Grant Prideco's Board Approves Stock Repurchase Program

Grant Prideco, Inc. (NYSE: GRP) announced that its board of directors has approved a stock repurchase program that authorizes the company to repurchase up to $150 million of its common stock. The Company may repurchase its shares 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.