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Smith International News

08 Oct 2014

Schlumberger Mulls Sale of Oilfield Tools Rental Unit

Schlumberger Ltd, the world's largest oilfield services company, is exploring the sale of its oilfield tools rental unit Thomas Tools, which could be valued at more than $600 million, according to people familiar with the matter. An auction is already underway for Thomas Tools, which has annual earnings before interest, tax, depreciation and amortization of around $80 million, the people said this week. Private equity firms keen to buy the unloved divisions of big conglomerates are among those that have shown interest in Thomas Tools, the people said. Boutique investment firm PPHB is advising Schlumberger on the sale process, one of the people added. The sources asked not to be identified because the process is confidential.

27 Apr 2004

Trico Names Non-Executive Chairman

Accelerating its strategic goal of reducing its total amount of outstanding indebtedness, Trico Marine Services, Inc. announced the appointment of Joseph Compofelice as non-executive Chairman of the Board and the retention of Lazard Freres & Co. LLC as financial advisor and Kirkland & Ellis LLP as legal advisor. This team will assist the Company's management in exploring various alternatives including selling assets, raising additional financing and restructuring the Company's debt, including its $250 million Senior Notes due 2012. Compofelice, a director of Trico since 2003, is chairman of the Company's Audit Committee and has served as an executive of several public companies including CEO of CompX International and CFO of Titanium Metals Corporation…

21 Jun 2006

Surcharge on Antifoulings as Copper Price Spikes

Following the announcement in February that unprecedented raw material costs had created a dramatic new cost base for the marine coatings market, the continued record rise in the price of metals has now forced International Paint to apply a surcharge on all copper containing biocidal antifoulings. is a key raw material used extensively in biocidal antifoulings. product types means that it accounts for a significant proportion of product cost. copper has steadily increased four fold in the last 36 months, recent price rises have been dramatic; from $4,000 per ton in the last quarter of 2005 to a peak of over $8,500 per ton* last month. To date, International Paint has largely absorbed these increases.

23 Sep 1999

NSG Awarded Off-Shore Drilling Disposal Contract

CNH Holdings Company Inc. announced its wholly owned subsidiary NORM Service Group, Inc. has been awarded the contract through MI Drilling Fluids,a subsidiary of Smith International, to handle, transport and dispose of off-shore drilling fluids and cuttings from a major oil company rig off New Orleans. This scope of work will be handled through NORM's Kiva dock site located in Galveston Bay.

13 Jul 2001

Offshore Stocks Take A Tumble

Drilling and oilfield service stocks fell sharply on Thursday after offshore driller Rowan Cos. Inc. said the business outlook for the third quarter of this year was uncertain. A fall in the price of crude oil also contributed to price weakness in the sector. In early afternoon trading Rowan's stock was off $1.83, or 8.9 percent, at $18.74. Other big losers among drilling and oilfield service stocks included Global Marine Inc. - off $1.11 at $16.10 - Transocean Sedco Forex Inc. - down $2.14 at $37.21 - BJ Services Inc. -- $1.75 lower at $23.35 - Smith International Inc. - down $3.13 at $54.45. The losses for these companies' stock prices ranged anywhere from 5 to 7 percent.

02 Sep 1999

NSG Awarded Off-Shore Drilling Disposal Contract

CNH Holdings Company Inc. announced its wholly owned subsidiary NORM Service Group, Inc. has been awarded the contract through MI Drilling Fluids,a subsidiary of Smith International, to handle, transport and dispose of off-shore drilling fluids and cuttings from a major oil company rig off New Orleans. This scope of work will be handled through NORM's Kiva dock site located in Galveston Bay.

20 Dec 1999

Offshore E&P Spending To Rise 15% in N. America

Offshore oilfield service stocks, to put it mildly, have endured a wild ride for much of 1999. The once high-flying sector actually hit the skids in concert with the late 1997 Asian financial crisis, and resultant plummet in oil prices. Despite a raging rally in oil pricing for much of the year, investors have cautiously approached the stocks. One reason for the caution is purely psychological, as too many investors have been burned too many times on the cyclical stocks. Another is political, as OPEC’s current production restraints are eyed warily. Nevertheless, last Wednesday proved a boon to these companies collectively, as a bullish market for crude oil and refined oil products fueled strong gains for U.S. oilfield service and drilling stocks.

17 Dec 1999

Offshore Oilfield Stocks Rally

Offshore oilfield service stocks, to put it mildly, have endured a wild ride for much of 1999. The once high-flying sector actually hit the skids in concert with the late 1997 Asian financial crisis, and resultant plummet in oil prices. Despite a raging rally in oil pricing for much of the year, investors have cautiously approached the stocks. One reason for the caution is purely psychological, as too many investors have been burned too many times on the cyclical stocks. Another is political, as OPEC's current production restraints are eyed warily. Nevertheless, last Wednesday proved a boon to these companies collectively, as a bullish market for crude oil and refined oil products fueled strong gains for U.S. oilfield service and drilling stocks.