Grant Prideco, Inc. (NYSE: GRP) has approved an increase its stock repurchase program by $200 million (to $350 million from $150 million). The Company had repurchased approximately $150 million under this program by the end of the third quarter. Under this program, the Company may repurchase its shares of common stock in the open market based on, among other things, its ongoing capital requirements and expected cash flows, the market price and availability of its stock, regulatory and other restraints, and general market conditions. The repurchase program does not have an established expiration date.
Grant Prideco headquartered in Houston, Texas, is the world leader in drill stem technology development and drill pipe manufacturing, sales and service; a global leader in drill bit technology, manufacturing, sales and service; and a leading provider of high-performance engineered connections and premium tubular products and services.