 2OLYLHU /H 3HXFK RXU &(2 GLG QRW UHFHLYH DQ /7, DZDUG LQ 7KH %RDUG JUDQWHG KLP 368V ZLWK D WDUJHW YDOXH RI PLOOLRQ LQ $XJXVW in connection with his promotion to CEO and in lieu of his estimated
- DPRUWL]DWLRQ H[FOXGLQJ FKDUJHV DQG FUHGLWV ³DGMXVWHG (%,7'$´ was $4.31 billion.

For details regarding our 2020 cash incentive program and certain

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2020 Sustainability Highlights (pages 15 and 28)

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At Schlumberger, we pride ourselves on being leaders in managing health, safety, and environmental (HSE) risks. Our top priority in 2020 remained the health and safety of our employees, their families, and the communities in which we live and work.

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Rules visibly supported by senior management. We continuously review

We also used enabling technologies, such as virtual trainings and online modules, in our employee development, recruiting, training, and support activities. These technologies enabled our people to continue their career growth, advance their skills and continuously learn in 2020, which is strategically important to our talent pipeline. We delivered approximately 89,000 training days virtually during 2020.

This proxy statement includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current facts, including statements regarding our environmental and other sustainability plans and goals, made in this document are forward-looking. We use words such as anticipates, believes, expects, future, intends, and similar expressions to identify forward-looking statements. Forward-looking statements reflect management's current expectations and are inherently uncertain. Actual results could differ materially for a variety of reasons. Risks and uncertainties that could cause our actual results to differ significantly from management's expectations are described in our 2020 Annual Report on Form 10-K. Website references throughout this document are provided for convenience only, and the content on the referenced websites is not incorporated by reference into this document.

ITEM 1. Election of Directors

All of our directors are elected annually at our annual general meeting of stockholders. Our stockholders are requested to elect eight nominees

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JHQHUDO PHHWLQJ RI VWRFNKROGHUV H[FHSW IRU 0DULD 0RU XV +DQVVHQ ZKR was appointed by the Board to serve as a director effective October 15, 2020, based upon the recommendation of the Nominating and Governance Committee of the Board.

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Governance Guidelines, Leo Rafael Reif will not stand for re-election at our annual general meeting of stockholders. Lubna S. Olayan also will not stand for re-election at our annual general meeting of stockholders. Our

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All of the nominees for election have consented to being named in

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Required Vote

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At this annual general meeting, votes may not be cast for a greater number of persons than the number of director nominees named in this

SUR[ VWDWHPHQW 6KDUHV UHSUHVHQWHG E SURSHUO H[HFXWHG SUR[LHV ZLOO EH voted, if authority to do so is not withheld, for the election of each of the eight nominees named below.

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Each director nominee must receive a majority of the votes cast to be elected.

The Board of Directors Recommends a Vote FOR All Director Nominees.

Director Nominees

The Board believes that each director nominee possesses the qualities DQG H[SHULHQFH WKDW WKH 1RPLQDWLQJ DQG *RYHUQDQFH &RPPLWWHH has determined that nominees should possess, as described in detail below

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Nominations" beginning on page . The Board seeks out, and the

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the Board and to devote the necessary time and attention to the Company, as required by our Corporate Governance Guidelines. There are no family

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The nominees for election to the Board, together with biographical information furnished by each of them and information regarding each

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Patrick de La Chevardière,

Independent Director

Former Chief Financial Officer, Total S.A.

Citizenship France

Director since 2019 Age: 63

Board Committees

• Audit
• Finance

Other Current Public Boards

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Other Experience and Education

• Former CFO of public multinational oil and gas company
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Paris

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Relevant Skills and Expertise

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Miguel M. Galuccio,

Non-Executive Director

Chairman and Chief Executive Officer, Vista Oil & Gas

Citizenship

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Director since 2017 Age: 52

Board Committees

• Finance, Chair
• Science and Technology

Other Current Public Boards

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Other Experience and Education

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Olivier Le Peuch,

Schlumberger Chief Executive Officer

Chief Executive Officer, Schlumberger Limited

Director since 2019 Age: 57

Other Current Public Boards

• None

Former Public Directorships Held During the Past 5 Years

• None

Citizenship France

Board Committees

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Tatiana A. Mitrova, Independent Director

Director of the Energy Centre, Moscow School of Management SKOLKOVO

Director since 2018 Age: 46

Other Current Public Boards

• PAO Novatek

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Maria Moræus Hanssen,

Independent Director

CF Wesenberg/Kolonihaven

Former Deputy Chief Executive Officer and Chief Operating Officer, Wintershall Dea GmbH

Citizenship Norway

Board Committees

Director since 2020 Age: 56

• Compensation
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Mark G. Papa,

Independent Chairman of the Schlumberger Board

Former Chairman and CEO,

Citizenship

Centennial Resource Development, Inc.

United States of America

Director since 2018

Board Committees

Age: 74

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Other Current Public Boards

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Henri Seydoux, Independent Director

Chairman and Chief Executive Officer,	Citizenship
Parrot S.A.	France
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Age: 60
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Jeff W. Sheets,

Independent Director

Former EVP and Chief Financial Officer, ConocoPhillips

Citizenship

United States of America

Director since 2019 Age: 63

Board Committees

• Audit, Chair
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Other Current Public Boards

• Enerplus Corporation
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Corporate Governance

We are committed to adhering to sound principles of corporate governance and have adopted Corporate Governance Guidelines that our Board believes are consistent with our values, and that promote the effective functioning of our Board, its committees and the Company. At least annually, our Board reviews and, if appropriate, revises our Corporate

*RYHUQDQFH *XLGHOLQHV WR UHÀHFW WKH %RDUG¶V FRUSRUDWH JRYHUQDQFH objectives and commitments. Our Corporate Governance Guidelines are available on our website athttps://www.slb.com/who-we-are/corporate-governance/guidelines.

Independent Chairman of the Board, separate from CEONo staggered board - all directors are elected annually

Fully independent Audit, Compensation, and Nominating and Governance committees

75% of our director nominees are independentRegular executive sessions of non-employee directorsMajority vote standard for uncontested director elections

'LUHFWRU QRPLQHHV UHÀHFW JHQGHU FXOWXUDO DQG JHRJUDSKLFDO diversity of our global operations, as well as diverse experience, skills, and tenure

Annual Board and committee self-evaluationsProactive stockholder engagement (pages 16 and 33)

Board Leadership Structure

2QH RI WKH %RDUG¶V NH UHVSRQVLELOLWLHV LV WR HYDOXDWH DQG GHWHUPLQH DQ appropriate board leadership structure to provide for independent oversight of management. The Board believes that there is no single, generally accepted board leadership structure that is appropriate for all companies, and that the right structure may vary for a single company as circumstances

FKDQJH $V VXFK RXU LQGHSHQGHQW GLUHFWRUV FRQVLGHU WKH %RDUG¶V OHDGHUVKLS structure at least annually.

The independent members of the Board have determined that the appointment of an independent Chairman of the Board is an appropriate Board leadership structure at this time because it allows our CEO to focus

RQ OHDGLQJ WKH &RPSDQ¶V FRPSOH[ LQWHUQDWLRQDO EXVLQHVV RSHUDWLRQV while providing the Board experienced and independent leadership. The independent members of the Board appointed Mark Papa as the Chairman of the Board in August 2019. As independent Chairman, Mr. Papa sets the agenda for, and leads, all Board meetings and all executive sessions of the non-executive directors.

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Board, the Board does not currently have a designated lead independent director. The Board may modify this structure to best address the

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We have also adopted a code of conduct entitled The Blue Print and The Blue Print in Action (together, our "Code of Conduct"), which applies WR DOO RI RXU GLUHFWRUV RI¿FHUV DQG HPSORHHV 2XU &RGH RI &RQGXFW is available on our website athttps://www.slb.com/who-we-are/guiding-principles/our-code-of-conduct.

Our governance practices, as detailed in our Bylaws, Corporate Governance Guidelines, Code of Conduct, policies and other business practices, include:

No hedging or pledging of Schlumberger stock by directors or

H[HFXWLYH RI¿FHUV SDJH 22)

Robust stock ownership guidelines for executives (page 50)

and directors (page 24)

We provide our stockholders a right of proxy access (page 22)

One or more stockholders representing 10% or more of our outstanding shares can call a special meeting

1R OREELQJ RU PDNLQJ ¿QDQFLDO RU LQ NLQG FRQWULEXWLRQV WR SROLWLFDO parties or candidates (page 22)

Comprehensive risk assessment process designed to identify and manage enterprise-wide risks, including risks relating to climate change and the energy transition

stockholders, as and when appropriate. In the event that the Company modifies this leadership structure in the future and appoints a lead

LQGHSHQGHQW GLUHFWRU WKDW GLUHFWRU¶V UHVSRQVLELOLWLHV ZRXOG EH H[SHFWHG to include setting the agenda for all Board meetings (together with the Chairman), setting the agenda for and leading all executive meetings of the non-executive directors, and providing consolidated feedback, as appropriate, from those meetings to the Chairman. It is expected that the lead independent director would also have authority to call meetings of the Board in executive session; facilitate discussions, outside of scheduled Board meetings, among the independent directors on key issues as appropriate; and serve as a non-exclusive liaison with the Chairman and CEO, in consultation with the other independent directors.

6FKOXPEHUJHU¶V FXUUHQW JRYHUQDQFH SUDFWLFHV SURYLGH IRU VWURQJ independent leadership, active participation by our independent directors and independent evaluation of, and communication with, many members

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Corporate Governance Guidelines and our committee charters, which are available on our website. The Board believes that its risk oversight programs, discussed on the following page, would be effective under a variety of board leadership frameworks and therefore do not materially

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As set forth in our Corporate Governance Guidelines, the Board routinely assesses major risks facing the Company and options for their mitigation,

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The Board is actively involved in overseeing risk management for the Company. We believe that our Board composition provides the Company with robust experience in several areas of risk oversight. Several of our Board members, including Dr. Mitrova, Ms. Moræus Hanssen, and Messrs. Galuccio, Le Peuch and Papa, have valuable experience in theUHJXODWRU HFRQRPLF DQG FRPPRGLW ULVNV WKDW DUH VSHFL¿F WR WKH HQHUJ industry. Mr. Seydoux has expertise in science and technology issues, and Dr. Mitrova and Ms. Moræus Hanssen have valuable experience addressing risks related to the energy transition and sustainability. In addition, many members of our Board provide expertise in general business governance, capital allocation, management and economic trends relevant to our business.

Each of our Board committees considers the risks within its areas of responsibility. The Board and its committees exercise their risk oversight responsibilities in a variety of ways, including as set forth in the chart below.

Board of Directors

Oversees risk management by the CEO and other members of our senior management team. Oversees assessment of major risks facing the Company, determining the extent to which such risks are appropriate and, to the extent the Board deems it appropriate, evaluating options for their

PLWLJDWLRQ 7KH ULVNV WKDW WKH %RDUG URXWLQHO FRQVLGHUV UHODWH WR RSHUDWLRQDO ¿QDQFLDO JHRSROLWLFDO VWUDWHJLF FDSLWDO SURMHFW H[HFXWLRQ FEHUVHFXULW and climate-related risks.

Audit

Committee

• Reviews and assesses
¿QDQFLDO UHSRUWLQJ DQG internal controls risk.
• 5HYLHZV DOO VLJQL¿FDQW ¿QDQFH UHODWHG YLRODWLRQV of Company policies brought to its attention.
• Meets with and reviews reports from
6FKOXPEHUJHU¶V independent auditor and internal auditors.

Compensation

Committee

• Reviews and assesses
WKH &RPSDQ¶V RYHUDOO compensation program and its effectiveness at linking executive pay to performance, aligning the interests of our executives and our stockholders and providing for appropriate incentives.

Nominating and Governance Committee

• Oversees governance and compliance-related risks and related person transactions.
• Reviews our Ethics and
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Company policies.
• Oversees our sustainability program and initiatives, social and environmental risks, and climate-related risks and opportunities.

• 2YHUVHHV ¿QDQFH UHODWHG ULVNV RQ D TXDUWHUO basis and recommends guidelines to control pension and other investments, banking relationships and currency exposures.
• $VVHVVHV ¿QDQFLDO aspects of all proposed strategic transactions above a certain dollar threshold.

For additional details, see "-Board Responsibilities, Committees and Attendance" below.

The Board also manages risk, in part, through its oversight of the

&RPSDQ¶V ([HFXWLYH 5LVN &RPPLWWHH WKH ³(5&´ 7KH (5& LV QRW D committee of the Board; rather, it comprises top Company executives from various functions, each of whom supervises day-to-day risk

PDQDJHPHQW WKURXJKRXW WKH &RPSDQ 7KH (5&¶V SXUSRVH LV WR LGHQWLI WKRVH ULVNV WKDW KDYH WKH SRWHQWLDO WR VLJQL¿FDQWO DIIHFW RXU EXVLQHVV RYHU the short-, medium- and long terms - and therefore to impact our strategic objectives - and to implement appropriate mitigation measures.

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The ERC performs a corporate-level risk mapping exercise, which involves the CEO and several other members of senior management, and while

CommitteeFinance

Science and Technology Committee

• Reviews and assesses risks affecting the
&RPSDQ¶V WHFKQRORJ direction and research and development.

PDLQWDLQLQJ RYHUVLJKW GHOHJDWHV RSHUDWLRQDO ¿HOG OHYHO ULVN DVVHVVPHQW DQG PDQDJHPHQW WR WKH &RPSDQ¶V YDULRXV JHRJUDSKLHV EXVLQHVVHV DQG IXQFWLRQV 7R WKH H[WHQW WKDW WKH (5& LGHQWL¿HV UHFXUULQJ WKHPHV IURP WKH operational risk mapping exercises, they are acted on at the corporate level. Members of the ERC meet formally at least once a year, and more

IUHTXHQWO RQ DQ DG KRF EDVLV WR GH¿QH DQG LPSURYH WKH ULVN PDSSLQJ process, and to review and monitor the results of those exercises and those that have been delegated. The ERC reports directly to our CEO and to the Board, and annually presents to the Board a comprehensive report as to its risk mapping efforts for that year.

Our Commitment to Sustainability

OXU YLVLRQ LV WR GH¿QH DQG GULYH KLJK SHUIRUPDQFH VXVWDLQDEO :H DUH FRPPLWWHG WR EHLQJ DW WKH IRUHIURQW RI RXU LQGXVWU¶V VKLIW WRZDUG PRUH sustainable energy production-challenging not only ourselves, but also our customers, suppliers, and peers to partner on delivering measurable social and environmental progress. We are reducing our own environmental IRRWSULQW DQG ZH EHOLHYH ZH DUH XQLTXHO SRVLWLRQHG to help our customers reach their own sustainability goals.

At Schlumberger, responsible environmental and social sustainability is an integral part of our culture and the way we operate. Our approach to sustainability, which we refer to as "Global Stewardship," addresses opportunities and risks associated with the energy transition and climate change; protecting the environment; investing in and engaging with our workforce and the communities where we and our customers live and work; and promoting diversity and inclusion and respect for human rights.

For additional details about our sustainability programs and initiatives, see our annual Global Stewardship Report, which is available atwww.slb.com/sustainability.

2020 Sustainability Highlights

• Our broad portfolio includes more than 100 impact-reducing technologies to help our customers decrease their environmental footprint, use cleaner chemistry, reduce waste, and decarbonize elements of the E&P process.
• In 2020, we announced Schlumberger New Energy, a new portfolio of business and technology ventures with a differentiated approach to participating in the low-carbon economy and expanding our offerings beyond oil and gas. Schlumberger New Energy leverages our intellectual and business capital in the emerging new energy markets, with a focus on low-carbon and carbon-neutral energy technologies. New Energy activities include ventures in the domains of
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• In 2020, we continued expanding our climate impact assessment, to identify our climate-related risks and opportunities in countries representing a material portion of our operational activities, in alignment with recommendations made by the Task Force on Climate-related Financial Disclosures (TCFD). We also completed a risk assessment of the projected impact of sea level rise on our facilities globally.
• :H ZHUH WKH ¿UVW FRPSDQ LQ XSVWUHDP E&P services to commit to setting a science-based target to reduce our greenhouse gas ("GHG") HPLVVLRQV LQ OLQH ZLWK FULWHULD GH¿QHG E WKH 6FLHQFH %DVHG 7DUJHWV LQLWLDWLYH We announced our initial target to reduce GHG emissions from our fuel and power consumption (Scope 1 and Scope 2 sources) by 30% by 2025. We will revise this initial WDUJHW RQFH RXU VFLHQFH EDVHG WDUJHW KDV EHHQ GH¿QHG DQG DSSURYHG LQ In 2020, we delivered a 14% reduction of our Scope 1 and 2 emissions intensity within one year-well on our path to our stated 2025 emissions reduction goal of 30%.
• Since January 2020, we have sustained our global COVID-19 crisis management response, using an approach that was independently audited against pandemic preparedness best practices. We promoted a protective mindset, crafted into powerful and simple COVID-19 Life Saving Rules visibly supported by senior management. We continuously review and
LPSURYH RXU VDIHW SURFHGXUHV DV QHZ VFLHQWL¿F HYLGHQFH EHFRPHV DYDLODEOH DQG FRPPXQLFDWH DQ XSGDWHG SURFHGXUHV across our global operations.
• In 2020, we achieved our record-best safety and driving performance metrics, recording our lowest ever lost-time injury rate and our lowest ever automotive accident rate.
• Our current gender balance goal is to have women comprise 25% of our salaried workforce by 2025. In 2020, women made up approximately 23% of our salaried workforce. Additionally, approximately 21% of management roles in 2020 were held by women.
• ,Q ZH IRUPXODWHG D SODQ WR DGGUHVV WKH ULVNV LGHQWL¿HG LQ WKH PRGHUQ VODYHU DQG ODERU ULJKWV ULVN DVVHVVPHQW RI RXU global supply chain.
• We are a participant member of, and support the mission of, the United Nations Global Compact and its Ten Principles on human rights, labor, the environment and anti-corruption.
• We incorporated gender balance and diversity targets into the 2020 annual cash incentive opportunity for our CEO, CFO and other members of senior management (see page 38).
• We incorporated a CO2 emissions reduction target into the 2020 annual cash incentive opportunity for our CEO and other members of senior management (see page 38).
• :H XVH NH VXVWDLQDELOLW IUDPHZRUNV WR JXLGH RXU QRQ ¿QDQFLDO GLVFORVXUHV LQFOXGLQJ *OREDO 5HSRUWLQJ ,QLWLDWLYH *5, Standards, Sustainability Accounting Standards Board Standards (SASB), TCFD Recommendations, U.N. Sustainable Development Goals, U.N. Guiding Principles on Business and Human Rights Reporting Framework, and IPIECA Sustainability Reporting Guidelines.
• We scored an A- RQ &'3¶V FOLPDWH FKDQJH TXHVWLRQQDLUH LQ DV FRPSDUHG WR RXU SHHU JURXS DYHUDJH VFRUH RI & We also received an A rating from MSCI, which cited our strong governance and business ethics practices.

