Smith International, Inc. (NYSE: SII) announced today that the agreement to acquire @Balance, B.V. from Shell Technology Ventures Fund 1 B.V. closed on Thursday April 15, 2010. At Balance, winner of Hart’s 2008 Special Meritorious Award for Engineering Innovation provides managed pressure drilling (“MPD”) services using its patented technology.
“The combination of our rotating control devices, M-I SWACO’s Super Auto Chokes and the technology of At Balance gives our customers the benefit of a complete managed pressure drilling package,” Bryan Dudman, EVP and President of Smith Drilling & Evaluation, commented. “At Balance also enhances our drilling optimization offering.”
John Samuell, President of At Balance, stated, “At Balance is a perfect fit in the SMITH organization with the combination of technologies and cultures; the management and employees of At Balance are excited about becoming part of the SMITH family. This transaction provides At Balance direct access to SMITH’s worldwide business development organization and a global platform to expand our market position. It will also strengthen our already closely aligned product development efforts to ensure continued delivery of innovative drilling optimization technology.”
SMITH acquired a minority interest in At Balance in late 2007 and increased its stake to 35% during 2009. With the closing of this transaction, SMITH acquires the remaining 65% interest of At Balance. No financial terms were disclosed.
Shell Technology Ventures Fund 1 B.V. (the “Fund”), managed by Kenda Capital B.V., (“Kenda Capital”) is an investment fund focused on accelerating the development and deployment of new technologies across the energy sector. Kenda Capital and the Fund maintain a unique technology relationship with the Royal Dutch Shell Group. Major investors in the Fund are Royal Dutch Shell, Coller Capital, and the Abu Dhabi Investment Authority.
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 21,000 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, 2008 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.