Hanover Compressor registers $263 million principal amount 0% notes for sale

New York, June 23 - Hanover Compressor Co. registered $262.62 million principal amount of 0% notes due 2007 for sale by the current holder of the securities, Schlumberger Technology Corp.

The Houston company created the notes on May 14 when it agreed with Schlumberger Technology's parent Schlumberger Ltd. to restructure a $150 million seller note and $23 million of accrued paid-in-kind interest into the new securities. The seller note was issued in Hanover's August 2001 of Production Operators Corp.

Terms of the notes are as follows:

Issuer:	Hanover Compressor Co.
Issue:	Zero-coupon subordinated notes
Amount:	$262.62 million principal amount, $173.38 million issue price
Maturity:	March 31, 2007
Coupon:	0%
Yield:	11% (from issue date)
Call:	March 31, 2006 onwards at 102.5% of accrued value
Issue date:	May 14, 2003

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