M-I Swaco signs $800 M Contract for Multiple Works offshore West Africa

Smith International, Inc.announced today that M-I SWACO has been awarded a substantial multi services contract inclusive of drilling and completion fluids, drilling waste management, filtration, wellbore clean up tools, vessel cleaning and related services by Cabinda Gulf Oil Company Limited, a subsidiary of Chevron. The six year agreement (with option for two additional years) that begins June 2010 is expected to result in approximately $800 million in revenues over the life of the contract.

This contract routinely services 6 to 10 drilling rigs offshore Cabinda, Angola in Blocks 0 (shallow water) and Block 14 (deepwater). It is one of the largest individual, multi service contracts throughout West Africa. The size, duration and scope of the contract will ensure M-I SWACO’s participation and presence in the Angolan market for years to come.

“This contract award affirms the excellent customer service and product performance that M-I SWACO continues to provide to customers,” stated John Yearwood, President and CEO of Smith International, Inc.

Chris Rivers, President and CEO of M-I SWACO added, “The continuation of our relationship with Cabinda Gulf Oil Company is truly valued. This award demonstrates our leadership in providing best-in-class solutions in the highly technical and challenging offshore market of Angola.”

M-I SWACO, which is based in Houston, TX and jointly owned 60% by Smith International, Inc. and 40% by Schlumberger Limited , is a leading provider of a wide range of products and engineering services designed to deliver Drilling Solutions, Environmental Solutions, Wellbore Productivity and Production Technologies. The company is strategically located in more than 70 countries.

Smith International, Inc. is a leading supplier of premium products and services to the oil and gas exploration and production industry. The Company employs over 22,000 full-time personnel and operates in over 80 countries around the world.

This material includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The opinions, forecasts, projections, or other statements other than statements of historical fact, are forward-looking statements. Similarly, statements that describe our future plans, objectives or goals or future revenues or other financial metrics are also forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to, among other things, risk factors that are discussed on Forms 10-Q and in the Company’s Form 10-K for the fiscal year ended December 31, 2009 and other documents filed with the Commission. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may differ materially from those expected, estimated or projected. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update or revise any of them in light of new information, future events or otherwise.

Source: Smithinternational,April 15, 2010;Image: M-I Swaco

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