Grant Prideco Reports EPS of $1.00 per Share on 12% Rev Increase

Grant Prideco, Inc. announced results for its 2007 fourth quarter. Net income was $128.5 million ($1.00 per diluted share) on revenues of $505.4 million. These results compare to net income of $140.1 million ($1.07 per diluted share) on revenues of $452.2 million in last year's fourth quarter.

"We are pleased to report strong quarterly revenues and operating income, led by a 17% growth in revenues from our Drilling Products and Services segment over the same period last year," commented Michael McShane, Chairman, President and CEO of Grant Prideco. "Our ReedHycalog segment also reported strong revenue growth, up 12% over the same prior-year period. While we incurred some delivery delays and higher than expected operating costs which negatively impacted fourth quarter results, I believe our businesses are in excellent condition heading into the pending merger with National Oilwell Varco."