Drilling fluids JV to continue

The US Department of Justice said Smith International Inc. and Schlumberger Ltd. have agreed to a $13.1 million settlement that will enable them to continue operating a drilling fluids joint venture.DOJ said the deal marks the first time companies have been required to surrender the profits they made from violating a prior antitrust settlement.The government sued the companies in July, alleging Smith sold Schlumberger 40% of the joint venture for $280 million in violation of a 1994 court order regarding the merger of Dresser Industries Inc. and Baroid Corp. When Dresser sold its 64% share in M-I Drilling Fluids Co. to Smith, a court barred Smith from selling the business or combining it w...

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