Schlumberger, Smith Okay to Merge (SLB, SII)

Schlumberger Ltd.

and Smith International, Inc.

jointly announced today that the European Commission has cleared the proposed merger under the EC Merger Regulation without any conditions. The closing of the proposed merger remains subject to clearance by the U.S. Department of Justice, approval by Smith stockholders, and the satisfaction or waiver of other closing conditions contained in the merger agreement between the companies. As previously announced, the 2010 annual meeting of stockholders of Smith is scheduled for August 24, 2010, at which meeting stockholders of Smith will consider and vote upon matters including the proposed adoption of the agreement and plan of merger between Smith and Schlumberger.