Grant Prideco Realigns Tubular Technology Business Unit

Grant Prideco has realigned its Tubular Technology and Services business unit, integrating the Marine Products and Services business unit and its XL Systems product line, Grant Prideco Chairman, President and Chief Executive Officer Michael McShane announced.

"This change is commensurate with our strategy to focus on our core drill pipe, drill bit and tubular businesses," said McShane. "Additionally, it positions Grant Prideco to leverage overlapping operational characteristics of XL Systems with our Tubular Technology business unit."

The Tubular Technology and Services business unit designs, manufactures and sells a complete line of premium connections and associated premium tubular products and accessories. XL Systems produces and installs large- diameter threaded marine conductors and caissons for use in offshore drilling and structural applications.

David Black has been appointed President of Tubular Technology. Black has been Vice President - Operations for ReedHycalog(TM) since its acquisition by Grant Prideco in December 2002. He will replace Marshall Danby, who is retiring as President of Tubular Technology and Curtis Burton, previously president of Marine Products and Service, who has left the company.

Previously, Black was involved in Business Development/Mergers and Acquisitions at Schlumberger. He has also held key management positions in the industry, including Vice President & General Manager, of Schlumberger's Well Completions & Productivity division.

Prior to joining Schlumberger as part of its purchase of Camco, he was with Camco 19 years in various management positions, including President of Camco Products and Services.

"As president of the newly integrated Tubular Technology business unit, David will work closely with management and staff to evaluate business strategies and opportunities, organizational structure and internal processes," said McShane.