Stockholder Engagement

Our relationship and on-going dialogue with our stockholders are

LPSRUWDQW SDUWV RI RXU %RDUG¶V FRUSRUDWH JRYHUQDQFH FRPPLWPHQW 2XU investor relations, sustainability, legal and human resources teams engage with stockholders to seek their views on key matters and to inform our management and our Board about the issues and emerging governance trends that our stockholders tell us matter most to them. The chairs of our Compensation and Nominating and Governance committees also

SDUWLFLSDWH LQ RXU HQJDJHPHQW HIIRUWV ZKHQ UHTXHVWHG 7KHVH HQJDJHPHQWV routinely cover executive compensation, corporate governance, company strategy and performance, sustainability, human rights and other current and emerging issues.

Director Independence

Our Corporate Governance Guidelines provide that at least a majority of the Board must consist of independent directors. This minimum standard

UHÀHFWV WKH 1HZ addition, our Board has adopted director independence standards that meet

RU H[FHHG WKH LQGHSHQGHQFH UHTXLUHPHQWV LQ WKH 1<6( OLVWLQJ VWDQGDUGV and which can be found in our Corporate Governance Guidelines.

Based on the review and recommendation by the Nominating and Governance Committee, the Board has determined that each director nominee listed above under "Election of Directors" is "independent"

XQGHU WKH OLVWLQJ VWDQGDUGV RI WKH 1<6( DQG RXU GLUHFWRU LQGHSHQGHQFH standards, except for Mr. Le Peuch, who is our CEO and therefore does QRW TXDOLI DV LQGHSHQGHQW DQG 0U *DOXFFLR $GGLWLRQDOO Ms. Olayan and Dr. Reif are independent, and Peter Currie, Nikolay Kudryavtsev and Indra Nooyi were independent throughout the period in 2020 that each of them served on the Board. In addition to the Board-level standards for director independence, the Board has determined that each current member of the Audit Committee meets the heightened independence standards

UHTXLUHG IRU DXGLW FRPPLWWHH PHPEHUV XQGHU WKH 1<6(¶V OLVWLQJ VWDQGDUGV and the rules of the Securities and Exchange Commission ("SEC"), and each member of the Compensation Committee meets the heightened independence standards for compensation committee members under

1<6( OLVWLQJ VWDQGDUGV

2XU %RDUG¶V LQGHSHQGHQFH GHWHUPLQDWLRQV LQFOXGHG D UHYLHZ RI transactions that occurred since the beginning of 2018 with entities associated with our directors or members of their immediate family. In making its independence determinations, the Board considered that Dr. Kudryavtsev, Dr. Mitrova, Ms. Moræus Hanssen, Ms. Nooyi, Ms. Olayan, Mr. Papa, Dr. Reif and Mr. Sheets each serve, or have served,

DV GLUHFWRUV H[HFXWLYH RI¿FHUV WUXVWHHV RXWVLGH FRQVXOWDQWV RU DGYLVRU

We typically reach out to our largest institutional stockholders at least annually. We then report the feedback we receive to our Board and its relevant committees, allowing the Board to better understand our

VWRFNKROGHUV¶ SULRULWLHV DQG SHUVSHFWLYHV ,Q DGGLWLRQ ZH PD HQJDJH ZLWK our large institutional stockholders at other times in the year when we believe that there are appropriate topics to discuss. For more detail on our 2020 engagement with our stockholders, see "Compensation Discussion and Analysis-Framework for Setting Executive Compensation in 2020- Stockholder Engagement; 2020 Say-On-Pay Vote" on page 33 of this proxy statement.

board members at companies and universities that have had commercial business relationships with the Company. All such relationships involved

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The Board also considered that the Company made charitable contributions in the form of educational grants and sponsored research of less than $120,000 per year to certain institutions with which some of the

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• to the Moscow School of Management SKOLKOVO, where Dr. Mitrova is Director of the Energy Centre, of $500,000 in each of 2020, 2019 and 2018; and
• to the Massachussetts Institute of Technology, where Dr. Reif is the President, of approximately $281,000 in 2020.

1R GLUHFWRU UHFHLYHG DQ SHUVRQDO EHQH¿W IURP DQ VXFK FKDULWDEOH contributions.

Board Refreshment

We believe that tenure diversity and Board refreshment are important, as directors with many years of service provide the Board with a deep knowledge

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3-6 Years

3 Directors

1 Director

7+ Years

Under our Corporate Governance Guidelines, non-executive directors are eligible to be nominated or renominated to the Board up to their 70th birthday, and executive directors are eligible to be nominated or renominated up to their 65th birthday, after which directors may no longer be nominated or renominated to the Board. Our Board may waive this policy on a case-by-case basis on the recommendation of the Nominating and Governance

Committee if it deems a waiver to be in the best interests of the Company. The Board waived this policy for Mr. Papa upon the recommendation of the Nominating and Governance Committee because it believes that having Mr. Papa serve as the Board¶s independent Chairman is in the best interests of our Company and our stockholders.

Identifying Candidates for Director Nominations

The Nominating and Governance Committee believes that director nominees should, in the judgment of the Board, be persons of integrity and honesty, be able to exercise sound, mature and independent business judgment in the best interests of our stockholders as a whole, be recognized leaders in business or professional activity, have background and experience that will complement those of other Board members, be able to actively participate in Board and committee meetings and related activities, be able to work professionally and effectively with other Board members and Schlumberger management, be available to remain on the Board long enough to make an effective contribution, and have no material

3 Directors 60-69 Years

1 Director 70+ Years

relationship with competitors, customers or other third parties that could

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The Nominating and Governance Committee also promotes our diversity

SROLF WKDW WKH %RDUG VKRXOG HQVXUH WKDW TXDOL¿HG FDQGLGDWHV UHÀHFWLQJ WKH gender, cultural and geographical diversity of the Company are considered as potential director nominees. With our diverse workforce representing over 160 nationalities, we value gender, cultural and geographical diversity,

DQG RXU FXOWXUH RI UHFUXLWLQJ KLULQJ DQG WUDLQLQJ ZKHUH ZH RSHUDWH LQÀXHQFHV the composition of our Board.

Directors who are dual citizens are represented by the geographic region in which they currently reside.

Two of our eight director nominees are women. Of our eight director nominees, three are citizens of France, two are citizens of the United States of America, one is a citizen of Norway, one is a dual citizen of both Russia and Israel, and one is a dual citizen of both Argentina and the United Kingdom. Our geographically diverse Board evidences our commitment to have directors who represent countries where we operate. In addition, the exceptionally broad and diverse experience of our Board nominees is in keeping with our goal of having directors whose backgrounds and experience complement those of other directors. The Nominating and

*RYHUQDQFH &RPPLWWHH¶V HYDOXDWLRQ RI GLUHFWRU QRPLQHHV WDNHV LQWR DFFRXQW WKHLU DELOLW WR FRQWULEXWH WR WKH %RDUG¶V GLYHUVLW 7KH 1RPLQDWLQJ and Governance Committee annually reviews its effectiveness in balancing these considerations in the context of its consideration of director nominees.

Another goal of the Nominating and Governance Committee is to seek out nominees having experience, skills and other attributes that complement the whole Board as a governing body. We believe that our director nominees are able to provide a well-rounded set of expertise that will assist in effective oversight of management at Schlumberger. The matrix below LGHQWL¿HV WKH SULPDU VNLOOV FRUH FRPSHWHQFLHV DQG RWKHU attributes that each director nominee brings to bear in their service to our Board and committees. Each director nominee possesses numerous

RWKHU VNLOOV DQG FRPSHWHQFLHV QRW LGHQWL¿HG EHORZ :H EHOLHYH LGHQWLILQJ primary skills is a more meaningful presentation of the key contributions and value that each director nominee brings to their service on the Board and to our stockholders. Further information on each director nominee,

LQFOXGLQJ VRPH RI WKHLU VSHFL¿F H[SHULHQFHV VNLOOV DQG RWKHU DWWULEXWHV LV set forth in the biographies beginning on page 9 of this proxy statement.

Summary of Director Primary Skills and Experience

Current or former CEO or president Energy industry expertise

Risk management experience

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Academic relations

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M&A experience

Galuccio

LePeuch

Mitrova

Moræus

Hanssen

PapaSeydoux

Experience in key Schlumberger markets Government, public policy and regulatory insights

Applying the criteria above, the Nominating and Governance Committee recommends to the Board the number and names of persons to be proposed by the Board for election as directors at our annual general meeting of stockholders. In obtaining the names of possible nominees,

WKH 1RPLQDWLQJ DQG *RYHUQDQFH &RPPLWWHH PDNHV LWV RZQ LQTXLULHV DQG receives suggestions from other directors and management. Consideration of new Board candidates typically involves a series of internal discussions, review of information concerning candidates, and interviews with selected candidates.

From time to time, the Committee retains executive search and board

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VHUYLFHV RI 6SHQFHU 6WXDUW D WKLUG SDUW H[HFXWLYH VHDUFK ¿UP IRU WKLV purpose. Spencer Stuart suggested Ms. Moræus Hanssen as a prospective Board candidate.

The Nominating and Governance Committee will consider nominees

UHFRPPHQGHG E VWRFNKROGHUV ZKR PHHW WKH HOLJLELOLW UHTXLUHPHQWV IRU submitting stockholder proposals for inclusion in the next proxy statement and submit their recommendations in writing to:

Chair, Nominating and Governance Committee c/o Secretary, Schlumberger Limited

5599 San Felipe, 17th Floor

Houston, Texas 77056.

Such recommendations must be submitted by the deadline for stockholder proposals referred to under "Other Information-Stockholder Proposals for Our 2022 Annual General Meeting" on page 87. Unsolicited

UHFRPPHQGDWLRQV PXVW FRQWDLQ DOO RI WKH LQIRUPDWLRQ WKDW ZRXOG EH UHTXLUHG in a proxy statement soliciting proxies for the election of the candidate as a director, a description of all direct or indirect arrangements or understandings between the recommending security holder and the candidate, all other companies to which the candidate is being recommended as a nominee for director, and a signed consent of the candidate to cooperate with reasonable background checks and personal interviews, and to serve as a member of our Board, if elected.

Board Responsibilities, Committees and Attendance

Board Responsibilities

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• UHYLHZLQJ WKH &RPSDQ¶V PDMRU ILQDQFLDO REMHFWLYHV FULWLFDO strategies and long-term plans, including major allocations of capital,
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• overseeing the assessment of major risks facing the Company, determining the extent to which such risks are appropriate and, to the extent the Board deems it appropriate, evaluating options for their mitigation;

Committees

• overseeing the processes for maintaining the integrity of the Company
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• appointing, regularly evaluating the performance of, and approving the compensation of the CEO and other senior executives; and
• overseeing succession planning for the CEO position, and monitoring
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Nominating

and

Audit Compensation Governance

Name of Director Committee Committee Committee

Patrick de La Chevardière Miguel M. Galuccio Tatiana A. Mitrova Maria Moræus Hanssen Lubna S. Olayan(1) Mark G. Papa* Leo Rafael Reif(1) Henri Seydoux Jeff W. Sheets

* Independent Chairman of the Board. (1) Not standing for re-election.

Audit Committee

Chair

Finance CommitteeScience and Technology Committee

Chair

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Chair

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The authority and responsibilities of the Audit Committee include the following:

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• GLVFXVV WKH &RPSDQ¶V DQQXDO DXGLWHG ILQDQFLDO VWDWHPHQWV DQG TXDUWHUO XQDXGLWHG ¿QDQFLDO VWDWHPHQWV ZLWK PDQDJHPHQW DQG WKH &RPSDQ¶V LQGHSHQGHQW DXGLWRU
• review with management, the internal audit department and the
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• GLVFXVV ZLWK PDQDJHPHQW WKH &RPSDQ¶V ULVN DVVHVVPHQW DQG ULVN management policies;

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• oversee procedures for the receipt, retention and treatment of complaints regarding accounting, internal accounting controls, or
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• review material relevant to related party transactions governed by applicable accounting standards.

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SEC rules. The Audit Committee operates pursuant to a written charter, which describes its authority and responsibilities in detail, and is available on the

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Compensation Committee

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The authority and responsibilities of the Compensation Committee include the following:

• annually review and approve the objectives, evaluate the performance,
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• annually review and approve the compensation structure for the
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• DGPLQLVWHU DQG PDNH DZDUGV XQGHU WKH &RPSDQ¶V VWRFN SODQV DQG review and approve annual stock allocation under those plans;
• PRQLWRU DQG UHYLHZ WKH &RPSDQ¶V RYHUDOO FRPSHQVDWLRQ DQG EHQH¿WV SURJUDP GHVLJQ WR DVVHVV VXFK SURJUDPV¶ FRQWLQXHG FRPSHWLWLYHQHVV and consistency with established Company policy;

• RYHUVHH WKH &RPSDQ¶V SHRSOH UHODWHG VWUDWHJLHV SURJUDPV DQG initiatives, including recruitment, retention, engagement, talent management and diversity;
• RYHUVHH WKH &RPSDQ¶V HQJDJHPHQW ZLWK VWRFNKROGHUV RQ H[HFXWLYH FRPSHQVDWLRQ PDWWHUV LQFOXGLQJ WKH &RPSDQ¶V DGYLVRU YRWH RQ executive compensation;
• review and make recommendations to the Board regarding the
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• RYHUVHH DQG DGPLQLVWHU WKH &RPSDQ¶V FODZEDFN SROLF

7KH &RPSHQVDWLRQ &RPPLWWHH PD GHOHJDWH VSHFL¿F UHVSRQVLELOLWLHV WR RQH RU PRUH LQGLYLGXDO FRPPLWWHH PHPEHUV WR WKH H[WHQW SHUPLWWHG E ODZ UHJXODWLRQ 1<6( OLVWLQJ VWDQGDUGV DQG 6FKOXPEHUJHU¶V JRYHUQLQJ GRFXPHQWV 7KH GHVLJQ DQG GD WR GD DGPLQLVWUDWLRQ RI DOO FRPSHQVDWLRQ DQG EHQH¿WV SODQV DQG UHODWHG SROLFLHV DV DSSOLFDEOH WR H[HFXWLYH RI¿FHUV DQG RWKHU VDODULHG HPSORHHV DUH KDQGOHG E WKH &RPSDQ¶V KXPDQ UHVRXUFHV ¿QDQFH and legal departments. The Compensation Committee operates pursuant to a written charter, which describes its authority and responsibilities in detail,

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Nominating and Governance Committee

7KH 1RPLQDWLQJ DQG *RYHUQDQFH &RPPLWWHH FRQVLVWV RI IRXU GLUHFWRUV HDFK RI ZKRP PHHWV WKH LQGHSHQGHQFH UHTXLUHPHQWV RI WKH 1<6(¶V OLVWLQJ VWDQGDUGV 7KH 1RPLQDWLQJ DQG *RYHUQDQFH &RPPLWWHH DVVLVWV WKH %RDUG LQ LGHQWLILQJ TXDOL¿HG LQGLYLGXDOV WR EHFRPH GLUHFWRUV QRPLQDWHV GLUHFWRUV WR serve on, and chair, committees; reviews corporate governance trends; develops and recommends to the Board a set of Corporate Governance Guidelines

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The authority and responsibilities of the Nominating and Governance Committee include the following:

•	OHDG WKH VHDUFK IRU LQGLYLGXDOV TXDOL¿HG WR EHFRPH PHPEHUV RI WKH	• consider issues involving "related person transactions" with directors
Board;	and similar issues, including approval or ratification of any such
•	review with the Board the composition of the Board as a whole and	transactions as appropriate;
assess the skills currently represented on the Board, as well as skills	• RYHUVHH DQG SHULRGLFDOO UHYLHZ WKH &RPSDQ¶V (WKLFV DQG &RPSOLDQFH
that may be valuable in the future in light of anticipated business	Program, including our Code of Conduct and any significant
needs;	compliance allegations;
•	RYHUVHH WKH &RPSDQ¶V VXVWDLQDELOLW SURJUDP LQLWLDWLYHV DQG UHSRUWLQJ	• oversee climate-related risks and opportunities;
efforts, and periodically review trends in environmental, social and	• review and make recommendations to the Board regarding the
governance ("ESG") issues affecting the Company and its key public	&RPSDQ¶V UHVSRQVH WR DQ SURSRVDOV SUHVHQWHG E VWRFNKROGHUV
policy positions;	RWKHU WKDQ DQ VXFK SURSRVDOV UHODWLQJ VROHO WR WKH &RPSDQ¶V
executive or director compensation practices;

• PRQLWRU WUHQGV FKDQJHV LQ ODZ DQG 1<6( OLVWLQJ VWDQGDUGV DV ZHOO as best practices in corporate governance, and periodically review the
&RPSDQ¶V FRUSRUDWH JRYHUQDQFH GRFXPHQWV LQFOXGLQJ LWV &RUSRUDWH
Governance Guidelines;

• RYHUVHH WKH &RPSDQ¶V HQJDJHPHQW ZLWK VWRFNKROGHUV RQ JRYHUQDQFH and related topics;

• RYHUVHH WKH %RDUG DQG LWV FRPPLWWHHV¶ DQQXDO VHOI HYDOXDWLRQV
• annually review, and make recommendations to the Board regarding, its process for evaluating the effectiveness of the Board and its committees;

• advise the Board on succession planning for the Board and key leadership roles on the Board and its committees; and
• SHULRGLFDOO UHYLHZ WKH %RDUG¶V OHDGHUVKLS VWUXFWXUH DQG UHFRPPHQG changes to the Board as appropriate.

The Nominating and Governance Committee operates pursuant to a written charter, which describes its authority and responsibilities in detail, and is

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Finance Committee

The Finance Committee consists of four directors. The Finance Committee advises the Board and management of the Company on various capital

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Science and Technology Committee

The Science and Technology Committee consists of four directors. The Science and Technology Committee advises the Board and

PDQDJHPHQW RQ PDWWHUV LQYROYLQJ WKH &RPSDQ¶V UHVHDUFK DQG GHYHORSPHQW SURJUDPV 7KH 6FLHQFH DQG 7HFKQRORJ &RPPLWWHH RSHUDWHV SXUVXDQW WR D ZULWWHQ FKDUWHU ZKLFK GHVFULEHV LWV DXWKRULW DQG UHVSRQVLELOLWLHV LQ GHWDLO DQG LV DYDLODEOH RQ WKH &RPSDQ¶V ZHEVLWH DWhttps://www.slb.com/who-we-are/corporate-governance/science-and-technology-committee.

