A unit of Smith International Inc. has taken over a three-year contract with Petróleo Brasileiro, Brazil’s state-owned energy giant.
Houston-based Smith (NYSE: SII) will operate the Petrobras contract through its PathFinder Energy Services unit at its new facility in Macae, Brazil.
The deal represents possible revenue of between $80 million and $100 million. PathFinder will also acquire all related directional drilling assets from San Antonio International do Brasil.
San Antonio International had previously been the lead contractor through which PathFinder had taken on contracts in that country, Smith officials said in a statement.
2010-01-16
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