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Smith International, Inc. (NYSE: ) shares moved marginally higher after CNBC's Jim Cramer recommended the stock on his Mad Money Lightning Round. The hedge fund manager turned television star believes the stock is a cheap oil driller that has been hammered by the market. With politicians increasingly in support of offshore drilling to relieve oil prices, Cramer believes that Smith is a winner going forward and a buy at these levels.

Presidential candidate John McCain recently appeared on an oil rig in a television advertisement while even Senator Obama said he could support an expansion of offshore drilling as long as it was part of a "genuine bipartisan compromise". Even House Speaker Nancy Pelosi has joined the presidential hopefuls on the offshore oil drilling bandwagon. Foreign demand from companies like Petrobras (PBR) is also expected to rise over the next few years.

Smith International is a global provider of products and services to the oil and gas exploration and production industry. The company provides a line of technologically-advanced products and engineering services, including drilling and completion fluid systems, solids-control and separation equipment, waste-management services, oilfield production chemicals, three-cone and diamond drill bits, turbine products, tubulars, fishing services, drilling tools, and other products.

Other offshore drilling companies up on the news include W-H Energy Services (WHQ), Weatherford International (WFT), Baker Hughes (BHI), and Oil States International (OIS). All of these companies offer services, similar to Smith International, that are designed to help build, maintain and repair offshore drilling rigs.

Shares of Smith International rose $0.55, or 0.6%, to $74.40 per share.

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