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Source: Reuters

March 1, 2010

* Smith says countries not “strategically significant”

* Iran, Sudan, Syria accounted for 1 pct of 2009 revenue

SAN FRANCISCO, March 1 (Reuters) – Smith International Inc (SII.N), an oilfield services company set to be taken over by industry leader Schlumberger Ltd (SLB.N), said on Monday it was actively pursuing the termination of all its activities in Iran and Sudan.

In a filing with U.S. financial regulators, Houston-based Smith named those two countries and Syria as places where the U.S. government imposed economic sanctions or other restrictions.

Smith said that, via non-U.S. affiliates, it earned about 1 percent of its $8.2 billion in 2009 revenue from the countries, and they were not “strategically significant” to its worldwide operations.

The company said separately that its restructuring last year, in response to a collapse in North American drilling activity, cost it $58.4 million. This was largely from shedding nearly 15 percent of its workforce, as Smith ended 2009 with 21,931 full-time employees.

While that was a deeper reduction than some larger rivals made, leading land-driller Nabors Industries Ltd (NBR.N) revealed last week that it shed a third of its employees in 2009. [ID:nN26142726] (Reporting by Braden Reddall; editing by Gunna Dickson)