Grant Prideco Ups Stock Buyback by $300M

Grant Prideco, Inc. on Thursday announced that its board of directors has approved a $300 million increase in its stock repurchase program, bringing the total authorization to $650 million.

The Company has repurchased $224 million of its shares through the end of the second quarter. Under this program, the Company may repurchase shares of its 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.

Houston-based Grant Prideco is a world leader in drill stem technology development and drill pipe manufacturing, sales and service; a global leader in drill bit and specialty tools manufacturing, sales and service; and a leading provider of high-performance engineering connections and premium tubular products and services.