Logan Oil Tools, a wholly owned subsidiary of Logan International, has purchased certain assets from Smith International. The assets include inventory, the rights to manufacture and sell HE fishing tools and certain intellectual property including the use of the trade names Houston Engineers and HE. The HE tools are highly-specialized tools that are used primarily to free and remove downhole tools and equipment in connection with workover or intervention services.
President and Chief Executive Officer David MacNeill stated: "We believe this transaction is consistent with our strategy of being a leading provider of downhole tools and adding quality products to our core businesses. The HE fishing tools are well known by our customers and have a reputation for design excellence and superior performance. In addition, we feel that this will simplify our customers' ability to gain access to the HE products that may not have been available to them in the past. This acquisition not only expands our core offering of fishing tools but further enhances our reputation for providing superior quality products."