Board Meetings and Attendance

The Board and its committees met throughout 2020 on a set schedule, held special meetings, and acted by written consent from time to time, as

DSSURSULDWH DV UHÀHFWHG LQ WKH IROORZLQJ WDEOH

Regularly Scheduled Meetings

Board of Directors Audit Committee Compensation Committee

Nominating and Governance Committee Finance Committee

Science and Technology Committee

WR PHHW LQ H[HFXWLYH VHVVLRQ ZLWKRXW WKH &(2 SUHVHQW 2I¿FHUV UHJXODUO attend Board meetings to present information on our business and strategy, and Board members have worldwide access to our employees outside of Board meetings. From time to time between meetings, Board and committee members confer with each other and with management and independent consultants regarding relevant issues, and representatives of management may meet with such consultants on behalf of the relevant committee.

At each Board meeting, time is reserved for the independent directors

Special Meetings

1 - - 3 - -

Each of our current directors attended at least 75% of the meetings of the Board and the committees on which he or she served in 2020 (held during the period he or she served).

7KH %RDUG¶V SROLF UHJDUGLQJ GLUHFWRU DWWHQGDQFH DW DQQXDO JHQHUDO PHHWLQJV RI VWRFNKROGHUV LV WKDW GLUHFWRUV DUH ZHOFRPH EXW QRW UHTXLUHG to attend, and that the Company will make all appropriate arrangements for directors who choose to attend. No director attended our annual general meeting of stockholders in 2020.

Other Key Governance Policies and Practices

Prohibition on Hedging or Pledging of Schlumberger Stock

Our directors and executive officers are prohibited from using any strategies or products (such as derivative securities or short-selling

WHFKQLTXHV WR KHGJH GLUHFWO RU LQGLUHFWO DJDLQVW WKH SRWHQWLDO FKDQJHV in the value of Schlumberger common stock. In addition, our directors and

H[HFXWLYH RI¿FHUV DQG RWKHU NH HPSORHHV DUH SURKLELWHG IURP KROGLQJ

Schlumberger securities in a margin account or pledging Schlumberger

Policy Against Lobbying and Political Contributions

We have a strong culture of being politically neutral, and have a long-standing policy against lobbying or making financial or in-kind contributions to political parties or candidates, even when permitted by law. This policy, as set forth in our Code of Conduct, prohibits the use of Company funds or assets for political purposes, including for contributions to any political party, candidate or committee, whether federal, state or local. In addition, the Company does not lobby. As a result of our policy of political neutrality, Schlumberger does not have a political action committee,

Proxy Access Bylaw

securities as collateral for a loan. Our insider trading policy strongly discourages, but does not prohibit, other employees from engaging in

VSHFXODWLYH WUDQVDFWLRQV LQFOXGLQJ KHGJLQJ RU RWKHU ¿QDQFLDO PHFKDQLVPV holding Schlumberger securities in a margin account or pledging Schlumberger securities.

nor does it contribute to any third-party political action committees or other political entities organized under Section 527 of the U.S. Internal Revenue Code of 1986, as amended (the "Internal Revenue Code").

,Q WKH &HQWHU IRU 3ROLWLFDO $FFRXQWDELOLW D QRQ SUR¿W QRQ SDUWLVDQ organization, assessed our disclosure for its annual CPA-Zicklin Index of Corporate Political Disclosure and Accountability. The CPA-Zicklin Index

PHDVXUHV WKH WUDQVSDUHQF SROLFLHV DQG SUDFWLFHV RI WKH 6WDQGDUG 3RRU¶V

500. We achieved a perfect score of 100% in the 2020 CPA-Zicklin Index.

We proactively adopted proxy access bylaw provisions in 2017. These provisions permit a stockholder, or a group of up to 20 stockholders, owning at least 3% of our outstanding common stock, for at least three years, to include two director nominees, or 20% of the current Board, whichever is greater, in our proxy statement for the annual general meeting.

Policies and Procedures for Approval of Related Person Transactions

The Board has a written policy with respect to "related person transactions" to document procedures by which such transactions are reviewed, approved

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The policy applies to any transaction in which:

• the Company is a participant;
• any related person has a direct or indirect material interest; and
• the amount involved exceeds $120,000, but excludes any transaction
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Regulation S-K.

Communication with Board

The Nominating and Governance Committee, with assistance from the

&RPSDQ¶V &KLHI /HJDO 2I¿FHU LV UHVSRQVLEOH IRU UHYLHZLQJ DQG ZKHUH appropriate, approving or ratifying any related person transaction involving Schlumberger or its subsidiaries and related persons. The Nominating and Governance Committee approves only those related person transactions that are in, or are not inconsistent with, the best interests of the Company and its stockholders.

Since the beginning of 2020, there were no related person transactions under the relevant standards.

The Board recommends that stockholders and other interested parties initiate communications with the Board, the Chairman or any Board committee by writing to our Corporate Secretary. This process assists the Board in reviewing and responding to communications by stockholders and other interested parties. The Board has instructed our Corporate Secretary to review correspondence directed to the Board (including to the Chairman and any Board

FRPPLWWHH DQG DW WKH 6HFUHWDU¶V GLVFUHWLRQ WR IRUZDUG WKRVH LWHPV WKDW KH RU VKH GHHPV DSSURSULDWH IRU WKH %RDUG¶V FRQVLGHUDWLRQ &RPPXQLFDWLRQV can be sent to the following address:

'LUHFWRU &RPSHQVDWLRQ LQ )LVFDO <>

2XU GLUHFWRU FRPSHQVDWLRQ SKLORVRSK LV WR DSSURSULDWHO FRPSHQVDWH RXU QRQ HPSORHH GLUHFWRUV IRU WKH WLPH H[SHUWLVH DQG HIIRUW UHTXLUHG WR VHUYH as a director of a large and complex global company, and to align the interests of our directors with those of our long-term stockholders. Directors who are employees of Schlumberger do not receive compensation for serving on the Board.

Annual payments are made after our non-employee directors are elected by our stockholders. Non-employee directors who begin their Board, Board Chair, committee or committee chair service other than immediately following the annual general meeting of stockholders receive a prorated amount of annual compensation.

Director Pay Components

Non-employee directors receive an annual cash retainer of $115,000 plus an additional annual fee of $10,000 for each committee membership. The chair of each committee receives an additional annual fee of $20,000 in lieu of the fee for committee membership. Mr. Papa earns an additional $100,000 cash IHH DQQXDOO UHÀHFWLQJ KLV DGGLWLRQDO UHVSRQVLELOLWLHV DV WKH %RDUG¶V LQGHSHQGHQW &KDLUPDQ

In April 2020, in response to the COVID-19 pandemic and global economic downturn, all non-employee directors voluntarily agreed to forgo 100% of their cash compensation IRU WKH VHFRQG TXDUWHU RI 7KH Compensation Committee made no other changes to our non-employee director compensation program in 2020.

$GGLWLRQDOO 6FKOXPEHUJHU¶V SUDFWLFH LV WR DQQXDOO JUDQW WR HDFK non-employee director shares of Schlumberger common stock valued at approximately $190,000, or $290,000 for the independent Chairman of the Board, each April after our annual general meeting. Although the Schlumberger 2004 Stock and Deferral Plan for Non-Employee Directors (the "Directors Stock Plan") provides that annual stock awards to non-employee directors may be in the form of shares of common stock, shares of restricted stock or restricted stock units ("RSUs"), our practice has been to only issue shares of common stock. Our directors have never received restricted stock or RSUs as director compensation.

The following table provides information on the compensation paid to our non-employee directors in 2020.

Change in

Fees	Pension Value &
Earned	Non-Equity	1RQTXDOLÀHG 'HIHUUHG
or Paid	Stock	Option Incentive Plan	Compensation All Other
in Cash	Awards	Awards Compensation	Earnings Compensation
Name	($)(1)	($)(2)	($) ($)	($) ($)

Total

($)(3)

Peter L.S. Currie(4) 16,957 - - - - -	16,957
Patrick de La Chevardière(5) 101,250 265,904 - - - -	367,154
Miguel Galuccio 108,750 177,912 - - - -	286,662
Nikolay Kudryavtsev(4) 12,609 - - - - -	12,609
Tatiana A. Mitrova 101,250 177,912 - - - -	279,162
Maria Moræus Hanssen(6) 33,633 - - - - -	33,633
Indra K. Nooyi(4) 12,609 - - - - -	12,609
Lubna S. Olayan 108,750 177,912 - - - -	286,662
Mark G. Papa 156,250(7) 271,546 - - - -	427,796
Leo Rafael Reif 116,250 177,912 - - - -	294,162
Henri Seydoux 108,750 177,912 - - - -	286,662
Jeff W. Sheets(5) 106,250 265,904 - - - -	372,154

(1) If a non-employee director joins our Board, becomes Chairman of the Board, or joins or becomes chair of a committee of our Board after the start of any year, he or she receives cash compensation prorated for the period of service during which he or she served in that position during that year.
(2) Effective May 1, 2020, Schlumberger granted Mr. Papa, our Chairman of the Board, 17,241 shares of Schlumberger common stock, and granted 11,296 shares
WR HDFK RWKHU QRQ HPSORHH GLUHFWRU HOHFWHG DW RXU DQQXDO JHQHUDO PHHWLQJ 7KH DPRXQWV UHSRUWHG UHÀHFW WKH DJJUHJDWH JUDQW GDWH IDLU YDOXH RI WKH VWRFN awards computed in accordance with applicable accounting standards, based on the closing stock price on the grant date. Amounts rounded up to nearest dollar.
(3) Schlumberger reimburses non-employee directors for travel and other business expenses incurred in the performance of their services for Schlumberger.
(4) Did not stand for re-election at our April 2020 annual general meeting of stockholders.
(5) Messrs. de La Chevardière and Sheets were appointed to the Board effective October 28, 2019. In January 2020, each of them received a grant of 2,269 shares
RI RXU FRPPRQ VWRFN UHÀHFWLQJ D SURUDWHG DPRXQW IRU WKHLU VHUYLFH IURP 2FWREHU WR $SULO
(6) Ms. Moræus Hanssen was appointed to the Board effective October 15, 2020. In January 2021, Ms. Moræus Hanssen received a grant of 6,128 shares of our
FRPPRQ VWRFN UHÀHFWLQJ D SURUDWHG DPRXQW IRU KHU VHUYLFH IURP 2FWREHU WR $SULO
(7) Excludes $33,151 in Chairman fees that were paid during 2019 but earned in 2020.

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Director Stock Ownership Guidelines

The Board believes that ownership of Schlumberger stock by Board members aligns their interests with the interests of our stockholders. Accordingly,

WKH %RDUG KDV HVWDEOLVKHG D JXLGHOLQH WKDW HDFK QRQ HPSORHH %RDUG PHPEHU PXVW ZLWKLQ ¿YH HDUV RI MRLQLQJ WKH %RDUG RZQ DW OHDVW VKDUHV RI 6FKOXPEHUJHU FRPPRQ VWRFN $V RI 'HFHPEHU HDFK RI RXU QRQ HPSORHH GLUHFWRU QRPLQHHV ZKR KDV EHHQ D %RDUG PHPEHU IRU DW OHDVW ¿YH years was in compliance with these stock ownership guidelines.

Director Deferral Plan

Non-employee directors may elect to defer all or a portion of their annual stock or cash awards through the Directors Stock Plan. When directors elect to defer their stock award, their deferred compensation account is

FUHGLWHG ZLWK D QXPEHU RI ³VWRFN XQLWV ´ (DFK VWRFN XQLW LV HTXDO LQ YDOXH to a share of our common stock, but because it is not an actual share of our common stock it does not have any voting rights. When directors elect to defer their cash award, they may choose to invest such deferred cash compensation into either (i) Schlumberger common stock, (ii) moneyPDUNHW HTXLYDOHQWV RU LLL DQ 6 3 HTXLYDOHQW 'HIHUUDOV LQWR D VWRFN DFFRXQW DUH FUHGLWHG ZLWK GLYLGHQG HTXLYDOHQWV LQ WKH IRUP RI FDVK WR EH paid at the time of vesting and deferrals into the cash account are credited with gains or losses based on the monthly performance of the various investment options described above. Following retirement from our Board

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Stock Ownership Information

Security Ownership by Management and Our Board

The following table sets forth information known to us with respect to

EHQH¿FLDO RZQHUVKLS RI RXU FRPPRQ VWRFN DV RI -DQXDU E

(i) each director and director nominee, (ii) each of the named executive

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%HQH¿FLDO RZQHUVKLS LV GHWHUPLQHG XQGHU WKH UXOHV RI WKH 6(& DQG generally includes voting or investment power with respect to securities. Except as indicated in the footnotes to the table below and subject to applicable community property laws, to our knowledge the persons named in the table below have sole voting and investment power with respect to the securities listed. None of the shares are subject to any pledge.

7KH QXPEHU RI VKDUHV EHQH¿FLDOO RZQHG E HDFK SHUVRQ RU JURXS DV of January 31, 2021 includes shares of common stock that such person or

JURXS KDV WKH ULJKW WR DFTXLUH ZLWKLQ GDV RI -DQXDU LQFOXGLQJ upon the exercise of options to purchase common stock or the vesting of RSUs or PSUs. References to options in the footnotes to the table below include only options outstanding as of January 31, 2021 that are currentlyexercisable or that become exercisable within 60 days of January 31, 2021. The table below excludes the number of shares that have been earned

XQGHU RXU 52&( 368V EXW QRW HW ¿QDOO GHWHUPLQHG DV GHVFULEHG under "Compensation Discussion and Analysis-Payouts Under PSU Awards-2021 Payouts Under 2018 ROCE PSUs," on page 43.

For each individual and group included in the table below, percentage

RZQHUVKLS LV FDOFXODWHG E GLYLGLQJ WKH QXPEHU RI VKDUHV EHQH¿FLDOO owned by such person or group by the sum of the 1,398,264,586 shares of common stock outstanding on January 31, 2021, plus the number of

VKDUHV RI FRPPRQ VWRFN WKDW VXFK SHUVRQ RU JURXS KDG WKH ULJKW WR DFTXLUH on or within 60 days of January 31, 2021.

As of January 31, 2021, no director, director nominee or named executive

RI¿FHU RZQHG PRUH WKDQ RI WKH RXWVWDQGLQJ VKDUHV RI 6FKOXPEHUJHU¶V FRPPRQ VWRFN $OO GLUHFWRUV DQG H[HFXWLYH RI¿FHUV DV D JURXS RZQHG OHVV than 1% of the outstanding shares of our common stock as of January 31, 2021.

Name

Khaled Al Mogharbel 472,437(1)

Simon Ayat 782,806(2)

Ashok Belani 722,152(3)

Stephane Biguet 180,841(4)Patrick de La Chevardière Hinda Gharbi

Miguel M. Galuccio Olivier Le Peuch Tatiana A. Mitrova Maria Moræus Hanssen Lubna S. Olayan

Mark G. Papa Leo Rafael Reif Henri Seydoux Jeff W. Sheets

$OO GLUHFWRUV DQG H[HFXWLYH RI¿FHUV DV D JURXSSHUVRQV

(1) Includes options to purchase 323,000 shares.
(2) Includes options to purchase 514,000 shares.
(3) Includes options to purchase 467,000 shares.
,QFOXGHV RSWLRQV WR SXUFKDVH ,QFOXGHV RSWLRQV WR SXUFKDVHVKDUHV DQG VKDUHV DQG
(6) Includes options to purchase 150,000 shares.
(7) Includes options to purchase 2,082,995 shares.

VKDUHV EHQH¿FLDOO RZQHG E 0U %LJXHW¶V FKLOGUHQ VKDUHV EHQH¿FLDOO RZQHG E 0V *KDUEL¶V VSRXVH

13,565

269,388(5)

22,765

374,291(6)

17,249

6,128

40,769

50,131

42,769

38,769

13,565

3,625,960(7)

Stock Ownership Information

6HFXULW 2ZQHUVKLS E &HUWDLQ %HQH¿FLDO 2ZQHUV

The following table sets forth information as of December 31, 2020 (except as otherwise noted) with respect to persons known by us to be

WKH EHQH¿FLDO RZQHUV RI PRUH WKDQ RI RXU FRPPRQ VWRFN EDVHG VROHO on the information reported by such persons in their Schedule 13D and * ¿OLQJV ZLWK WKH 6(&

For each entity included in the table below, percentage ownership

LV FDOFXODWHG E GLYLGLQJ WKH QXPEHU RI VKDUHV UHSRUWHG DV EHQH¿FLDOO owned by such entity by the 1,398,264,586 shares of our common stock outstanding on January 31, 2021.

%HQHÀFLDO 2ZQHUVKLS RI

Common Stock Number of Percentage

Name and Address The Vanguard Group(1) 100 Vanguard Blvd. Malvern, PA 19355 BlackRock, Inc.(2) 55 East 52nd Street

115,343,090 8.2%

97,009,046 6.9%

1HZ

State Street Corporation(3) State Street Financial Center One Lincoln Street

Boston, MA 02111 Dodge & Cox(4)

555 California Street, 40th Floor San Francisco, CA 94104

80,793,825 5.8%

76,557,389 5.5%

of Class

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* $ ¿OHG RQ )HEUXDU 10 6XFK ¿OLQJ LQGLFDWHV WKDW 7KH 9DQJXDUG *URXS KDV VKDUHG YRWLQJ SRZHU ZLWK UHVSHFW

to 2,222,794 shares, sole investment power with respect to 109,277,886 shares and shared investment power with respect to 6,065,204 shares.

%DVHG VROHO RQ D 6WDWHPHQW RQ 6FKHGXOH * $ ¿OHG RQ )HEUXDU 6XFK ¿OLQJ LQGLFDWHV WKDW %ODFN5RFN ,QF KDV VROH YRWLQJ SRZHU ZLWK UHVSHFW WR 82,162,916 shares and sole investment power with respect to 97,009,046 shares.

(3) %DVHG VROHO RQ D 6WDWHPHQW RQ 6FKHGXOH * ¿OHG RQ )HEUXDU 6XFK ¿OLQJ LQGLFDWHV WKDW 6WDWH 6WUHHW &RUSRUDWLRQ KDV VKDUHG YRWLQJ SRZHU ZLWK UHVSHFW to 74,691,041 shares and shared investment power with respect to 80,786,121 shares.

(4)

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'HOLQTXHQW 6HFWLRQD 5HSRUWV

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Section 16(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), UHTXLUHV RXU H[HFXWLYH RI¿FHUV DQG GLUHFWRUV DPRQJ RWKHUV WR ¿OH DQ LQLWLDO UHSRUW RI RZQHUVKLS RI 6FKOXPEHUJHU FRPPRQ VWRFN on Form 3 and reports of changes in ownership on Form 4 or Form 5.

