Federal District Judge, Lyn Hughes, Approved a Settlement Agreement between Al Rushaid and Texas International Oilfield Tools on February 15, 2012

Al Rushaid successfully concludes litigation with Texas International Oilfield Tools. Cases against National Oilwell Varco (NOV) and Bank Pictet are ongoing. The underlying claims relate to alleged bribes paid by Texas International Oilfield Tools to James McDonald Wight, a former Al Rushaid executive.