Grant Prideco Sells Coupling Unit

Grant Prideco has agreed to sell the business and assets of Texas Arai, Inc., its API coupling business, to Maverick Tube Corporation for approximately $20 million cash, subject to final working capital adjustments and standard closing requirements. This sale reflects the Company's continuing efforts to improve long-term profitability by focusing on its premium product lines within the Tubular Technology division. Due primarily to the write-off of goodwill associated with this business, the Company estimates a pre-tax loss of approximately $11 million associated with this sale, which would be recorded in the Company's second fiscal quarter.