Company believes, based solely on a review of the copies of such forms

in its possession and on written representations from reporting persons, WKDW WZR WUDQVDFWLRQV UHTXLUHG WR EH reported under Section 16(a) were not timely reported GXULQJ WKH ¿VFDO HDU HQGHG 'HFHPEHU RU SULRU ¿VFDO HDUV 2QH )RUP UHTXLUHG WR EH ¿OHG LQ E 0U .HYLQ )IH UHODWLQJ WR D JUDQW RI 568V ZDV QRW WLPHO ¿OHG EXW ZDV ¿OHG RQ 2FWREHU

DQG RQH )RUP UHTXLUHG WR EH ¿OHG LQ E 0U %HODQL UHODWLQJ WR WD[ ZLWKKROGLQJ ZDV QRW WLPHO ¿OHG EXW ZDV ¿OHG RQ -DQXDU

ITEM 2. Advisory Resolution to Approve

Our Executive Compensation

We are asking our stockholders to approve, on an advisory basis, our executive compensation as reported in this proxy statement. As described below in the "Compensation Discussion and Analysis" section of this proxy statement, the Compensation Committee has structured our executive compensation program to achieve the following key objectives:

• to align the interests of our executive officers with those of our stockholders, through performance-based awards designed to incentivize outperformance and increased shareholder value;
• WR DWWUDFW PRWLYDWH DQG UHWDLQ WDOHQWHG H[HFXWLYH RI¿FHUV DQG
• WR PRWLYDWH DFKLHYHPHQW RI &RPSDQ ZLGH ¿QDQFLDO REMHFWLYHV DV ZHOO as other strategic, operational and personal objectives, while balancing rewards for short-term and long-term performance.

We urge stockholders to read the "Compensation Discussion and Analysis" beginning on page 28 of this proxy statement, which describes in more detail how our executive compensation policies and procedures operate and are designed to achieve our compensation objectives. We also urge stockholders to read the Summary Compensation Table and other related compensation tables and narrative, appearing on pages 52-65, which provide detailed information on the compensation of our

QDPHG H[HFXWLYH RI¿FHUV 7KH &RPSHQVDWLRQ &RPPLWWHH DQG WKH %RDUG believe that the policies and procedures articulated in the "Compensation Discussion and Analysis" are effective in achieving our goals and that

WKH FRPSHQVDWLRQ RI RXU QDPHG H[HFXWLYH RI¿FHUV UHSRUWHG LQ WKLV SUR[ statement has contributed to the Company's long-term success.

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In accordance with Section 14A of the Exchange Act, and as a matter of good corporate governance, we are asking stockholders to approve the following advisory resolution at the 2021 annual general meeting of stockholders:

RESOLVED, that the stockholders of Schlumberger Limited (the "Company") approve, on an advisory basis, the

FRPSHQVDWLRQ RI WKH &RPSDQ¶V QDPHG H[HFXWLYH RI¿FHUV disclosed in the Compensation Discussion and Analysis, the Summary Compensation Table and the related compensation tables, notes and narrative in the Proxy Statement for the Company's 2021 annual general meeting of stockholders.

This advisory resolution, commonly referred to as a "say-on-pay"

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7KH %RDUG KDV DGRSWHG D SROLF SURYLGLQJ IRU DQ DQQXDO ³VD RQ SD´ DGYLVRU YRWH 8QOHVV WKH %RDUG PRGL¿HV LWV SROLF RQ WKH IUHTXHQF RI holding "say-on-pay" advisory votes, the next "say-on-pay" advisory vote will occur in 2022.

7KH %RDUG RI 'LUHFWRUV 5HFRPPHQGV D 9RWH FOR Item 2.

Compensation Discussion and Analysis

This Compensation Discussion and Analysis ("CD&A") describes our compensation policies and practices as they relate to our six named executive

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1DPHG ([HFXWLYH 2IÀFHUV	Title
Olivier Le Peuch	&KLHI ([HFXWLYH 2I¿FHU
6WHSKDQH %LJXHW	([HFXWLYH 9LFH 3UHVLGHQW DQG &KLHI )LQDQFLDO 2I¿FHU
Khaled Al Mogharbel	Executive Vice President, Geographies
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Hinda Gharbi	([HFXWLYH 9LFH 3UHVLGHQW 6HUYLFHV DQG (TXLSPHQW
Simon Ayat	6HQLRU $GYLVRU WR WKH &(2 )RUPHU ([HFXWLYH 9LFH 3UHVLGHQW DQG &KLHI )LQDQFLDO 2I¿FHU

7KH SXUSRVH RI WKH &' $ LV WR H[SODLQ WKH HOHPHQWV RI RXU 1(2V¶ FRPSHQVDWLRQ WKH FULWHULD IRU VHOHFWLQJ WKHVH HOHPHQWV WKH UHODWLYH VL]H RI HDFK FRPSHQVDWLRQ HOHPHQW WKH GHFLVLRQV RXU &RPSHQVDWLRQ &RPPLWWHH PDGH ZLWK UHVSHFW WR WKH FRPSHQVDWLRQ RI RXU 1(2V DQG WKH UHDVRQV for those decisions.

2020 - Executive Overview

The unprecedented global health and economic crisis caused by the COVID-19 pandemic in 2020 resulted in the most challenging environment that we and our industry have ever experienced. )RU WKH ¿UVW WLPH HYHU :HVW 7H[DV ,QWHUPHGLDWH FUXGH RLO EULHÀ WUDGHG EHORZ RQH RI WKH PDQ devastating effects of COVID-19. The profound global economic shock caused by the pandemic resulted in both a swift collapse in oil demand and in oversupply, which together caused a dramatic decline in demand for our services and products.

Against this historic backdrop, we took swift and decisive actions to execute on our performance strategy, cut operating costs, and reinvent ourselves to adapt to an evolving industry landscape shaped by capital

GLVFLSOLQH LQFUHDVHG HI¿FLHQF RSHUDWLRQDO UHVLOLHQFH WKURXJK LQGXVWU cycles, sustainability and a reduced carbon footprint.

+LJKOLJKWV RI RXU include:

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• :H HQGHG E UHVWRULQJ IRXUWK TXDUWHU DGMXVWHG (%,7'$ margins to pre-COVID levels, despite a 33% decline in our revenue year-on-year. :H DOVR JHQHUDWHG VWURQJ IUHH FDVK ÀRZ LQ GHVSLWH severe industry headwinds.
• We accelerated the most comprehensive corporate restructuring in our history, with our new structure organized on the basis of divisions,
ZKLFK DUH DOLJQHG ZLWK RXU FXVWRPHUV¶ ZRUNÀRZV DQG NH EDVLQV % WKH HQG RI ZH KDG UHDOL]HG PRUH WKDQ RI WKH EHQH¿WV RI our structural cost-reduction program, which will permanently remove
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• In line with our focus on capital stewardship, we high-graded our
SRUWIROLR E H[LWLQJ FHUWDLQ FRPPRGLWL]HG EXVLQHVVHV ,Q 1RUWK $PHULFD we contributed our OneStim pressure pumping business to Liberty
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• :H IRUPHG 6FKOXPEHUJHU 1HZ (QHUJ RXU SRUWIROLR RI EXVLQHVV DQG technology ventures dedicated to exploring new opportunities in low-carbon or carbon-neutral energy technologies.

Highlights of our 2020 sustainability performance include:

• We delivered a 14% reduction of our Scope 1 and Scope 2 emissions intensity within one year-well on our path to our stated 2025 emissions reduction goal of 30%.
• Consistent with our commitment to being at the forefront of our industry's shift toward more sustainable energy production, our broad portfolio includes more than 100 impact-reducing technologies to help our customers decrease their environmental footprint, use cleaner chemistry, reduce waste, and decarbonize elements of the E&P process.
• We achieved our record-best safety and driving performance metrics, recording our lowest ever lost-time injury rate and our lowest ever automotive accident rate.

As a result of our actions in 2020, we increased our earnings power

DQG LPSURYHG RXU PDUJLQ SUR¿OH ZKLFK SRVLWLRQ XV WR FDSLWDOL]H RQ JURZWK drivers for the future of our industry and the next recovery cycle. We enter 2021 with positive momentum and a clear path to achieving double-digit

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2021. We believe that, given the depth, diversity and executional capability

RI RXU LQWHUQDWLRQDO EXVLQHVV ZH DUH XQLTXHO SRVLWLRQHG WR EHQH¿W DV international spending accelerates in the near- and midterm.

We came through the turbulence of 2020 with drive and purpose and reinvented ourselves for the future. We believe that we are poised to deliver superior results for our shareholders, informed by our vision of a more

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Overview of Compensation Decisions for 2020

7KH FRPSHQVDWLRQ RI RXU QDPHG H[HFXWLYH RI¿FHUV DSSURSULDWHO reflects and rewards their strong contributions to the Company's performance as they successfully navigated, and responded to, unprecedented challenges to our industry. Our Compensation Committee also continued to focus on strengthening the link between pay and performance; appropriately compensating our executives for effectively

GHSORLQJ FDSLWDO DQG JHQHUDWLQJ FDVK ÀRZ PRWLYDWLQJ RXU WRS H[HFXWLYHV through a year of tremendous worldwide economic volatility and uncertainty; and promoting long-term stockholder value despite challenging industry conditions.

In this context, and as more fully discussed elsewhere in this CD&A, below are some key actions that our Compensation Committee took with

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• We increased the overall rigor of our 2020 LTI program as compared to 2019, E VLJQL¿FDQWO LQFUHDVLQJ DOO SHUIRUPDQFH WDUJHWV IRU RXU IUHH FDVK ÀRZ FRQYHUVLRQ PSUs, and by raising the minimum performance target for our ROCE 368V RI RXU 1(2V¶ /7, DZDUGV ZHUH performance-based, and will vest, if at all, only after a three-year TSR performance period.
• Mr. Le Peuch, our CEO, did not receive an LTI award in 2020. The
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August 2019 in connection with his promotion to CEO and in lieu of
0U /H 3HXFK¶V HVWLPDWHG WDUJHW /7, DZDUG $V D UHVXOW WKH %RDUG determined that Mr. Le Peuch should not receive an LTI award in 2020.

• We did not increase the 2020 target LTI grant values for any of our
1(2V DQG ZH GLG QRW LQFUHDVH DQ RI RXU 1(2V¶ WDUJHW DQQXDO FDVK LQFHQWLYH RSSRUWXQLW RWKHU WKDQ LQ WKH FDVH RI 0U %LJXHW¶V promotion to the role of EVP and CFO. In addition, our executives UHFHLYHG QR SUR¿W VKDULQJ DZDUG IRU the 2020 ¿VFDO HDU.
• In July 2020, in response to the effects of the COVID-19 pandemic and other factors negatively affecting our industry, our Compensation
&RPPLWWHH DSSURYHG FHUWDLQ PRGL¿FDWLRQV WR RXU FDVK LQFHQWLYH plan, to align with the Company's increased returns-focused strategy and its revised outlook developed in response to the dynamic 2020 environment. The Committee did not make any post-grant adjustments to our LTI awards.
• Despite the unprecedented global economic and industry downturn, and due to our rapid introduction of a decisive cost management program:
- • RXU H[HFXWLYHV ZHUH DEOH WR JHQHUDWH FDVK ÀRZ RI ELOOLRQ LQ UHVXOWLQJ LQ D SDRXW RI RI WKH FDVK ÀRZ JHQHUDWLRQ portion of our 2020 cash incentive opportunity; and
- • our 2020 DGMXVWHG (%,7'$ ZDV ELOOLRQ UHVXOWLQJ LQ D SDRXW RI RI WKH DGMXVWHG (%,7'$ SRUWLRQ RI RXU FDVK LQFHQWLYH opportunity.

)RU UHFRQFLOLDWLRQV RI FDVK ÀRZ JHQHUDWHG DQG DGMXVWHG (%,7'$ WR WKHLU most comparable GAAP measures, see Appendix A.

Some Key Facts About Our 2020 Executive Compensation

We made no changes to the performance goals in our 2020

LTI program despite the pandemic100% of our QDPHG H[HFXWLYH RI¿FHUV' 2020 LTI compensation

was performance-based

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2020, in response to the COVID-19 pandemic and the global

economic downturn

RI RXU 1(2V¶ RXWVWDQGLQJ VWRFN RSWLRQV ZHUH ³XQGHU water" as of January 31, 2021 (see page 64)

Our CEO and CFO's 2020 target direct compensation places them at approximately the 50th percentile among CEOs and CFOs, respectively, in our main peer groups

2XU &(2 DQG FHUWDLQ RWKHU 1(2V¶ NH SHUVRQDO objectives included sustainability and/or gender balance targets (see pages 38-39)

Changes to Our 2021 Long-Term Incentive Program

In response to stockholder feedback and based on a review of peer company practices, our Compensation Committee in January 2021 approved

VHYHUDO FKDQJHV WR RXU /7, SURJUDP IRU H[HFXWLYH FRPSHQVDWLRQ DV GHVFULEHG LQ WKH FKDUW EHORZ 7KH IXOO LPSDFW RI WKHVH FKDQJHV ZLOO EH UHÀHFWHG in our 2021 executive compensation program, and will be presented more fully in our proxy statement for our 2022 annual general meeting.

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• All of our 2021 PSU awards have three-year performance periods, and are based on the following performance metrics:
- • DEVROXWH IUHH FDVK ÀRZ PDUJLQ
- • relative ROCE, and
- • relative TSR.
• The Committee believes these metrics better align our LTI program with our long-term strategy and stated objectives, and will be more effective through industry cycles.
• The Committee has discretion to reduce PSU payouts in the event of material asset impairments related to M&A transactions and other management decisions.

• 25% of the total LTI target value awarded to our executives in 2021 is based on relative TSR performance over a three-year performance period.
• TSR is a clear and objective metric to evaluate our performance against key competitors and other companies in our industry.
• Strongly aligns our executives' compensation to shareholder interests in creating long-term value.

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• We introduced three-year time-based RSUs to our 2021 LTI program, to promote the stability and retention of our executive team.

• 7KH &RPPLWWHH EHOLHYHV D PRUH GLYHUVL¿HG /7, grant program better balances our objectives of:
- • stability and retention through business cycles,
- • pay-for-performance alignment and stockholder value creation, and
- • motivating and incentivizing outperformance.
• RSUs make up 25% of the total LTI target value awarded to our executives in 2021.

Framework for Setting Executive Compensation in 2020

Program Design and Pay-for-Performance Philosophy

Our 2020 executive compensation program consisted of three primary elements, comprising our executives' total direct compensation: base

VDODU DQQXDO FDVK LQFHQWLYH DZDUGV DQG /7, HTXLW DZDUGV 7KHVH elements have allowed us to remain competitive and attract, retain and motivate top executive talent.

7KH WDEOH EHORZ VHWV RXW WKH SULPDU HOHPHQWV RI RXU 1(2V¶ total direct compensation, certain key features of each element, how we determined their respective amounts, and how each of these compensation elements supports our strategy.

TYPE

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• Relative performance metric, which compares our average annual
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but not increase, PSU payouts to executives

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• Absolute performance metric
• %DVHG RQ WKH SHUFHQWDJH RI RXU cumulative net income, excluding charges and credits, that we are able
WR FRQYHUW LQWR IUHH FDVK ÀRZ RYHU D 2-year performance period
• 7KUHH HDU UHODWLYH 765 PRGL¿HU PD reduce, but not increase, PSU payouts to executives

• EDVHG RQ DFKLHYHPHQW RI
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- • EDVHG RQ FDVK ÀRZ generation targets
- • 30% based on adjusted
  (%,7'$ WDUJHWV
• 30% based on achievement of pre-established key personal objectives, aligned with our 2020 strategic priorities

HOW WE DETERMINE

• See ROCE payout and performance matrix on page 41
• 6HH DOVR ³765 0RGL¿HU´ on page 40

• 6HH IUHH FDVK ÀRZ conversion payout and performance chart on page 42
• 6HH DOVR ³765 0RGL¿HU´ RQ page 40

• 6HH FDVK ÀRZ JHQHUDWLRQ payout and performance chart on page
• 6HH DGMXVWHG (%,7'$ payout and performance chart on page
• 6HH HDFK 1(2¶V REMHFWLYHV on pages 38-39

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• 0HDVXUHV WKH HI¿FLHQF RI RXU FDSLWDO employed relative to key competitors, consistent with our strategic priorities in a capital-constrained environment
• Motivates and rewards executives for relative
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• 765 PRGL¿HU UHGXFHV SDRXWV LI ZH underperform relative to the companies comprising the OSX Index

• Aligns the interests of our executives with long-term stockholder value by tying payouts
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• 765 PRGL¿HU HQKDQFHV VWRFNKROGHU DOLJQPHQW by extending the vesting period to three years. Also reduces payouts if we underperform relative to the companies comprising the OSX Index
• Fosters a results-driven, pay-for-performance culture

• 2XU FDVK ÀRZ JHQHUDWLRQ JRDO DOLJQV our capital stewardship priority with stockholder interests by tying executive payouts directly to the generation of cash necessary to fund our dividend, invest in future growth areas, and execute on other strategic initiatives
• $GMXVWHG (%,7'$ UHÀHFWV TXDOLW Company earnings driven by operational performance

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In setting our executives' compensation, we believe that:

• WKH SD RI RXU QDPHG H[HFXWLYH RI¿FHUV DQG RWKHU VHQLRU H[HFXWLYHV VKRXOG EH VWURQJO OLQNHG WR SHUIRUPDQFH WKDW LV HYDOXDWHG DJDLQVW ¿QDQFLDO strategic, operational and personal objectives, as described in this CD&A;
• our performance-based LTI and cash incentive awards should incentivize outperformance and maximize stockholder value, should be based on
FOHDU TXDQWLWDWLYH ILQDQFLDO PHWULFV WKDW DUH FORVHO DOLJQHG ZLWK RXU corporate strategy, and should be effective through all industry cycles;
• our executive compensation program should enable us to recruit, develop, motivate and retain top global talent, both in the short-term and long-term, by providing compensation that is competitive;

Performance-Weighted Pay Mix

• LTI awards should encourage the creation of long-term stockholder value, align our executives' compensation with our stockholder returns, and
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• VWRFN RZQHUVKLS JXLGHOLQHV ZKLFK UHTXLUH RXU H[HFXWLYHV WR KROG VWRFN DFTXLUHG WKURXJK /7, DZDUGV DOLJQ WKH LQWHUHVWV RI RXU H[HFXWLYHV ZLWK those of our other stockholders; and
• the diversity of our workforce is both an important part of our cultural philosophy and a business imperative, as it better enables us to serve clients globally.

Our executive compensation program is designed so that the higher an executive's position in the Company, the greater the percentage of his or her

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As shown in the charts below, approximately 90% of our CEO's 2020 target total direct compensation was at risk, and approximately 83% of our other

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CEO 2020 Target Pay Mix(1)

Other NEO 2020 Target Pay Mix(2)

(1) As discussed in the Compensation Discussion and Analysis of the proxy statement for our 2020 Annual General Meeting of Stockholders (the "2019 CD&A"), and as noted above under "-Overview of Compensation Decisions for 2020," Mr. Le Peuch did not receive an LTI award in 2020, because he had received an award of PSUs in August

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August 2019 PSU award.

(2) Does not include pay mix for Mr. Ayat, who retired from his role as EVP and CFO in January 2020.

