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HART-SCOTT-RODINO EXPIRATION AND PROPOSAL TO FILE SECONDARY PUBLIC OFFERING

 DALLAS, Feb. 10 /PRNewswire/ -- Halliburton Company (NYSE: HAL) and Smith International, Inc. (NYSE,PSE: SII) announced today that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 relating to the planned acquisition by Halliburton of Smith's directional drilling systems and services business (DDS) has expired. Completion of the transaction is subject to other consents and approvals, and fulfillment of other customary conditions.
 In December 1992 Halliburton announced its plans to acquire DDS from Smith in exchange for about $240 million of Halliburton common stock. The parties expect the closing of the acquisition to occur by the end of March 1993.
 In connection with the anticipated consummation of the DDS transaction, Halliburton also announced today that it proposes to file a registration statement within the next week for a secondary public offering of the Halliburton common stock which Smith will receive at closing. It is expected that the shares will be offered both in the United States and in a concurrent international offering.
 Halliburton Company is one of the world's largest diversified energy services, engineering, maintenance, and construction companies. Founded in 1919, Halliburton provides a broad range of energy services and products, industrial and marine engineering and construction services, and property and casualty insurance services.
 Smith International, Inc. is a leading supplier of premium products and services to the worldwide oil and gas drilling industry.
 This press release shall not constitute an offer to sell or the solicitation of an offer to buy Halliburton common stock, and any offering thereof will be made only by means of a prospectus.
 -0- 2/10/93
 /CONTACT: Guy T. Marcus, vice president - investor relations of Halliburton Company, 214-978-2691/
 (HAL SII)


CO: Halliburton Company; Smith International, Inc. ST: Texas IN: OIL SU: TNM

TM -- NY094 -- 5339 02/10/93 16:32 EST
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Publication:PR Newswire
Date:Feb 10, 1993
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