M-I SWACO Announces Acquisition of Coral Engineering Ltd.

HOUSTON -- M-I SWACO today announced the acquisition of Coral Engineering Ltd., which expands its drilling waste management engineering capabilities. Based in Aberdeen, Coral designs process control automation and data acquisition systems for a wide range of drilling waste management applications, including solids control, cuttings re-injection (CRI), bulk chemical and cuttings handling and mixing technology. For several years, the company has worked closely with M-I SWACO providing engineering design services for a number of high-profile projects. The operations will continue to be based in Aberdeen and will be integrated into M-I SWACO's Research and Engineering group.

Larry Barker, Senior Vice President of Drilling Waste Management for M-I SWACO, said, "Process control and automation have become critical aspects of drilling waste management. This acquisition represents a key step in bringing process control and automation to our total drilling waste management offering. We are extremely excited to welcome the operational efficiencies and QHSE benefits their technologies deliver."

M-I SWACO, a leading supplier of drilling and completion fluids, production chemicals and solids control and waste management services to the worldwide petroleum industry, is owned 60 percent by Smith International, Inc. (NYSE:SII) and 40 percent by Schlumberger Limited (NYSE:SLB).