Smith International, Inc. Closes Previously Announced Public Offering of Common Stock

HOUSTON--(BUSINESS WIRE)--Smith International, Inc. (NYSE: SII) (“Smith”) today announced that it has closed its previously announced public offering of 28,000,000 shares of its common stock at $26.50 per share. The net proceeds from the offering will be used for debt repayment, general corporate purposes, and funding of potential acquisitions or investments.

J.P. Morgan Securities Inc. acted as the book-running manager of the offering. Copies of the final prospectus supplement and accompanying base prospectus relating to the offering may be obtained from J.P. Morgan Securities Inc. via Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by calling (866) 803-9204. Copies of the final prospectus supplement and accompanying base prospectus are also available on the Securities and Exchange Commission’s website at www.sec.gov.

Smith International, Inc. is one of the largest global providers of products and services used by operators during the drilling, completion and production phases of oil and natural gas development activities.

This material includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The opinions, forecasts, projections, or other statements other than statements of historical fact, are forward-looking statements. Similarly, statements that describe our future plans, objectives or goals or future revenues or other financial metrics are also forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. These statements are subject to, among other things, overall demand for and pricing of the Company’s products and services, actual and perceived changes in the supply of and the demand for oil and natural gas, the deterioration in the global business environment, general economic and business conditions, the financial and credit market environment, the Company’s ability to identify and finance acquisition opportunities, the level of oil and natural gas exploration and development activities, global economic growth and activity, political and economic stability of oil-producing countries and countries in which the Company operates, finding and development costs of operations, decline and depletion rates for oil and natural gas wells, seasonal weather conditions, compliance with domestic and international regulations in the markets we serve, increased levels of intellectual property litigation in our industry, fluctuations in currency exchange rates and the value of the U.S. dollar, competitive or other market and industry conditions, and changes in laws or regulations and other risk factors that are discussed on Forms 10-Q and in the Company’s Form 10-K for the fiscal year ended December 31, 2008, the prospectus supplement filed November 16, 2009 and other documents filed with the Commission. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may differ materially from those expected, estimated or projected. Forward-looking statements speak only as of the date they are made, and we undertake no obligation to publicly update or revise any of them in light of new information, future events or otherwise.

Smith International, Inc.
Director, Investor Relations
Shawn Housley, (281) 443-3370
shousley@smith.com