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HALLIBURTON SIGNS DEFINITIVE AGREEMENT WITH SMITH INTERNATIONAL

 DALLAS, Jan. 15 /PRNewswire/ -- Halliburton Company (NYSE: HAL) and Smith International, Inc. (NYSE, PSE: SII) announced today that they have signed a definitive agreement for Halliburton to acquire Smith's directional drilling systems and services business for approximately $240 million of Halliburton common stock.
 Halliburton and Smith entered into a letter agreement on Dec. 11, 1992, and today's definitive agreement is another step toward completing the transaction. Completion of the transaction is subject to the receipt of governmental and other consents and approvals, including antitrust clearance, and the fulfillment of other customary conditions. The parties expect the closing of the acquisition to occur by the end of March 1993.
 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.
 -0- 1/15/93
 /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

PS -- NY001 -- 5206 01/15/93 08:21 EST
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Publication:PR Newswire
Date:Jan 15, 1993
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