Smith International Names New President and CEO

Smith International has appointment of Don McKenzie as president and CEO of M-I SWACO, effective April 30, 2006. McKenzie replaces Loren Carroll, who has served in that capacity since 1994 and was executive vice president and chief financial officer of Smith International prior to joining M-I SWACO.

"Don McKenzie has over 30 years of oilfield experience," said Doug Rock, Smith's chairman and CEO. "His extensive experience with M-I SWACO and other Smith operations makes him the perfect person for this job. During the past decade, Don has been responsible for the significant growth of M-I SWACO's Eastern Hemisphere operations. Don and I have worked together for many years, and we'll continue our association by creating superior values for Smith customers and shareholders."

McKenzie joined Smith in 1989. Before transferring to M-I SWACO, he was the vice president of Europe and Africa Operations. In April 1994, he joined M-I SWACO as the senior vice president of Eastern Hemisphere Operations. Early this year, he was appointed chief operating officer of M-I SWACO. He studied marketing administration at Northern Alberta Institute of Technology.

Carroll has served as a member of Smith's board for 18 years and will continue in that capacity. In addition, he will remain employed with Smith in an advisory capacity for the next two years.

"Under Loren's leadership, M-I SWACO revenues have increased from $383 million in 1994 to $2.7 billion in 2005 and profitability levels have grown exponentially over this same period," said Rock.