Ownership Submission
FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF 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
OMB APPROVAL
OMB Number: 3235-0104
Expires: January 31, 2005
Estimated average burden hours per response... 0.5

(Print or Type Responses)
1. Name and Address of Reporting Person *
  Orr Stephen
 2. Date of Event Requiring Statement (Month/Day/Year)
05/07/2012		 3. Issuer Name and Ticker or Trading Symbol
SCHLUMBERGER LTD /NV/ [SLB]
(Last)
(First)
(Middle)
5599 SAN FELIPE, 17TH FLOOR		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
President Drilling Group
 5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

HOUSTON, TX 77056		 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 Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock, $0.01 par value per share 7,579
D
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
NQ Stock Option (right to buy) w/ tandem Tax w/h right 04/19/2007(1) 04/19/2016 Common Stock, $0.01 par value per share 1,000 $ 66.03 D  
NQ Stock Option (right to buy) w/ tandem Tax w/h right 01/17/2012(2) 01/17/2018 Common Stock, $0.01 par value per share 5,000 $ 84.93 D  
NQ Stock Option (right to buy) w/ tandem Tax w/h right 04/17/2012(3) 04/17/2018 Common Stock, $0.01 par value per share 15,000 $ 93.97 D  
Incentive Stock Option (right to buy) 01/22/2010(4) 01/22/2019 Common Stock, $0.01 par value per share 7,926 $ 37.85 D  
NQ Stock Option (right to buy) w/ tandem Tax w/h right 01/22/2010(5) 01/22/2019 Common Stock, $0.01 par value per share 4,074 $ 37.85 D  
Incentive Stock Option (right to buy) 01/21/2011(6) 01/21/2020 Common Stock, $0.01 par value per share 1,459 $ 68.51 D  
NQ Stock Option (right to buy) w/ tandem Tax w/h right 01/21/2011(6) 01/21/2020 Common Stock, $0.01 par value per share 22,541 $ 68.51 D  
NQ Stock Option (right to buy) w/ tandem Tax w/h right 10/21/2011(7) 10/21/2020 Common Stock, $0.01 par value per share 30,000 $ 64.23 D  
Incentive Stock Option (right to buy) 01/19/2013(8) 01/19/2022 Common Stock, $0.01 par value per share 2,772 $ 72.11 D  
NQ Stock Option (right to buy) w/ tandem Tax w/h right 01/19/2013(9) 01/19/2022 Common Stock, $0.01 par value per share 22,228 $ 72.11 D  
RSU (restricted stock unit) 02/04/2013(10) 04/04/2020 Common Stock, $0.01 par value per share 8,000 $ 0 D  
RSU (restricted stock unit) 04/19/2015(11) 04/19/2022 Common Stock, $0.01 par value per share 10,000 $ 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
Orr Stephen
5599 SAN FELIPE, 17TH FLOOR
HOUSTON, TX 77056		       President Drilling Group  

Signatures

Saul R. Laureles, Attorney-in-Fact 05/15/2012
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(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) Became exercisable in five equal annual installments beginning April 19, 2007.
(2) Subject to 4-year cliff vesting and became fully exercisable on January 17, 2012.
(3) Subject to 4-year cliff vesting and became fully exercisable on April 17, 2012.
(4) Becomes exercisable in five equal annual installments beginning January 22, 2010.
(5) Becomes exercisable in five equal annual installments beginning January 22, 2010.
(6) Becomes exercisable in five equal annual installments beginning January 21, 2011.
(7) Becomes exercisable in five equal annual installments beginning October 21, 2011.
(8) Becomes exercisable in five equal annual installments beginning January 19, 2013.
(9) Becomes exercisable in five equal annual installments beginning January 19, 2013.
(10) Subject to 3-year cliff vesting and fully vests on February 4, 2013.
(11) Subject to 3-year cliff vesting and fully vests on April 19, 2015.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, See Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.