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Our Compensation Committee seeks to achieve an appropriate balance between LTI awards, which emphasize long-term shareholder value creation and which encourage effective deployment of capital and FRQYHUVLRQ RI QHW LQFRPH WR IUHH FDVK ÀRZ, and annual cash rewards, which encourage achievement of annual financial and non-financial

REMHFWLYHV %DVHG RQ PDUNHW GDWD SURYLGHG E 3D *RYHUQDQFH //& our Compensation Committee's independent compensation consultant ("Pay Governance"), the pay mix RI RXU 1(2V is generally aligned with that of the companies in our two main executive compensation peer groups. For additional details about our comparative pay-for-performance assessments against our peer companies, see "Other Aspects of Our Executive Compensation Framework-Pay-for-Performance Relative to Our Peers" beginning on page 44 below.

In January 2020, our Compensation Committee concluded that, based on its review of the relative size of direct compensation elements ofcompanies in our main executive compensation peer groups, as well as internal factors, the mix of base salary, target annual cash incentive and target /7, ZDV DSSURSULDWH IRU HDFK RI RXU 1(2V

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WKH &(2 DQG WKH VHFRQG KLJKHVW SDLG H[HFXWLYH RI¿FHU ZDV ODUJHO LQ OLQH with prior years. Our Compensation Committee also noted that the levels

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Stockholder Engagement; 2020 Say-On-Pay Vote

Our Compensation Committee is committed to seeking and considering stockholder feedback in designing and managing our executive compensation program. We proactively engage with our stockholders regarding executive compensation and other corporate governance matters throughout the year, as discussed further in "Corporate Governance- Stockholder Engagement" on page 16. Our compensation program design for 2020 was largely developed and implemented in response to, and as a product of, past discussions with our stockholders. For example, in response to stockholder feedback, in recent years we reduced the

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UHODWLYH 765 PRGL¿HU LQWR RXU 368 DZDUGV $OVR LQ UHVSRQVH to stockholder feedback, all PSUs issued to our executives in 2021 are subject to three-year performance periods.

,Q RI WKH YRWHV FDVW DW RXU DQQXDO JHQHUDO PHHWLQJ RI stockholders voted in favor of our executive compensation program. Prior to our 2020 annual meeting, we reached out to 31 of our largest stockholders,

UHSUHVHQWLQJ RI RXU RXWVWDQGLQJ FRPPRQ VWRFN DQG PHW ZLWK RI them, representing 34% of our outstanding common stock, to seek their views on our executive compensation program. Our management team then reported on these discussions to our Compensation Committee and

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Elements of Total Direct Compensation; 2020 Decisions %DVH 6DODU

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HOHPHQWV DUH DW ULVN 2Q DSSRLQWPHQW WR DQ H[HFXWLYH RI¿FHU SRVLWLRQ EDVH salary is set at a level that is competitive with base salaries in the applicable peer compensation groups for that position, and takes into account other factors described below.

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CEO and subject to approval by our Compensation Committee, taking into account:

• comparable salaries for executives with similar responsibilities in the applicable peer groups;
• comparison to internal peer positions;
• the Company's performance during the year relative to the previous year and to its market peers;
• individual business experience and potential; and
• overall individual performance.

Our Compensation Committee reviews the base salary of the CEO in executive session and recommends his base salary to the non-executive

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In addition to periodic reviews based on the factors described above, our

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Base Salary Decisions in 2020

Our Compensation Committee reviewed the compensation of each

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(including data of the oil industry peer group, which showed lower base compensation growth) and other relevant factors, our Compensation

&RPPLWWHH GHWHUPLQHG WR PDLQWDLQ WKH EDVH VDODULHV RI HDFK RI RXU 1(2V except:

• 0U %LJXHW ZKRVH EDVH VDODU LQFUHDVHG IURP WR effective January 22, 2020, in connection with his promotion to the role of EVP and CFO; and
• 0V *KDUEL ZKRVH EDVH VDODU LQFUHDVHG IURP WR effective June 1, 2020, in connection with her appointment to the role
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In April 2020, in response to the COVID-19 pandemic and the global

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Annual Cash Incentive Awards

We pay annual performance-based cash incentives to our executives to foster a results-driven, pay-for-performance culture and to align their interests with those of our stockholders. Annual cash incentive awards are

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Annual Cash Incentive Opportunity Mix

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Payout Range

KPOs: 0-100%

Adjusted EBITDA: 0-200%

Cash Flow

Generation: 0-275%

Total:

0-200%

Our Compensation Committee selects performance-based measures that it believes strike a balance between motivating an executive to increase

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Company growth and value for stockholders. The Committee believes that,

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,Q HVWDEOLVKLQJ FDVK ÀRZ JHQHUDWLRQ JRDOV IRU RXU H[HFXWLYHV¶ FDVK incentive plan, the Compensation Committee considered that these goals

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7KH TXDQWLWDWLYH ¿QDQFLDO FRPSRQHQW RI RXU 1(2V¶ DQQXDO cash incentive opportunity comprised two different metrics, with 40%

EHLQJ EDVHG RQ DFKLHYHPHQW RI FDVK ÀRZ JHQHUDWLRQ WDUJHWV DQG RQ DFKLHYHPHQW RI DGMXVWHG (%,7'$ WDUJHWV 2XU &RPSHQVDWLRQ &RPPLWWHH VHOHFWHG FDVK ÀRZ JHQHUDWLRQ DQG DGMXVWHG (%,7'$ DV WKH WZR ¿QDQFLDO metrics for our 2020 cash incentive plan for the reasons detailed in the chart on the following page. In addition, the Committee selected these

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WKH /7, SRUWLRQ RI RXU 1(2V¶ FRPSHQVDWLRQ SURJUDP 7KLV LV EHFDXVH WKH annual cash incentive portion focuses solely on the absolute amount of cash we generate over a one-year period, and takes into account cash

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As previously disclosed in July 2020, our Compensation Committee

DSSURYHG FHUWDLQ PRGL¿FDWLRQV WR RXU FDVK LQFHQWLYH SODQ LQ UHVSRQVH to the effects of the COVID-19 pandemic and other factors that severely and negatively affected our industry, including the precipitous collapse in global oil demand and the resulting decline in demand for our services and products. Put simply, our Compensation Committee determined that the

UDQJH RI &RPSDQ ¿QDQFLDO UHVXOWV SRVVLEOH DV D UHVXOW RI WKH SDQGHPLF and its effects had changed so dramatically that it was necessary to

UHDVVHVV WKH ¿QDQFLDO SHUIRUPDQFH PHWULFV DQG WDUJHWV XQGHU RXU 2020 cash incentive plan that the Committee had approved earlier in the year. Our Compensation Committee believes the changes that it approved, which are described in the chart on the next page, align our executives' performance and the Company's strategy with aggressive performance goals and metrics to better drive stockholder value.

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• Our Compensation Committee determined in January 2020 that it was appropriate to continue to tie the
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FDVK ÀRZ JHQHUDWLRQ WDUJHWV FRQVLVWHQW ZLWK 2019.
• &DVK ÀRZ JHQHUDWLRQ VXSSRUWV RXU SXUVXLW RI VWUDWHJLHV that enhance stockholder value, such as generating
VXI¿FLHQW FDVK WR PHHW RXU GLYLGHQG UHTXLUHPHQWV investing in the Company's future growth areas, such as digital, and executing on other strategic initiatives.

• This metric became even more meaningful as an indication of effective management through the COVID-19 pandemic.

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• In the wake of the collapse in global oil demand due to the COVID-19 pandemic, as well as the severe reduction in demand for our services and products, we adjusted our strategic
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No mid-year changes to performance metric or target and maximum goals:

• In July 2020, our Compensation Committee determined that it was appropriate to keep cash
ÀRZ JHQHUDWLRQ DV D SHUIRUPDQFH PHWULF LQ RXU FDVK LQFHQWLYH SURJUDP EHFDXVH FDVK generation and reduction of our net debt remained critical to our strategy.
• In keeping this metric, the Committee believed that it would not be appropriate to reduce the target or maximum performance goals that it had approved earlier in the year.

Mid-year change to minimum goal:

• In July 2020, in light of the then-current economic conditions resulting from the COVID-19 pandemic, our Compensation Committee believed that it was appropriate to reduce the
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• The Committee approved this new minimum target because it was aligned with our new full-year cash dividend payout amount, and would appropriately incentivize management to
JHQHUDWH VXI¿FLHQW FDVK WR SD WKH UHYLVHG FDVK GLYLGHQG WKHUHE SURYLGLQJ D PHDQLQJIXO goal that was tied to stockholder value creation.
• The Committee believed that maintaining the originally-approved target and maximum
SHUIRUPDQFH JRDOV ZKLOH UHVHWWLQJ WKH PLQLPXP SHUIRUPDQFH JRDO WR EHWWHU UHÀHFW &RPSDQ and market expectations in light of the pandemic, would provide an appropriate balance for this component of our executives' 2020 cash incentive opportunity, by coupling aggressive goals to achieve target and maximum performance with pragmatic goals at minimum achievement.

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• In January 2020, the Committee approved an adjusted earnings per share ("EPS") performance metric and performance targets for our 2020 cash incentive plan, consistent with 2019. However, in response to the effects of the COVID-19 pandemic and global economic downturn, the Committee determined in July 2020 that it was appropriate to replace the previously-approved adjusted EPS performance metric with an adjusted
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• The Committee considered a number of factors when it
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New performance metric:

• First, the Committee considered that market expectations of our adjusted EPS for the second half of 2020 did not yield meaningful targets for management. The Committee
EHOLHYHG WKDW UHSODFLQJ WKH DGMXVWHG (36 SHUIRUPDQFH PHWULF ZLWK DGMXVWHG (%,7'$ would motivate our executives to achieve aggressive and meaningful earnings performance targets in the second half of 2020, and would be better aligned with stockholder interests.
• Second, because investors and market analysts value the Company by reference to a PXOWLSOH RI DGMXVWHG (%,7'$ WKH FKDQJH ZRXOG DOLJQ RXU 1(2V¶ 2020 compensation to a key market valuation method.
• 7KLUG WKH &RPPLWWHH EHOLHYHG WKDW DGMXVWHG (%,7'$ LV D EHWWHU LQGLFDWRU RI WKH TXDOLW of the Company's earnings driven by operational performance, and therefore is a better metric to value the Company, as compared to adjusted EPS.
• Fourth, the Committee considered that because a portion of our line management's
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New performance targets:

• 7KH &RPPLWWHH DSSURYHG D PLQLPXP DGMXVWHG (%,7'$ SHUIRUPDQFH JRDO LQIRUPHG E PDUNHW DQDOVWV¶ FRQVHQVXV HVWLPDWHV RI RXU IXOO HDU DGMXVWHG (%,7'$ RQ WKH GD EHIRUH WKH UHOHDVH RI RXU VHFRQG TXDUWHU HDUQLQJV UHVXOWV ³(%,7'$ FRQVHQVXV´ DQG D WDUJHW SHUIRUPDQFH JRDO VHW DERYH (%,7'$ FRQVHQVXV EDVHG RQ RXU WKHQ current internal forecast. The Committee believed that setting the target performance
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Early each fiscal year, our Compensation Committee reviews and approves the key personal objectives of the CEO for that year, subject

WR DSSURYDO E WKH QRQ H[HFXWLYH PHPEHUV RI WKH %RDUG 7KH &RPPLWWHH also annually assesses the CEO's performance against his key personal objectives established for the prior year, to determine a 30% portion of his annual cash incentive opportunity. The CEO reviews and approves the key

SHUVRQDO REMHFWLYHV RI WKH RWKHU 1(2V DQG DVVHVVHV WKHLU SHUIRUPDQFH against their pre-approved objectives in a similar way.

2020 Annual Cash Incentive Results

Upon review of market data, and taking into consideration internal pay

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Name

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• QRQ ¿QDQFLDO JRDOV WKDW DUH LPSRUWDQW WR WKH &RPSDQ¶V VXFFHVV including:
- • people-related objectives, such as retention, engagement, diversity or gender balance;
- • ethics and compliance;
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• other business priorities.

RSSRUWXQLW IURP WR LQ FRQQHFWLRQ ZLWK KLV SURPRWLRQ LQ -DQXDU 2020 to the role of EVP and CFO. As a result, the 2020 target annual cash incentive for our CEO was 150% of his base salary and 100% of base

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(2) In January 2020, Mr. Ayat retired as our EVP and CFO and assumed a new, non-executive position. Mr. Ayat was not eligible for, and did not receive, an annual

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In reviewing our 2020 annual cash incentive results, our Compensation Committee considered the significant efforts of our executive team in

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WKH &RPPLWWHH DSSURYHG IXOO HDU DGMXVWHG (%,7'$ WDUJHWV -XO 2020) and the date on which the Committee approved 2020 annual cashincentive payouts (January 21, 2021), demonstrating alignment between

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2XU FDVK ÀRZ JHQHUDWHG ZDV ELOOLRQ %DVHG RQ WKHVH UHVXOWV and applying the payout matrix above, our Compensation Committee

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As discussed above under "-Financial Objectives," our Compensation Committee did not modify the target and maximum performance goals for

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The minimum performance goal that the Committee originally approved

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In approving cash flow generation as a performance metric, our Compensation Committee believed that it should encourage management to pursue its strategy of divesting certain non-core or low-margin businesses and assets while at the same time holding management accountable for

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Committee also believed that it was appropriate to exclude from any cash

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As discussed above under "-Financial Objectives," in July 2020 our

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activity growth potential, pricing, the introduction of new technology, and commodity prices.

7KH IROORZLQJ FKDUW UHIOHFWV RXU 1(2V¶ IXOO HDU FDVK IORZ generation targets, as approved by our Compensation Committee in July

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23% reduction in minimum target, to align with reduction to quarterly dividend

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%DVHG RQ WKH IRUHJRLQJ DQG IRU SXUSRVHV RI WKH DQQXDO FDVK incentive payouts, the Committee approved the following formulation for

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• FDVK ÀRZ IURP RSHUDWLRQV;
• less cash paid for severance;
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• less FDVK SDLG IRU EXVLQHVV DFTXLVLWLRQV DQG LQYHVWPHQWV QHW RI FDVK DFTXLUHG SURYLGHG WKDW WKH SXUFKDVH SULFH IRU HDFK RI WKH LQGLYLGXDO WUDQVDFWLRQV LV OHVV WKDQ PLOOLRQ DQG
• plus proceeds from the divestiture of businesses or assets, net of cash divested, provided that the proceeds from each of the individual
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on our then-current internal forecast. The Committee believed that setting

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ELOOLRQ	Full-Year 2020 consensus
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above consensus estimates
ELOOLRQ	5% above target performance goal;
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Committee not replaced the adjusted EPS performance goals with adjusted

SHUIRUPDQFH (%,7'$ JRDOV RXU 1(2V ZRXOG KDYH HDUQHG QR SDRXW XQGHU the adjusted EPS component of their 2020 cash incentive opportunity.

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Mr. Le Peuch had the following key personal objectives: &$7(*25<

Financial Results Sustainability

$FKLHYH E H[HFXWLQJ RXU VWUDWHJ 1RUWK $PHULFD /DQG PDUJLQV HTXDO WR RU H[FHHGLQJ D SUH HVWDEOLVKHG WDUJHWReduce CO2 HPLVVLRQV E D SUH HVWDEOLVKHG WDUJHW LQ emissions reduction goal.

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Materially increase representation of women in senior leadership, in line with our previously announced

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Our Compensation Committee evaluated our performance based on

DGMXVWHG (%,7'$ FRQVLVWHQW ZLWK WKH PDQQHU LQ ZKLFK ZH SUHVHQWHG RXU DGMXVWHG (%,7'$ UHVXOWV LQ RXU WKLUG DQG IRXUWK TXDUWHU 2020 earnings announcements and in presentations to investors. It is also consistent with how analysts calculate their estimates. In approving the payout for 2020

DGMXVWHG (%,7'$ SHUIRUPDQFH WKH &RPPLWWHH UHDI¿UPHG LWV GHFLVLRQ WR exclude the charges and credits set forth in Appendix A from the calculation

RI DGMXVWHG (%,7'$ RQ WKH JURXQGV WKDW D VLJQL¿FDQW SRUWLRQ RI WKH FKDUJHV were non-cash in nature, and were also driven primarily by external market conditions and outside of management's control.

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target percentage.
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pre-established target.
Strategic -	Enter into a minimum number of major production and recovery services contracts, alliances or partnerships,
Production	including in regions that are strategically important to Schlumberger.

Mr. Al Mogharbel had the following key personal objectives: &$7(*25<

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Achieved

Mr. Al Mogharbel earned 100% of his total 2020 cash incentive award opportunity under his key personal objectives.

Ms. Gharbi had the following key personal objectives: &$7(*25<

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Strategic -	Enter into a minimum number of major production and recovery services contracts, alliances or
Production	partnerships, including in regions that are strategically important to Schlumberger.
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Ms. Gharbi earned 93.3% of her total 2020 cash incentive award opportunity under her key personal objectives.

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/7, DZDUGV DUH GHVLJQHG WR JLYH 1(2V DQG RWKHU KLJK YDOXH HPSORHHV a long-term stake in the Company, incentivize the creation of sustained stockholder value, act as long-term retention and motivation tools, and directly tie employee and stockholder interests over the long term. In

-DQXDU RXU 1(2V DQG RWKHU H[HFXWLYHV UHFHLYHG RI WKHLU /7, awards in the form of PSUs, with payouts contingent on achievement of

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Our Compensation Committee believes that our current LTI program serves the following objectives:

• creates a stronger and more visible link between executive pay and Company performance;
• furthers align our executives' interests with those of our stockholders;
• incentivizes outperformance relative to other companies in our industry;

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The value of an executive's LTI grant increases with the level of an executive's responsibility at the Company. For the CEO and our other

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• the Company's financial and operating performance during the relevant period;
• the size and mix of the total direct compensation elements for the executive;

• mitigates the impact of the cyclical nature of our industry on our LTI program; and
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Mostly achieved Achieved
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• ties management incentives to key metrics that our management can more readily control.

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,Q -DQXDU RXU 1(2V HDUQHG RI WKH WDUJHW VKDUHV RI RXU common stock upon vesting of the three-year PSUs that were granted to

RXU 1(2V LQ DQG RI WKH WDUJHW VKDUHV RI RXU FRPPRQ VWRFN upon vesting of the two-year PSUs that were granted in 2018. In January

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2018. See "-Payouts Under PSU Awards" on page 43.

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• retention;
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• the executive's contribution to the Company's success;
• the level of competition for executives with comparable skills and experience; and
• WKH WRWDO YDOXH DQG QXPEHU RI HTXLW EDVHG DZDUGV JUDQWHG WR DQ executive over the course of his or her career, together with the UHWHQWLYH HIIHFW RI DGGLWLRQDO HTXLW EDVHG DZDUGV.

LTI Grants to Our NEOs in 2020

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WKH WDUJHW /7, JUDQW YDOXHV DW WKH VDPH OHYHO DZDUGHG LQ IRU DOO RXU 1(2V H[FHSW WKDW 0U %LJXHW¶V WDUJHW /7, JUDQW YDOXH ZDV LQFUHDVHG LQ connection with his promotion to EVP and CFO. In addition, our CEO was not granted a 2020 LTI award in light of his August 2019 PSU Awards, as discussed above under "-Overview of Compensation Decisions for 2020."

