Grant Prideco Completes Acquisition of ReedHycalog

Grant Prideco has successfully completed the previously announced acquisition of ReedHycalog from Schlumberger.

Michael McShane, President and Chief Executive Officer of Grant Prideco, Inc. commented, "We are pleased to welcome all of ReedHycalog's customers and employees to Grant Prideco. The transition process is well underway and progressing smoothly. The senior management team for ReedHycalog is already in place and headed by John Deane, who brings 27 years of experience with the company. Mr. Deane most recently served in the role he will now assume, which is President of ReedHycalog. The addition of ReedHycalog with its high quality people and reputation enhances our range of products that we offer our customers. ReedHycalog is an excellent strategic and industrial fit and allows us to more rapidly participate in the anticipated drilling recovery."