Smith International, Inc. and W-H Energy Services, Inc. Announce Early Termination of HSR Waiting Period

  
    
  
  
    
      Smith International, Inc. (“Smith”) 
      (NYSE:SII) and W-H Energy Services, Inc. (“W-H”) 
      (NYSE:WHQ) announced today that they have received notification from the 
      Federal Trade Commission granting early termination of the waiting 
      period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 
      with respect to Smith’s previously announced 
      exchange offer to acquire all of the outstanding shares of W-H, and the 
      subsequent merger of a wholly owned subsidiary of Smith with and into 
      W-H. The exchange offer will expire at 12:00 midnight, Eastern time, at 
      the end of Monday, August 18, 2008, unless extended.
    
    
      Smith is a leading supplier of premium products and services to the oil 
      and gas exploration and production industry through its four principal 
      business units – M-I SWACO, Smith 
      Technologies, Smith Services and Wilson.
    
    
      W-H is a diversified oilfield services company that provides products 
      and services used in connection with the drilling and completion of oil 
      and natural gas wells and the production of oil and natural gas. W-H has 
      operations in North America and select areas internationally.
    
    
      Certain comments contained herein are forward-looking in nature and are 
      intended to constitute “forward-looking 
      statements.” These forward-looking statements 
      include, without limitation, statements regarding the consummation of 
      the transaction and any other statements that are not historical facts. 
      By their nature, forward-looking statements involve risks and 
      uncertainties that could cause actual results to materially differ from 
      those anticipated in the statements. For a discussion of additional 
      risks and uncertainties that could impact the companies’ 
      results, review the Smith and W-H Annual Reports on Form 10-K for the 
      year ended December 31, 2007 and other filings with the Securities and 
      Exchange Commission (“SEC”). 
      These risks and uncertainties include the satisfaction of the conditions 
      to consummate the proposed acquisition, changes in laws or regulations 
      and other factors and uncertainties discussed from time to time in 
      reports filed by the companies with the SEC.
    
    
      In connection with the exchange offer, Smith filed a registration 
      statement on Form S-4 and a tender offer statement on Schedule TO with 
      the SEC on June 24, 2008, as amended, and W-H filed a 
      solicitation/recommendation statement on Schedule 14D-9 on June 24, 
      2008, as amended. These documents contain important information about 
      the exchange offer that should be read carefully before any decision is 
      made with respect to the exchange offer. These materials will be made 
      available to the shareholders of W-H at no expense to them. Investors 
      and security holders may obtain the documents free of charge at the SEC’s 
      web site, www.sec.gov. In addition, 
      such materials (and all other documents filed with the SEC) may be 
      obtained free of charge at www.smith.com 
      or www.whes.com. You may also read and 
      copy any reports, statements and other information filed by Smith or W-H 
      with the SEC at the SEC public reference room at 100 F Street N.E., 
      Room 1580, Washington, D.C. 20549. Please call the SEC at [phone] 
      or visit the SEC’s website for further 
      information on its public reference room. Copies of the exchange offer 
      materials may also be obtained at no charge from MacKenzie Partners, 
      Inc., the information agent for the exchange offer, toll-free at 
      1-800-322-2885.