February 12, 2010 (FinancialWire) — Smith International, Inc. (NYSE: SII) said it has agreed to acquire Netherlands-based At Balance, B.V. from Shell Technology Ventures Fund 1 B.V.

At Balance provides managed pressure drilling services using its patented technology.

Smith acquired a minority interest in At Balance in late 2007 and increased its stake to 35% during 2009. While the transaction is subject to completion of a final agreement, Smith said it anticipates concluding the acquisition of the remaining 65% interest during the first quarter of this year.

No financial terms were disclosed.

Houston-based Smith International is a supplier of products and services to the oil and gas exploration and production industry. The company employs over 21,000 full-time personnel and operates in over 80 countries.

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