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Thursday, July 21, 2005
PRESS RELEASE–HOUSTON–July 20, 2005–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 – News) and 40 percent by Schlumberger Limited (NYSE:SLB – News).
Contact:
Smith International, Inc.
Margaret K. Dorman, 281-443-3370
Source: Smith International, Inc.
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