Our Compensation Committee approved:

• awards of PSUs with a three-year ROCE performance period (the "2020 ROCE PSUs"). These PSUs will vest, if at all, based on our average annual ROCE achieved over a three-year performance period commencing in 2020 as compared to the average annual ROCE of our
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The 2020 ROCE PSUs constitute 50% of our executives' 2020 target LTI dollar value. See "-2020 ROCE PSUs: Performance Measures and Goals" on page 41.

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TSR performance period.

• awards of PSUs with a two-year free cash flow conversion performance period (the "2020 FCF Conversion PSUs"). These PSUs will vest, if at all, based on the percentage of our cumulative net income, excluding charges and credits, that we are able
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Conversion PSUs constitute the other 50% of our executives' 2020 target LTI dollar value. See "-2020 FCF Conversion PSUs: Performance Measures and Goals" on page 42.

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Name	RI 52&( 368V	368V RI UDQWV(1) RI UDQWV(2)	&KDQJH
O. Le Peuch(3)	-	- - n/m	n/m
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K. Al Mogharbel	56,530	56,530	0%
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7KH DFWXDO JUDQW GDWH IDLU YDOXH RI HDFK JUDQW FRPSXWHG LQ DFFRUGDQFH ZLWK DSSOLFDEOH DFFRXQWLQJ VWDQGDUGV LV GLVFORVHG LQ WKH ³*UDQWV RI 3ODQ %DVHG $ZDUGV for Fiscal Year 2020" table on page 54.

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(3) As discussed in the 2019 CD&A, and as noted above under "-Overview of Compensation Decisions for 2020," Mr. Le Peuch did not receive an LTI award in 2020,

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:H ZLOO GHWHUPLQH WKH HIIHFW RI WKH 765 PRGL¿HU RQ WKH 368V LQ early 2023. First, we will calculate the three-year, cumulative TSR results for each company that was included in the Philadelphia Oil Services Sector index (the "OSX Index") as of January 2020. Then, we will rank Schlumberger's three-year, cumulative TSR against each of those peer

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Index's internal weighting methodology. If our three-year, cumulative TSR isin the bottom 33rd percentile rank as compared to each of those companies'

LQGLYLGXDO 765 UHVXOWV WKHQ RXU 765 PRGL¿HU ZLOO FDXVH WKH SDRXWV RQ the 2020 PSUs to be reduced by 25 percentage points (e.g. from 100%

RI WDUJHW WR RI WDUJHW 7KLV PRGL¿HU ZLOO RQO UHGXFH WKH QXPEHU RI shares earned under a PSU award, but will never increase the number of shares earned.

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In January 2020, our Compensation Committee set goals for the 2020 ROCE PSUs based on our average annual ROCE over a three-year performance period as compared to the average annual ROCE of

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The ROCE performance period for the 2020 ROCE PSUs began on January 1, 2020 and ends on December 31, 2022. These PSUs are also subject to a three-year TSR performance period under the relative TSR

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Vesting of these PSUs will depend on our performance compared to the average ROCE of the ROCE comparator group. The number of PSUs that will vest and convert to shares as of the vesting date can range from 0% to 250%, but in no event will payout exceed 250%. As illustrated in the graph below:

• ,I RXU DYHUDJH DQQXDO 52&( RYHU WKH WKUHH HDU SHULRG LV HTXDO WR that of our ROCE comparator group as a whole, then the 2020 ROCE PSUs will vest at 100% of target. If our average annual ROCE over that period is higher than that of our ROCE comparator group as a whole, then the 2020 ROCE PSUs will vest between 101% and 250% of target, as shown by the solid line in the graph below.

Payout(%)

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Delta ROCE (bps)

52&( LV D PHDVXUH RI WKH HI¿FLHQF RI RXU FDSLWDO HPSORHG DQG LV a comprehensive indicator of long-term Company and management performance. We selected a relative ROCE metric because it allows us to directly compare how we deploy our capital against key comparator

FRPSDQLHV LQ RLO¿HOG VHUYLFHV )XUWKHUPRUH 52&( PHDVXUHV SHUIRUPDQFH in a way that is tracked and understood by many of our investors. This is also the metric that our Compensation Committee approved for the PSUs

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Our selection of ROCE as a performance metric for our 2020 PSUs is also consistent with our strategic priorities. Our Compensation Committee believes that tying a part of our executives' LTI pay to achieving our

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• If our average annual ROCE over the three-year period is four percentage points or more below the average of the ROCE comparator group, then no 2020 ROCE PSUs will vest and no shares will be earned. This is more rigorous than the minimum performance level that applied to the 2019 PSUs, which was six percentage points below the average of the ROCE comparator group. Our Compensation Committee approved this change because it believes our executives
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• In addition, if both (x) our absolute, single-year ROCE is greater than 10% in 2022, and (y) our single-year 2022 ROCE exceeds that of our ROCE comparator group as a whole, then the 2020 ROCE PSUs will vest at an increased rate (up to a maximum of 250%), as shown by the dotted line in the graph below. Our Compensation Committee believes that this component of the 2020 PSUs further aligns our executives' potential LTI payouts with the Company's goal of achieving absolute ROCE above our weighted average cost of capital in 2022.

At the end of the ROCE and TSR performance periods, our Compensation Committee will certify our average ROCE and that of the ROCE comparator group as a whole. The Committee will then determine the percentage of shares earned based on the graph below, as adjusted for the three-year UHODWLYH 765 PRGL¿HU.

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innovate. Our Compensation Committee also believes that improvements

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We calculate ROCE as a ratio, the numerator of which is (a) income from continuing operations, excluding charges and credits plus (b) after-tax net interest expense, and the denominator of which is (x) stockholders'

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In January 2020, our Compensation Committee set goals for the 2020 FCF Conversion PSUs based on the percentage of our cumulative net income,

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7KH IUHH FDVK ÀRZ FRQYHUVLRQ SHUIRUPDQFH SHULRG IRU WKHVH 368V EHJDQ on January 1, 2020 and ends on December 31, 2021. The Committee

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)UHH FDVK ÀRZ LV DQ LPSRUWDQW OLTXLGLW PHDVXUH IRU WKH &RPSDQ DQG is useful to investors and to management as a measure of the Company's

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For purposes of the 2020 FCF Conversion PSUs, net income is defined as income from continuing operations before non-controlling

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Our Compensation Committee has the discretion to adjust the Company's income from continuing operations before noncontrolling

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Payouts Under PSU Awards

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ROCE PSUs").

In January 2020, our Compensation Committee approved the results for

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In January 2018, our Compensation Committee granted PSUs to our

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In January 2018, our Compensation Committee granted PSUs to our

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In January 2021, our Compensation Committee approved the results for the 2018 ROCE PSUs using the performance criteria that the Committee had previously approved. Specifically, our Compensation Committee determined that, based on the then-available reported results of the ROCE comparator companies, the 2018 ROCE PSUs had been earned at 134% of

at 141% of target, based on Schlumberger's annual average ROCE of 200 basis points above the average of the ROCE comparator group through

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JURXS %HFDXVH QRW DOO 52&( FRPSDUDWRU FRPSDQLHV KDG UHSRUWHG WKHLU audited 2019 results as of January 2020, our Compensation Committee approved a preliminary issuance of 90% of the shares earned under the 52&( 368V ,Q $SULO RQFH DOO 52&( FRPSDUDWRU FRPSDQLHV KDG UHOHDVHG WKHLU DXGLWHG ¿QDQFLDO UHVXOWV WKH &RPSDQ LVVXHG WKH number of additional shares determined to have been earned based on achievement of 141% of target.

In January 2020, our Compensation Committee determined that we

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These shares were subject to a mandatory one-year hold period, and converted to non-restricted shares in January 2021.

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The actual earned dollar value of our NEOs' PSU payouts as of January 2021 was substantially less than the grant values that the Committee approved when it awarded the PSUs. Although the 2018 ROCE PSUs paid out at 134% of target, the actual earned dollar value of these grants in January 2021 was approximately 45% of the grant date value.

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from January 1, 2019 to December 31, 2020, as a percentage of cumulative net income generated over that same period, excluding charges and credits (the "2019 FCF Conversion PSUs"). These PSUs remain subject to a three-year TSR performance period ending December 31, 2021, and as such remain unvested. At the end of the TSR performance period, our Compensation Committee will determine the number of shares ultimately earned under the 2019 FCF Conversion PSUs.

Other Aspects of Our Executive Compensation Framework %HVW 3UDFWLFHV LQ ([HFXWLYH &RPSHQVDWLRQ *RYHUQDQFH

The following is a summary of some of our executive compensation best practices and policies.

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At Risk Pay. $ VLJQL¿FDQW SRUWLRQ RI RXU 1(2V¶ SD LV DW ULVN DQG

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Performance-Based Annual Cash Incentive Awards. At least

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Compensation Clawback Policy. Our compensation clawback

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Robust Executive Stock Ownership Requirements. Under our stock ownership guidelines, our CEO must own an amount of our stock valued at six times his annual base salary; our executive vice presidents must own at least three times their annual base salary;

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Mandatory Retention of Shares. Our executives must retain 50%

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Annual Peer Compensation Review. We annually review the

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Pay-for-Performance Relative to Our Peers

As part of our Compensation Committee's annual review of our executive compensation program, in July 2020 the Committee directed Pay Governance to prepare a comparative pay-for-performance assessment against two sets of peer group companies:

• D JURXS RI RXU FRUH RLO¿HOG VHUYLFHV FRPSHWLWRUV QDPHO +DOOLEXUWRQ %DNHU +XJKHV DQG 129 ,QF (our "core competitor peer group"); and
• WKH FRPSDQLHV LQ RXU RLO LQGXVWU SHHU JURXS DV LGHQWL¿HG EHORZ XQGHU "-Our Peer Group Companies" beginning on page 45.

The purpose of the comparative assessment was to determine the degree

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RQ FDSLWDO IUHH FDVK ÀRZ JURZWK DQG 765 :H VHOHFWHG WKHVH PHWULFV IRU their effectiveness in assessing long-term Company performance, and because our PSU awards incorporate them as key performance metrics

RU PRGL¿HUV 5HWXUQ RQ FDSLWDO DQG IUHH FDVK ÀRZ JURZWK DUH NH LQSXWV WR shareholder value, and TSR is a primary output measure of shareholder value creation.

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December 31, 2019, because our Compensation Committee believes that

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1R /7, RU DQQXDO FDVK LQFHQWLYH SDRXWV LI ZH IDLO WR DFKLHYH SUH established minimum performance criteria.

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PSUs and RSUs do not accrue or pay dividends or dividend

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:H GR QRW GLOXWH RXU VWRFNKROGHUV ZLWK H[FHVVLYH HTXLW JUDQWV WR employees. Our 2020 "burn rate," or stock awards granted as a percentage of common shares outstanding, was only 1.3%.

alignment of pay and performance is more effectively assessed over the mid- and long-term. Our Compensation Committee reviewed the realizable total direct compensation of our CEO against that of other CEOs in our core competitor peer group and in our oil industry peer group. It then separately

UHYLHZHG WKH UHDOL]DEOH WRWDO GLUHFW FRPSHQVDWLRQ RI RXU 1(2V DV D JURXS DJDLQVW WKDW RI QDPHG H[HFXWLYH RI¿FHUV DW RWKHU FRPSDQLHV FRPSULVLQJ these two peer groups.

As a result of the assessment, the Committee determined that the

UHDOL]DEOH WRWDO GLUHFW FRPSHQVDWLRQ RI RXU &(2 DQG WKH RWKHU 1(2V ZDV generally aligned with performance relative to our core competitor peer group. Relative to our oil industry peer group, the Committee determined

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DQG LQWHJUDWHG ( 3 FRPSDQLHV JHQHUDOO RXWSHUIRUPHG RLO¿HOG VHUYLFHV companies during those periods.

"Realizable total direct compensation" for each period consisted of the following:

• actual salaries paid;
• actual cash incentive payouts received; and
• the May 31, 2020 market value of the following:
- • the intrinsic value of in-the-money stock options granted during the applicable period;

Our Peer Group Companies

• the intrinsic value of any unvested RSUs; and
• for performance-based incentive awards, (i) the actual award payout value of awards vesting during the applicable period and (ii) the estimated payout values for awards granted in 2018 and 2019, based on company disclosures (and in all cases based on actual stock prices as of May 31, 2020, not as of the date of grant).

Our Compensation Committee considers formal executive compensation survey data prepared by Pay Governance when it reviews and determines executive compensation. The Committee also reviews information on the executive compensation practices at various peer group companies when considering changes to the Company's executive compensation program. In addition, the relative performance metrics incorporated in our 2020 PSU

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Our 2020 executive compensation program used several distinct peer groups, as summarized in the table below.

Annual compensation review

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compensation

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Oil services companies with annual revenues greater

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upstream E&P companies and integrated oil and gas companies with annual revenues between

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Primary executive

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group, used by our Compensation Committee to compare our executives' total direct compensation with the total compensation for reasonably similar industry-

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Large technology-focused

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ELOOLRQ DQG PDUNHW capitalizations exceeding

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Secondary benchmarking peer group, used by our Compensation Committee to compare our overall compensation practices against a broader mix of non-oil companies that are similar to Schlumberger in size, complexity, and international scope. Particularly relevant for non-operations positions, where the skills and experience may be easily transferable to other industries outside the oil and gas industry.

Annual compensation review and benchmarking for 2020 compensation

2020 ROCE PSUs

)LYH NH RLO¿HOG VHUYLFHV competitors: Halliburton,

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Weatherford International and 129 ,QF

In comparing our relative ROCE performance, our Compensation Committee believes that the most appropriate comparisons are against companies in our same industry.

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ROCE PSUs and 2020 FCF Conversion PSUs

The oil services companies that comprised the OSX Index as of January 2020

In comparing our relative TSR performance, our Compensation Committee believes that the most appropriate comparisons are against companies in our same industry. In addition, the Committee selected the OSX Index in order to incorporate a metric that used an independent selection process.

As shown in the table on the previous page, we have two main executive compensation peer groups: our oil industry peer group and our general industry peer group (our "main executive compensation peer groups"). Our Compensation Committee's selection criteria for companies comprising the main executive compensation peer groups include:

• potential competition for executive talent;
• revenue and market capitalization;
• global presence and scope of international operations; and
• companies viewed as leaders in their industries.

Our Compensation Committee, with the assistance of Pay Governance, annually reviews specific criteria and recommendations regarding companies to add to or remove from these peer groups. As a general matter, our Compensation Committee selects suitable comparator companies such

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that companies in each of our two main executive compensation peer groups, at the median, approximate Schlumberger's estimated revenue in the then-current year and its then-current market capitalization. Our

&RPSHQVDWLRQ &RPPLWWHH PRGL¿HV WKH SHHU JURXS FULWHULD DV DSSURSULDWH while seeking a satisfactory degree of stability, to provide a consistent basis for comparison.

In July 2019, our Compensation Committee reviewed and approved the companies constituting our two main executive compensation peer groups effective for 2020 executive compensation decisions, based on the criteria set forth in this section. At the time of the Committee's review, Schlumberger's full-year 2019 revenue was forecast to be approximately

ELOOLRQ 7KH FRPSDQLHV FRPSULVLQJ WKH RLO LQGXVWU SHHU JURXS DQG the general industry peer group effective for relevant 2020 compensation decisions are set forth below.

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Oil services companies with annual revenues greater than $8.4 billion

Upstream E&P and integrated oil and gas companies with annual revenues between $10.4 billion and $158.9 billion

Anadarko Petroleum	%DNHU +XJKHV	%+3 *URXS	Chevron	ConocoPhillips
Devon Energy	Eni SpA	EOG Resources	Halliburton	Imperial Oil Limited
Marathon Petroleum	129 ,QF	Occidental Petroleum	Phillips 66	Suncor Energy
TechnipFMC	Valero Energy

UHYHQXHV JUHDWHU WKDQ ELOOLRQ DV ZHOO DV XSVWUHDP ( 3 FRPSDQLHV and integrated oil and gas companies with annual revenues betweenThe oil industry peer group comprises oil services companies with annual

ELOOLRQ DQG ELOOLRQ 7KH EURDG UHYHQXH UDQJH LV GXH WR WKH limited number of peer companies in Schlumberger's immediate revenue

UDQJH DQG WKH IDFW WKDW DOO RWKHU RLO¿HOG VHUYLFH FRPSDQLHV KDYH ORZHU UHYHQXH WKDQ 6FKOXPEHUJHU 6RPH PHPEHUV RI WKLV SHHU JURXS IUHTXHQWO seek to recruit Schlumberger executives for their senior executive roles. See "-The Competition for Our Executive Talent" beginning on page .

Our Compensation Committee decided to include E&P companies in this peer group based on a number of factors. First, because Schlumberger was

VLJQL¿FDQWO ODUJHU WKDQ DOO RI LWV GLUHFW FRPSHWLWRUV LQ WKH RLO¿HOG VHUYLFHV industry in terms of revenue and market capitalization, our Compensation

Committee believed that the addition of E&P companies provided a more appropriate and complete comparator group. In addition, our Compensation Committee believed that the inclusion of E&P companies is appropriate because our executives have been hired by E&P companies in the past, and market consolidation has reduced the number of direct competitors

LQ WKH RLO¿HOG VHUYLFHV LQGXVWU WKXV LQFUHDVLQJ WKH SURPLQHQFH RI ( 3 companies as competitors for our executive talent.

In July 2019, our Compensation Committee, applying the selection criteria set forth above, approved the removal of Petrofac from the oil industry peer group because it did not meet the revenue criterion described above. As a result of the foregoing, Schlumberger was in the 60th percentile RI WKH RLO LQGXVWU SHHU JURXS LQ WHUPV RI UHYHQXH DQG LQ WKH th percentile of the oil industry peer group in terms of market capitalization.

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Annual revenues between $15.7 billion and $70.9 billion with technical focus and significant international operations

3M Company	$%% /WG	%$( 6VWHPV
Caterpillar	Cisco Systems	Emerson Electric
Fluor Corporation	Freeport-McMoRan	General Dynamics	Hewlett Packard Enterprise	Honeywell
HP Inc.	Intel	Johnson Controls	Koninklijke Philips	Lockheed Martin
/RQGHOO%DVHOO	Oracle	QUALCOMM	Raytheon	Rio Tinto
Rolls-Royce Holdings	SAP SE	Schneider Electric	Texas Instruments	United Technologies

Accenture*

Compagnie de Saint-Gobain Deere & Company

Added to the group for 2020 executive compensation decisions.

