Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
LACOUR GAYET PHILIPPE
  2. Issuer Name and Ticker or Trading Symbol
SCHLUMBERGER LTD /NV/ [SLB]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Vice President
(Last)
(First)
(Middle)
153 EAST 53RD STREET 57TH FLOOR
3. Date of Earliest Transaction (Month/Day/Year)
04/25/2006
(Street)

NEW YORK, NY 10022-4624
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)
2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)
4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)
5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)
7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 04/25/2006   S   7,000 D $ 69.7 54,746 (1) D  
Common Stock 04/25/2006   S   13,000 D $ 69.71 41,746 (1) D  
Common Stock 04/25/2006   S   7,000 D $ 69.77 34,746 (1) D  
Common Stock 04/25/2006   S   4,300 D $ 69.78 30,446 (1) D  
Common Stock 04/25/2006   S   5,040 D $ 69.8 25,406 (1) D  
Common Stock 04/25/2006   M   7,194 A $ 27.81 32,600 (1) D  
Common Stock 04/25/2006   M   3,586 A $ 27.873 36,186 (1) D  
Common Stock 04/25/2006   M   36,764 A $ 27.81 72,950 (1) D  
Common Stock 04/25/2006   S   21,100 D $ 67.68 51,850 (1) D  
Common Stock 04/25/2006   M   44,414 A $ 27.873 96,264 (1) D  
Common Stock 04/25/2006   S   24,000 D $ 67.68 72,264 (1) D  
Common Stock 04/25/2006   M   10,000 A $ 32.618 82,264 (1) D  
Common Stock 04/25/2006   S   5,500 D $ 67.68 76,764 (1) D  
Common Stock 04/25/2006   M   7,500 A $ 32.455 84,264 (1) D  
Common Stock 04/25/2006   S   4,075 D $ 67.68 80,189 (1) D  
Common Stock               9,256 I SL Int'l P/S Plan
Common Stock               2,840 I SL Prof. Sharing Pln

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)
2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
6. Date Exercisable and Expiration Date
(Month/Day/Year)
7. Title and Amount of Underlying Securities
(Instr. 3 and 4)
8. Price of Derivative Security
(Instr. 5)
9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)
11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Option (right to buy) w/ tandem Tx w/h right $ 27.81 (2) 04/25/2006   M     36,764 (2) 04/21/2000(3) 04/21/2009 Common Stock 36,764 (2) $ 0 0 (2) D  
Employee Stock Option (right to buy) w/ tandem Tx w/h right $ 27.873 (2) 04/25/2006   M     44,414 (2) 04/17/2003(4) 04/17/2012 Common Stock 44,414 (2) $ 0 8,414 (2) D  
Employee Stock Option (right to buy) w/ tandem Tx w/h right $ 32.618 (2) 04/25/2006   M     10,000 (2) 07/21/2005(5) 07/21/2014 Common Stock 10,000 (2) $ 0 30,000 (2) D  
Incentive Stock Option (right to buy) $ 27.81 (2) 04/25/2006   M     7,194 (2) 04/21/2000(3) 04/21/2009 Common Stock 7,194 (2) $ 0 0 (2) D  
Incentive Stock Option (right to buy) $ 27.873 (2) 04/25/2006   M     3,586 (2) 04/17/2003(4) 04/17/2012 Common Stock 3,586 (2) $ 0 3,586 (2) D  
NQ Stock Option (right to buy) w/ tandem Tax w/h right $ 32.455 (2) 04/25/2006   M     7,500 (2) 01/19/2006(6) 01/19/2015 Common Stock 7,500 (2) $ 0 19,420 (2) D  

Reporting Owners

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

Signatures

 By: /s/Lynda M. Quagliara Attorney-in-Fact For: Philippe Lacour-Gayet   04/27/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) On March 1, 2006, the Common Stock of Schlumberger Limited split 2 for 1 resulting in the reporting person's acquisition of 30,873 additional shares.
(2) Shares and option price were adjusted for the March 1, 2006 2 for 1 stock split.
(3) Exercisable in five equal annual installments beginning April 21, 2000.
(4) Exercisable in five equal annual installments beginning April 17,2003.
(5) This option becomes exercisable in four equal annual installments beginning July 21, 2005
(6) This option becomes exercisable in four equal annual installments beginning January 19, 2006.
 
Remarks:
On March 1, 2006, the Common Stock of Schlumberger Limited split 2 for 1 resulting in the reporting person's acquisition of 4,621 additional shares held in the SL International Profit Sharing Plan and 1,420 additional shares held in the SL Profit Sharing Plan.

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