Smith International Completes Acquisition of Nunez Oil Field Pipe

Smith International has acquired of Nunez Oil Field Pipe, Ltd. and a related inspection business, privately-held operations based in Odessa, Texas. The acquired operations rent and repair a full range of premium drill pipe, tubing, drill collars, heavy weight drill pipe, handling tools and blow-out preventers used during the drilling and completion of oil and natural gas wells. These operations, which will be integrated into the Smith Services business unit, primarily serve the Permian Basin and East Texas markets. The acquired businesses generated revenues of approximately $18 million for the 12-month period ended September 30, 2005.

Richard Werner, President of Smith Services, said, "This transaction provides an entrance for Smith Services into the expanding U.S. tubular rental market. More importantly, this acquisition will enable us to participate in future tenders with operators outside of the United States, which require rental tubulars as part of a bundled service. We plan to leverage the product nucleus and expertise throughout our global network and expect the transaction to be immediately accretive to earnings and cash flow."

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