The general industry peer group provides data from large companies with

VLJQL¿FDQW LQWHUQDWLRQDO RSHUDWLRQV DQG VXSSOHPHQWV WKH FRPSHQVDWLRQ data from the oil industry peer group, whose companies are closer to Schlumberger in industry type but have widely varying revenue sizes. The general industry peer group:

• includes multi-national companies with (i) non-U.S. annual revenue of greater than 20% of consolidated revenue;
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• includes a variety of industries, such that no single industry represents more than 25% of the general industry peer group;
• includes companies in sectors that are most relevant to Schlumberger, such as the technology, engineering, chemical, mining, resources and
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The Competition for Our Executive Talent

A primary consideration of our Compensation Committee in overseeing our executive compensation program is the need to motivate and retain what it considers to be the best executive talent in the energy industry.

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Compensation Committee believes that delivering strong long-term

VWRFNKROGHU UHWXUQV DQG ¿QDQFLDO DQG RSHUDWLRQDO UHVXOWV GHSHQGV RQ our ability to attract, develop and retain the best talent globally. A highly competitive compensation package is critical to this objective.

In light of the foregoing, our Compensation Committee generally seeks

WR WDUJHW WRWDO GLUHFW FRPSHQVDWLRQ IRU RXU 1(2V EHWZHHQ WKH th DQG th percentiles of our two main executive compensation peer groups; however,

WKH &RPPLWWHH PD SRVLWLRQ DQ 1(2 ZKR LV QHZ WR D SRVLWLRQ DW RU EHORZ the 50th percentile for a period of time. For example, our CEO and CFO's 2020 target direct compensation places them at approximately the 50th percentile among CEOs and CFOs, respectively, in our main executive

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• excludes companies in industries that are less comparable to
6FKOXPEHUJHU¶V VXFK DV HQWHUWDLQPHQW ¿QDQFH UHWDLO OLIH VFLHQFHV and pharmaceutical companies.

Our Compensation Committee considers data from the general industry peer group as it deems necessary or advisable to the extent that data

IURP WKH RLO LQGXVWU SHHU JURXS PD QRW H[LVW RU PD EH LQVXI¿FLHQW IRU VRPH H[HFXWLYH RI¿FHU SRVLWLRQV 7KH JHQHUDO LQGXVWU SHHU JURXS LV also particularly relevant for non-operations positions, where the skills and experience may be easily transferable to other industries outside the oil and gas industry.

In July 2019, our Compensation Committee, applying the selection criteria set forth above, approved the removal of DowDupont from this peer group, because its annual revenue exceeded the criterion described above, as well as the addition of Accenture to this peer group. As a result of the foregoing, Schlumberger was positioned at the 53rd percentile of the general industry peer group in terms of revenue, and the 56th percentile of that peer group in terms of market capitalization.

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Our Compensation Committee believes that the 50th WR th percentile range is appropriate to target because of Schlumberger's leading position

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In approving this target range and when setting compensation for 2020, the Committee considered that many current and former senior executive

RI¿FHUV RI OHDGLQJ FRPSDQLHV LQ YDULRXV LQGXVWULHV KDYH SUHYLRXVO VHUYHG as senior executives at Schlumberger.

Former senior Schlumberger executives have either been, or are, senior executives at the following competitors, customers and other technology-and engineering-focused companies:

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(past Chairman and CEO,	(current Chairman, CEO,	(past Chairman and CEO,	(current CEO,
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other senior executives)	Chairman and CEO)
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(past acting CEO and CFO,	(current CEO and COO)	(past CEO)	(current COO and GC,
and other senior executives)	and past CEO)
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(current GC)	(current CEO)	(current CEO)	(past CEO and GC)
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and past CFO and GC)	past CEO and CFO)	senior executives)	other senior executives)
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Process for Determining Executive Compensation

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2XU &RPSHQVDWLRQ &RPPLWWHH UHYLHZV WKH HOHPHQWV RI RXU 1(2V¶ WRWDO direct compensation throughout the year, to evaluate whether each element of direct compensation remains competitive with the companies in our two main executive compensation peer groups. In making compensation decisions, our Compensation Committee relies on its own judgment after its review of external market data, and also considers the following factors:

• the size and complexity of the executive's scope of responsibilities;
• leadership, management and technical expertise, performance history, growth potential, and position in reporting structure;
• overall Company and individual performance;
• retention needs;
• the recommendations of the CEO (except for his own compensation); and
• LQWHUQDO SD HTXLW ERWK LQ UHODWLRQ WR WKH RWKHU 1(2V DQG LQ comparison with the average pay mix of the Company's executive
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Each January, our Compensation Committee evaluates all elements of

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CEO does not participate in our Compensation Committee's deliberations

UHJDUGLQJ KLV RZQ FRPSHQVDWLRQ $W WKH &RPPLWWHH¶V UHTXHVW WKH &(2 reviews with the Committee the performance of the other executive

RI¿FHUV EXW QR RWKHU QDPHG H[HFXWLYH RI¿FHU KDV DQ LQSXW LQ H[HFXWLYH compensation decisions. Our Compensation Committee gives substantial weight to the CEO's evaluations and recommendations because he is

SDUWLFXODUO DEOH WR DVVHVV WKH RWKHU H[HFXWLYH RI¿FHUV¶ SHUIRUPDQFH DQG contributions to the Company. Our Vice President of Human Resources

DVVLVWV WKH &(2 LQ GHYHORSLQJ WKH H[HFXWLYH RI¿FHUV¶ SHUIRUPDQFH UHYLHZV and reviewing market compensation data to determine compensation recommendations for our executives.

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Review and approve the peer group companies used for compensation benchmarking

Independent compensation consultant provides analysis for our Compensation Committee to evaluate executive compensation

Evaluate Company and executive performance (achievement of

REMHFWLYHV HVWDEOLVKHG LQ SUHYLRXV ¿VFDO HDU DQG UHFRPPHQG annual cash incentive compensation based on those results

Review and recommend executive base salary and determine

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5HVXOWV DSSURYHG LQ -DQXDU RI HDFK ¿VFDO HDU IRU DQQXDO FDVK incentive compensation with respect to prior year. The annual cash

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-DQXDU RI HDFK ¿VFDO HDU IRU EDVH VDODU IRU WKDW HDU DQG IRU HTXLW EDVHG JUDQWV

2XU &RPSHQVDWLRQ &RPPLWWHH PD DW LWV GLVFUHWLRQ UHYLHZ DQG DGMXVW RI¿FHU FRPSHQVDWLRQ DW RWKHU WLPHV GXULQJ WKH HDU )RU H[DPSOH DV GLVFXVVHG above under "Elements of Total Direct Compensation; 2020 Decisions-Annual Cash Incentive Awards-Financial Objectives," in July 2020 the Committee

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Our Compensation Committee is responsible for granting long-term

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DSSURYLQJ ORQJ WHUP HTXLW DZDUGV WKH RYHUDOO SRWHQWLDO VWRFNKROGHU GLOXWLRQ impact and "burn rate," which is the rate at which awards are granted as a percentage of common shares outstanding.

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Our Compensation Committee has retained Pay Governance as its independent consultant with respect to executive compensation matters. Pay Governance reports only to, and acts solely at the direction of, our Compensation Committee. Pay Governance prepares compensation surveys for review by our Compensation Committee at its October meeting. One of the purposes of the October meeting is to assess compensation decisions made in January of that year in light of comparative data to date; another purpose of the October meeting is to prepare for the annual

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Pay Governance works with Schlumberger's executive compensation

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and is usually two days in advance of the Company's announcement of

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at comparable roles at companies in our main executive compensation peer groups. Our Compensation Committee has also retained Pay Governance as an independent consulting firm with respect to non-employee director compensation matters. Pay Governance prepares an analysis of competitive non-employee director compensation levels and market trends using the same two main peer groups as are used for the

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Our Compensation Committee has assessed the independence of Pay Governance pursuant to SEC rules and has concluded that its work did

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Executive Stock Ownership Guidelines

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Executive Vice Presidents

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All executives subject to the guidelines must retain 50% of the net shares

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PSUs and RSUs, after payment of applicable taxes, until they achieve the

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DQG 568 YHVWLQJ XQWLO WKH DFKLHYH WKHLU UHTXLUHG RZQHUVKLS OHYHO 6WRFN ownership for the purpose of these guidelines does not include shares underlying vested or unvested stock options, unvested RSUs or unvested PSUs.

As of December 31, 2020, DOO RI RXU WKHQ VHUYLQJ 1(2V ZHUH LQ compliance with our stock ownership guidelines.

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In January 2020, our Compensation Committee approved guidelines covering, among other things, LTI vesting, salary, benefits and other

FRPSHQVDWLRQ PDWWHUV IRU RI¿FHUV GHSDUWLQJ WKH &RPSDQ HLWKHU EHFDXVH they are eligible for retirement, early retirement or special retirement, or because they are involuntarily terminated (if not eligible for retirement). These guidelines are a non-binding framework for management's reference

LQ LWV H[HFXWLYH VXFFHVVLRQ SODQQLQJ ZLWK ÀH[LELOLW DV UHTXLUHG E VSHFL¿F situations.

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Agreement with Former CFO

$V SUHYLRXVO GLVFORVHG LQ RXU GH¿QLWLYH SUR[ VWDWHPHQW IRU RXU annual general meeting of stockholders, Schlumberger and Mr. Ayat, our former CFO, entered into an agreement effective as of January 22, 2020

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Under the guidelines, we may, at our discretion, enter into agreements

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Ayat. Under the terms of the agreement, Mr. Ayat agreed to devote 50% of his business time to Schlumberger as Senior Strategic Advisor to our CEO for a two-year period. Under the agreement, Mr. Ayat will also continue to participate during the term in Schlumberger's health, welfare and insurance plans on a basis comparable to that of other U.S. employees. He also was granted a PSU award on January 16, 2020, as set forth in the "Grants of

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In line with Schlumberger's aim to encourage long-term careers with the Company and to promote retention, retirement plans are provided, where

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2I¿FHUV DQG RWKHU HPSORHHV LQ WKH 8QLWHG 6WDWHV ZKRVH FRPSHQVDWLRQ H[FHHGV WKH TXDOL¿HG SODQ OLPLWV DUH HOLJLEOH WR SDUWLFLSDWH LQ QRQ TXDOL¿HG H[FHVV EHQH¿W SURJUDPV IRU N SUR¿W VKDULQJ DQG SHQVLRQ (PSORHHV DQG H[HFXWLYH RI¿FHUV DVVLJQHG RXWVLGH WKH 8QLWHG 6WDWHV DUH HQWLWOHG WR participate in the applicable plans of the country where they are assigned, including supplemental plans where available.

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Committee, adopted a revised policy regarding recoupment of performance-

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Impact of Tax Treatment

that review, the Committee will take such actions as it deems appropriate or necessary, including recoupment of any amounts paid in excess of

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Section 162(m) of the Internal Revenue Code limits the amount of compensation that may be deducted per covered employee, including each of our

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Compensation Committee Report

Our Compensation Committee has reviewed and discussed with the Company's management the Compensation Discussion and Analysis included in this

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Discussion and Analysis be included in this proxy statement.

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Mark G. Papa, Chair Maria Moræus Hanssen Leo Rafael Reif Henri Seydoux Jeff W. Sheets

Executive Compensation Tables and Accompanying Narrative

2020 Summary Compensation Table

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WR HDFK RI

Change in

Pension

Value & 1RQTXDOLÀHG

Non-Equity

DeferredSalaryStock AwardsOption Incentive Plan CompensationAll OtherAwards CompensationEarnings CompensationTotalName

Year

($)(3)

($)(4)

($)

($)(5)

($)(6)

($)(7)

($)

Olivier Le Peuch

2020

&KLHI ([HFXWLYH 2I¿FHU

Stephane Biguet

2020

Executive Vice President

DQG &KLHI )LQDQFLDO 2I¿FHU

Khaled Al Mogharbel

2020

([HFXWLYH 9LFH 3UHVLGHQW

Geographies

Ashok Belani

2020

([HFXWLYH 9LFH 3UHVLGHQW

Schlumberger New Energy

Hinda Gharbi

2020

([HFXWLYH 9LFH 3UHVLGHQW

Services and Equipment

Simon Ayat

2020

Senior Advisor to the CEO

Former Executive Vice President and

&KLHI )LQDQFLDO 2I¿FHU

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,QFOXGHV WKH YDOXH RI 368 DZDUGV ZLWK UHVSHFW WR DQG DQG 568 DZDUGV VROHO ZLWK UHVSHFW WR DQG )RU HDFK DPRXQW UHÀHFWHG LQ WKH ³6WRFN $ZDUGV´ FROXPQ LV WKH DJJUHJDWH JUDQW GDWH IDLU YDOXH IRU ERWK WKH )&) &RQYHUVLRQ 368V DQG 52&( 368V DW WDUJHW OHYHO SHUIRUPDQFH WKDW ZHUH JUDQWHG WR RXU 1(2V LQ (DFK DPRXQW UHÀHFWV DQ DFFRXQWLQJ H[SHQVH DQG GRHV QRW FRUUHVSRQG WR DFWXDO YDOXH WKDW PD EH UHDOL]HG E DQ 1(2 LQ WKH IXWXUH 7KH QXPEHU RI HTXLW DZDUGV JUDQWHG LQ WR HDFK 1(2 LV SURYLGHG LQ WKH *UDQWV RI 3ODQ %DVHG $ZDUGV IRU )LVFDO . 368V GR QRW SD GLYLGHQGV RU KDYH YRWLQJ ULJKWV SULRU WR YHVWLQJ $FFRUGLQJO WKH fair value of these awards is the quoted market price of our common stock on the grant date less the present value of the expected dividends not received prior to vesting. 7KH 1(2V PD QHYHU UHDOL]H DQ YDOXH IURP WKHVH 368V DQG WR WKH H[WHQW WKDW WKH GR WKH DPRXQWV UHDOL]HG PD KDYH QR FRUUHODWLRQ WR WKH DPRXQWV UHSRUWHG DERYH

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$OO RI WKH SHUTXLVLWHV LQFOXGHG LQ WKH FROXPQ ³$OO 2WKHU &RPSHQVDWLRQ´ DQG GHVFULEHG LQ WKH DFFRPSDQLQJ IRRWQRWHV DUH JHQHUDOO DYDLODEOH WR DOO RI WKH &RPSDQ¶V SURIHVVLRQDO OHYHO HPSORHHV 5HORFDWLRQ DVVLVWDQFH LV SURYLGHG WR DOO HPSORHHV RQ D &RPSDQ ZLGH EDVLV

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Financial Planning Services Housing Allowance

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TOTAL

$	170,419
$	119,081
$	262,956
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TOTAL	$	70,968
156,943
$	86,171

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Vacation Travel Allowance Financial Planning Services Housing Allowance TOTAL

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Vacation Travel Allowance

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TOTAL

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Expatriate Tax Preparation Vacation Travel Allowance

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TOTAL

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The following table provides additional information about stock awards and other incentive plan awards granted to our NEOs in 2020.

All Other

All OtherEstimated Possible Payouts Under Non-Equity IncentiveEstimated Possible Payouts

Stock

Option

Under Equity Incentive

Awards:

Number Number of of Shares Securities of Stock Underlying

Plan Awards(2)

Plan Awards(3)

Awards: Exercise or Base

NameAward Type(1)Grant ThresholdTarget Maximum ThresholdTarget Maximum or UnitsOptionsDate

($)

($) ($) (#)

(#) (#)

(#)

(#)Price of Option Awards ($/Sh)Full Grant Date Fair Value of Stock and Option Awards

($)(4)

O. Le Peuch S. Biguet

)&)& 368 52&( 368

K. Al Mogharbel )&)& 368 52&( 368

A. Belani )&)& 368 52&( 368

H. Gharbi )&)& 368 52&( 368

S. Ayat

)&)& 368 52&( 368

$OO HTXLW DZDUGV WR RXU 1(2V LQ ZHUH LQ WKH IRUP RI 368V $OO VXFK 368V ZHUH DZDUGHG XQGHU WKH 6FKOXPEHUJHU 2PQLEXV 6WRFN ,QFHQWLYH 3ODQ 7KHVH FROXPQV VKRZ WKH SRVVLEOH SDRXWV IRU HDFK 1(2 IRU ¿VFDO HDU EDVHG RQ SHUIRUPDQFH JRDOV VHW IRU WKH HDU 3RVVLEOH SDRXWV DUH SHUIRUPDQFH GULYHQ 7KUHVKROG WDUJHW DQG PD[LPXP SRWHQWLDO SDRXWV DUH EDVHG RQ WKH DQQXDO FDVK LQFHQWLYH UDQJH HVWDEOLVKHG IRU HDFK 1(2 ZKLFK LV H[SUHVVHG DV D SHUFHQWDJH RI EDVH VDODU IRU WKH HDU )RU WKRVH 1(2V ZKR UHFHLYHG EDVH VDODU LQFUHDVHV RU DQQXDO FDVK LQFHQWLYH UDQJH LQFUHDVHV RU ERWK GXULQJ WKH HDU SRWHQWLDO SDRXWV DUH GHWHUPLQHG E SUR UDWLQJ WKH SRWHQWLDO SDRXW EDVHG XSRQ WKH QXPEHU RI PRQWKV D FDVK LQFHQWLYH UDQJH RU EDVH VDODU UDWH ZDV LQ HIIHFW $FWXDO FDVK LQFHQWLYH DPRXQWV HDUQHG IRU DUH UHÀHFWHG LQ WKH ³1RQ (TXLW ,QFHQWLYH 3ODQ &RPSHQVDWLRQ´ FROXPQ RI WKH 6XPPDU &RPSHQVDWLRQ 7DEOH )RU LQIRUPDWLRQ UHJDUGLQJ WKH DQQXDO FDVK LQFHQWLYH SDLG WR RXU 1(2V ZLWK UHVSHFW WR SHUIRUPDQFH VHH ³&RPSHQVDWLRQ 'LVFXVVLRQ DQG $QDOVLV²(OHPHQWV RI 7RWDO 'LUHFW &RPSHQVDWLRQ

'HFLVLRQV²$QQXDO &DVK ,QFHQWLYH $ZDUGV´ EHJLQQLQJ RQ SDJH .

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The following table provides information regarding outstanding and unexercised stock options and other outstanding equity awards for each of our

1(2V DV RI 'HFHPEHU

NameOption AwardsNumber of Securities Underlying Unexercised

Option/

OptionsPSU/RSU ExercisableNumber of Securities Underlying Unexercised

Option UnexercisableGrant DateStock Awards

EquityNumber of Shares or Units of Stock That Have

Option Exercise

Price

(#)(1)

Incentive Plan Awards Market Number of Value of Unearned Shares or Shares, Units

Units of or Other Stock That Rights ThatOption Expiration

(#)(1)

O. Le Peuch

Not Vested

($)Equity

Incentive Plan Awards:

Market or Payout Value of

UnearnedHave Not

Vested

DateHave Not

Vested

(#)

Shares, Units or Other Rights That Have Not

Vested

($)(2)

(#)

- - - - -

($)(2)

S. Biguet

- - - - - - -

K. Al Mogharbel

- - - - -

Option AwardsNumber of Securities Underlying Unexercised

Option/

OptionsPSU/RSU ExercisableNumber of Securities Underlying Unexercised

Option UnexercisableNameStock Awards

EquityNumber of Shares or Units of Stock That Have

Option Exercise

PriceGrant Date

Incentive Plan Awards Market Number of Value of Unearned Shares or Shares, Units

Units of or Other Stock That Rights ThatOption Expiration

(#)(1)

Equity

Incentive Plan Awards:

Market or Payout Value of

Unearned

Not Vested

(#)(1)

A. Belani

Have Not

Vested

($)Have Not

Vested

Date

Shares, Units or Other Rights That Have Not

Vested

(#)

($)(2)

(#)

- - - - -

($)(2)

H. Gharbi

- - - -

S. Ayat

- - - - -

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5HÀHFWV WKH WDUJHW QXPEHU RI 52&( 368V WKDW ZHUH LVVXHG LQ -DQXDU performance conditions.

