Smith International, Inc. Agrees to Acquire at Balance
finance.yahoo.com
February 11, 2010
HOUSTON--(BUSINESS WIRE)--Smith International, Inc. (NYSE: SII) announced today that it has agreed to acquire @Balance, B.V. from Shell Technology Ventures Fund 1 B.V. At Balance, winner of Hart’s 2008 Special Meritorious Award for Engineering Innovation, provides managed pressure drilling (“MPD”) services using its patented technology.
“We are excited about the managed pressure drilling growth opportunities and, specifically, the technologies and capabilities of At Balance to address this market,” stated John Yearwood, CEO of Smith International. “Whether providing wellbore stability while drilling through depleted zones, managing high-pressure/high-temperature environments or providing the service as part of our drilling optimization offering, we believe that managed pressure drilling is yet another value enhancing technology that fits with our vision to provide top-quartile drilling performance for our customers. Today, At Balance’s primary markets are outside of North America and in deepwater drilling applications, key markets of expected secular growth that are aligned with Smith’s strategic objectives.” |
