BURLINGTON, MA, January 19, 2001—Cognos® (Nasdaq: COGN; TSE:CSN), the world's largest and most successful business intelligence company, today announced that M-I , along with Smith International Inc., has deployed Cognos Finance enterprise-wide to perform rapid budgeting and eventually forecasting and consolidations of financial data.

A joint venture owned by Smith International and Schlumberger Limited, M-I's operations are conducted in 50 countries around the world, and include the supply of drilling and completion fluids, as well as solids control and pressure control equipment to major oil producers. M-I also provides field engineering and technical support and is a major worldwide producer of barite and bentonite mineral marketed to the oil industry.

When the company was looking for a way to perform budgeting within a number of Smith International's operations, the company chose Cognos Finance. The task included implementing a single budgeting system to unite the financial information of Smith's four business units: M-I, Smith Bits, Smith Services and Wilson.

Under the old system, the budgeting was extremely onerous, according to Vern Cooper, M-I Business Unit Applications Manager.

Cognos Finance, which will be accessed by operational managers via the organization's corporate Intranet, is projected to significantly reduce the time required, saving time and money.

Cognos Finance is tailored to both financial professionals who require sophisticated manipulation of financial data and non-financial professionals requiring Web-based access to financial analysis and budgeting.

M-I has used Cognos enterprise business intelligence for several years, and chose Cognos Finance based on that positive relationship. "We liked the synergy created between the new and existing implementations," said Janet Hall, Business IT Manager. Cognos Finance can be accessed directly by Cognos PowerPlay, giving users the sophisticated analysis of the industry's number one business intelligence tool.

"Through the simplicity of a Web browser, all operational managers will be able to access and effectively use financial data with little to no IT assistance," said Alan Rottenberg, senior vice president, e-business Intelligence Applications Unit, Cognos. "Cognos Finance will allow M-I to streamline administrative processes and use technology to further business goals."

M-I L.L.C.
M-I, a joint venture owned by Smith International, Inc. (NYSE: SII), and Schlumberger Limited (NYSE:SLB), is a leading supplier of drilling and completion fluid products/systems, services and equipment to the worldwide petroleum industry.