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Executive	Company
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O. Le Peuch	SLB Supplementary Plan	-	-
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Termination of Employment

Stock Options

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Reason for Termination of Employment Voluntary termination with consent of the Company or termination by the Company other than for cause Termination by the Company for cause

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Change in Control

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Corporate Transaction.

The following table sets forth the intrinsic value of the unvested stock

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Schlumberger common stock and achievement by the Company of any relevant performance metric.

Upon Corporate Transaction

Intrinsic Value
of Unvested Options
Name	($)
O. Le Peuch	-
S. Biguet	-
K. Al Mogharbel	-
A. Belani	-
H. Gharbi	-
S. Ayat	-

Value of Unvested RSUs and

PSUs (at Target)

($)

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Savings Plan upon a change in control.

Name

O. Le Peuch S. Biguet

K. Al Mogharbel A. Belani

Amount ($)

H. Gharbi S. Ayat

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Agreement with Former CFO

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for details regarding our agreement with Mr. Ayat.

ITEM 3. Approval of Financial Statements

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• the declarations of dividends by our Board in 2020.

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Brokers have discretion to vote on this proposal without your instruction. If you do not instruct your broker how to vote on this proposal, your broker may vote on this proposal in its discretion.

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Year Ended December 31,2020

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$ 14,276

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Number of

Plan category

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Number of securities remaining available for future issuance under equity compensation plans (excluding securities

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Alexander C. Juden

Dianne B. Ralston

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Appendix A

Reconciliation of Non-GAAP Financial Measures

Our 2021 proxy statement includes non-GAAP financial measures. Free cash flow, cash flow generation, adjusted EBITDA, and net income, excluding charges and credits, are non-GAAP financial measures. These measures are used when determining certain incentive compensation.

7KH IROORZLQJ LV D UHFRQFLOLDWLRQ RI WKHVH QRQ *$$3 ¿QDQFLDO PHDVXUHV WR WKH FRPSDUDEOH *$$3 PHDVXUHV 0DQDJHPHQW EHOLHYHV WKDW WKH H[FOXVLRQ RI FKDUJHV DQG FUHGLWV IURP FHUWDLQ QRQ *$$3 ¿QDQFLDO PHDVXUHV HQDEOHV LW WR HYDOXDWH PRUH HIIHFWLYHO 6FKOXPEHUJHU¶V RSHUDWLRQV SHULRG RYHU SHULRG DQG WR LGHQWLI RSHUDWLQJ WUHQGV WKDW FRXOG RWKHUZLVH EH PDVNHG E WKH H[FOXGHG LWHPV

(Stated in millions)

Twelve

MonthsPeriods Ended December 31,

2020

&DVK ÁRZ IURP RSHUDWLRQV	$	2,944
Capital expenditures	(1,116)
$36 LQYHVWPHQWV	(303)
Multiclient seismic data capitalized	(101)
)UHH FDVK ÁRZ	$	1,424
Business acquisitions and investments	(33)
Net proceeds from divestitures	434
Cash paid for severance	843
&DVK ÁRZ JHQHUDWLRQ	$	2,668

)UHH FDVK ÀRZ UHSUHVHQWV FDVK ÀRZ IURP RSHUDWLRQV OHVV FDSLWDO H[SHQGLWXUHV $36 LQYHVWPHQWV DQG PXOWLFOLHQW VHLVPLF GDWD FRVWV FDSLWDOL]HG 0DQDJHPHQW EHOLHYHV WKDW IUHH FDVK ÀRZ LV DQ LPSRUWDQW OLTXLGLW PHDVXUH IRU WKH &RPSDQ DQG WKDW LW LV XVHIXO WR LQYHVWRUV DQG PDQDJHPHQW DV D PHDVXUH RI 6FKOXPEHUJHU¶V DELOLW WR JHQHUDWH FDVK )UHH FDVK ÀRZ GRHV QRW UHSUHVHQW WKH UHVLGXDO FDVK ÀRZ DYDLODEOH IRU GLVFUHWLRQDU H[SHQGLWXUHV )UHH FDVK ÀRZ LV D QRQ *$$3 ¿QDQFLDO PHDVXUH WKDW VKRXOG EH FRQVLGHUHG LQ DGGLWLRQ WR QRW DV D VXEVWLWXWH IRU RU VXSHULRU WR FDVK ÀRZ IURP RSHUDWLRQV

(Stated in millions)

Twelve

MonthsPeriods Ended December 31,

2020

1HW ORVV DWWULEXWDEOH WR 6FKOXPEHUJHU

(10,518)

1HW LQFRPH DWWULEXWDEOH WR QRQFRQWUROOLQJ LQWHUHVWV7D[ EHQH¿W

(812)

/RVV EHIRUH WD[HV

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Depreciation and amortization

Interest expense

Interest income Adjusted EBITDA

(11,298) 12,515 2,566 563 (33)

4,313

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Charges & Credits

6FKOXPEHUJHU QHW ORVV *$$3 EDVLV

Fourth Quarter

*DLQ RQ VDOH RI 2QH6WLP

8QUHDOL]HG JDLQ RQ PDUNHWDEOH VHFXULWLHV

Other

Third Quarter

Facility exit charges

:RUNIRUFH UHGXFWLRQV

Other

Second Quarter

:RUNIRUFH UHGXFWLRQV $36 LQYHVWPHQWV

Fixed asset impairments Inventory write-downs Right-of-use asset impairments

Costs associated with exiting certain activities Multiclient seismic data impairment

5HSXUFKDVH RI ERQGV

3RVWUHWLUHPHQW EHQH¿WV FXUWDLOPHQW JDLQ

Other

First Quarter

Goodwill

,QWDQJLEOH DVVHWV $36 LQYHVWPHQWV

North America pressure pumping

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Other

Valuation allowance

6FKOXPEHUJHU QHW LQFRPH H[FOXGLQJ FKDUJHV DQG FUHGLWV

(Stated in millions)

Twelve Months 2020

Noncont.

3UHWD[

7D[ Interests

Net

(11,298)

(812)

(10,518)

(104)

(11)

- (93)

(39)

(9)

- (30)

- - - - - - - - - - - - - - - - - - - - -

254

39 -

215

1,021

730

950

715

666

614

603

554

311

244

205

(25)

230

156

154

(69)

(16)

(53)

4 -

3,070

3,321

815

2,506

1,264

(4)

1,268

587

133

454

202

195

79 -

(164)

164

1,217

$229

956

Appendix B

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(c) Whenever any outstanding Award (or portion thereof) expires, is cancelled or forfeited or is otherwise terminated for any reason without having

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Awards.

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8. Award Payment; Dividends; Substitution; Fractional Shares.
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10. Taxes. The Company shallwill KDYH WKH ULJKW WR GHGXFW DSSOLFDEOH WD[HV IURP DQ $ZDUG SDPHQW DQG ZLWKKROG DW WKH WLPH RI GHOLYHU RU YHVWLQJ RI FDVK RU VKDUHV RI &RPPRQ 6WRFN XQGHU WKLV 3ODQ DQ DSSURSULDWH DPRXQW RI FDVK RU QXPEHU RI VKDUHV RI &RPPRQ 6WRFN RU D FRPELQDWLRQ WKHUHRI IRU SDPHQW RI WD[HV UHTXLUHG E ODZ RU WR WDNH VXFK RWKHU DFWLRQ DV PD EH QHFHVVDU LQ WKH RSLQLRQ RI WKH &RPSDQ WR VDWLVI DOO REOLJDWLRQV IRU ZLWKKROGLQJ RI VXFK WD[HV 7KH &RPPLWWHH PD DOVR SHUPLW ZLWKKROGLQJ WR EH VDWLV¿HG E L WKH WUDQVIHU WR WKH &RPSDQ RI VKDUHV RI &RPPRQ 6WRFN WKHUHWRIRUH RZQHG E WKH KROGHU RI WKH $ZDUG RU LL ZLWKKROGLQJ IURP WKH VKDUHV RWKHUZLVH GHOLYHUDEOH XQGHU WKH $ZDUG LQ HLWKHU FDVH ZLWK UHVSHFW WR ZKLFK ZLWKKROGLQJ LV UHTXLUHG XS WR WKH PD[LPXP WD[ UDWH DSSOLFDEOH WR WKH 3DUWLFLSDQW DV GHWHUPLQHG E WKH &RPPLWWHH ,I VKDUHV RI &RPPRQ 6WRFN are used to satisfy tax withholding, such shares shallwill EH YDOXHG EDVHG RQ WKH )DLU 0DUNHW 9DOXH ZKHQ WKH WD[ ZLWKKROGLQJ LV UHTXLUHG WR EH PDGH

11. Amendment, Modification, Suspension or Termination. The Board or the Committee may amend, modify, suspend or terminate this Plan for the purpose
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13. Adjustments.
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14. Restrictions. 1R &RPPRQ 6WRFN RU RWKHU IRUP RI SDPHQW shallwill EH LVVXHG ZLWK UHVSHFW WR DQ $ZDUG XQOHVV WKH &RPSDQ VKDOO EHis VDWLV¿HG EDVHG RQ WKH DGYLFH RI LWV FRXQVHO WKDW VXFK LVVXDQFH ZLOO EH LQ FRPSOLDQFH ZLWK LQFOXGLQJ EXW QRW OLPLWHG WR DSSOLFDEOH IHGHUDO DQG VWDWH VHFXULWLHV ODZV 7KH 3DUWLFLSDQW VKDOO QRW H[HUFLVH RU VHWWOH DQ $ZDUG JUDQWHG KHUHXQGHU DQG WKH &RPSDQ RU DQ 6XEVLGLDU ZLOO QRW EH REOLJDWHG WR LVVXH DQ VKDUHV RI &RPPRQ 6WRFN RU PDNH DQ SDPHQWV XQGHU DQ VXFK $ZDUG, if the exercise thereof or if the issuance of such shares of Common 6WRFN RU LI WKH SDPHQW PDGH shall constitutes D YLRODWLRQ E WKH UHFLSLHQW RU WKH &RPSDQ RU DQ VXEVLGLDU RI DQ SURYLVLRQ RI DQ DSSOLFDEOH ODZ RU UHJXODWLRQ RI DQ JRYHUQPHQWDO DXWKRULW RU DQ VHFXULWLHV H[FKDQJH RQ ZKLFK WKH &RPPRQ 6WRFN LV OLVWHG &HUWL¿FDWHV HYLGHQFLQJ VKDUHV RI &RPPRQ 6WRFN GHOLYHUHG XQGHU WKLV 3ODQ WR WKH H[WHQW WKDW VXFK VKDUHV DUH VR HYLGHQFHG PD EH VXEMHFW WR VXFK VWRS WUDQVIHU RUGHUV DQG RWKHU UHVWULFWLRQV DV WKH &RPPLWWHH PD GHHP DGYLVDEOH XQGHU WKH UXOHV UHJXODWLRQV DQG RWKHU UHTXLUHPHQWV RI WKH 6HFXULWLHV DQG ([FKDQJH &RPPLVVLRQ DQ VHFXULWLHV H[FKDQJH RU WUDQVDFWLRQ UHSRUWLQJ VVWHP XSRQ ZKLFK WKH &RPPRQ 6WRFN LV WKHQ OLVWHG RU WR ZKLFK LW LV DGPLWWHG IRU TXRWDWLRQ DQG DQ DSSOLFDEOH IHGHUDO RU VWDWH VHFXULWLHV ODZ 7KH &RPPLWWHH PD FDXVH D OHJHQG RU OHJHQGV WR EH SODFHG XSRQ VXFK FHUWL¿FDWHV LI DQ WR PDNH appropriate reference to such restrictions.
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16. Section 409A. 7KLV 3ODQ LV LQWHQGHG WR SURYLGH FRPSHQVDWLRQ ZKLFK LV H[HPSW IURP RU ZKLFK FRPSOLHV ZLWK 6HFWLRQ $ DQG DPELJXRXV SURYLVLRQV LI DQ VKDOO EH FRQVWUXHG LQ D PDQQHU WKDW LV FRPSOLDQW ZLWK RU H[HPSW IURP WKH DSSOLFDWLRQ RI 6HFWLRQ $ DV DSSURSULDWH 7KLV 3ODQ VKDOO QRW EH DPHQGHG LQ D PDQQHU WKDW ZRXOG FDXVH WKH 3ODQ RU DQ DPRXQWV SDDEOH XQGHU WKH 3ODQ WR IDLO WR FRPSO ZLWK WKH UHTXLUHPHQWV RI 6HFWLRQ $ WR WKH H[WHQW DSSOLFDEOH DQG IXUWKHU WKH SURYLVLRQV RI DQ SXUSRUWHG DPHQGPHQW WKDW PD UHDVRQDEO EH H[SHFWHG WR UHVXOW LQ VXFK QRQ FRPSOLDQFH VKDOO EH RI QR IRUFH RU HIIHFW ZLWK UHVSHFW WR WKH 3ODQ 7KH &RPSDQ VKDOO QHLWKHU FDXVH QRU SHUPLW DQ SDPHQW EHQH¿W RU FRQVLGHUDWLRQ WR EH VXEVWLWXWHG IRU D EHQH¿W WKDW LV SDDEOH XQGHU WKLV 3ODQ LI VXFK DFWLRQ ZRXOG UHVXOW LQ WKH IDLOXUH RI DQ DPRXQW WKDW LV VXEMHFW WR 6HFWLRQ $ WR FRPSO ZLWK WKH DSSOLFDEOH UHTXLUHPHQWV RI 6HFWLRQ $ )RU SXUSRVHV RI 6HFWLRQ $ HDFK SDPHQW XQGHU WKLV 3ODQ VKDOO EH GHHPHG WR EH D VHSDUDWH SDPHQW
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17. Governing Law. 7KLV 3ODQ DQG DOO GHWHUPLQDWLRQV PDGH DQG DFWLRQV WDNHQ SXUVXDQW KHUHWR WR WKH H[WHQW QRW RWKHUZLVH JRYHUQHG E PDQGDWRU SURYLVLRQV RI WKH &RGH RU WKH VHFXULWLHV ODZV RI WKH 8QLWHG 6WDWHV shallwill EH JRYHUQHG E DQG FRQVWUXHG LQ DFFRUGDQFH ZLWK WKH ODZV RI WKH 6WDWH of Texas.
18. No Right to Employment. Nothing in this Plan or an Award Agreement shallwill interfere with or limit in any way the right of the Company or a
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Schlumberger NV published this content on 25 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 February 2021 10:00:00 UTC.

Market Closed - Nyse Other stock markets 04:00:02 2024-04-26 pm EDT			5-day change	1st Jan Change
49.2 ^USD	-0.49%		-0.63%	-5.46%

Apr. 23	Baker Hughes quarterly profit beats estimates on international demand	RE
Apr. 22	BofA Securities Trims Price Target on Schlumberger to $62 From $63, Maintains Buy Rating	MT

Baker Hughes quarterly profit beats estimates on international demand	Apr. 23	RE
BofA Securities Trims Price Target on Schlumberger to $62 From $63, Maintains Buy Rating	Apr. 22	MT
BMO Capital Adjusts Schlumberger's Price Target to $64 From $66, Keeps Outperform Rating	Apr. 22	MT
JPMorgan Adjusts Schlumberger's Price Target to $64 From $65, Keeps Overweight Rating	Apr. 22	MT
Citigroup Adjusts Schlumberger's Price Target to $65 From $70, Maintains Buy Rating	Apr. 22	MT
TD Cowen Adjusts Schlumberger's Price Target to $63 From $64, Keeps Buy Rating	Apr. 22	MT
SLB : Oddo BHF confirms its recommendation on the stock	Apr. 22	CF
Raygen Resources Pty. Ltd. announced that it has received AUD 51 million in funding from Breakthrough Victoria, Investment Arm, Schlumberger Limited	Apr. 21	CI
Sector Update: Energy Stocks Gain in Late Friday Afternoon Trading	Apr. 19	MT
Sector Update: Energy Stocks Gain in Friday Afternoon Trading	Apr. 19	MT
Sector Update: Energy	Apr. 19	MT
Top Midday Stories: Corporate Earnings in Focus; Tesla Recalls Cybertrucks; Apple Removes Meta's WhatsApp, Threads From China App Store	Apr. 19	MT
Schlumberger Posts Largely In-Line First-Quarter Results	Apr. 19	MT
News Highlights : Top Company News of the Day - Friday at 11 AM ET	Apr. 19	DJ
Global markets live: P&G, Amex, Blackstone, Apple, Tesla...	Apr. 19
Transcript : Schlumberger Limited, Q1 2024 Earnings Call, Apr 19, 2024	Apr. 19
Sector Update: Energy Stocks Edge Higher Premarket Friday	Apr. 19	MT
Sector Update: Energy	Apr. 19	MT
SLB: EPS growth of 19% in Q1	Apr. 19	CF
Schlumberger 1Q Revenue Surges on Strength in International Markets	Apr. 19	DJ
Futures Decline Pre-Bell Amid Middle East Tension; Asia, Europe Down	Apr. 19	MT
Schlumberger's Q1 Non-GAAP Earnings, Revenue Rise	Apr. 19	MT
Tranche Update on Schlumberger Limited's Equity Buyback Plan announced on January 21, 2016.	Apr. 19	CI
Schlumberger Limited Reports Earnings Results for the First Quarter Ended March 31, 2024	Apr. 19	CI
Oilfield firm SLB's profit rises on international drilling demand	Apr. 19	RE

	1st Jan change	Capi.
SCHLUMBERGER LIMITED	-5.46%	70.67B
HALLIBURTON COMPANY	+6.61%	34.28B
BAKER HUGHES COMPANY	-3.92%	33.23B
WEATHERFORD INTERNATIONAL PLC	+30.81%	9.05B
NOV INC.	-6.95%	7.49B
CHAMPIONX CORPORATION	+19.34%	6.66B
CNOOC ENERGY TECHNOLOGY & SERVICES LIMITED	+46.67%	6.01B
TIDEWATER INC.	+32.74%	4.87B
SAIPEM S.P.A.	+48.78%	4.58B
VALLOUREC	+15.37%	4.05B

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