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Business Description
Grant Prideco, Inc. manufactures and supplies oilfield drill pipe and other drill stem products, as well as provides high performance tubular technology and services. The Company's drill stem products are used to drill oil and gas wells while its tubular technology and services are primarily used in drilling and completing oil and gas wells. The Company also provides a variety of products and services to the worldwide offshore and deepwater market through its Marine Products and Services segment. Its marine products and services are used for subsea construction, installation and production of oil and gas wells. In addition, the Company manufactures and sells drill bit products through its Drill Bits segment that consists of entirely of ReedHycalog.

Financial Information
For the nine months ended 9/30/04, revenues rose 20% to $695 million. Net income from continuing operations totaled $40.9 million, up from $15.2 million. Results reflect increased drill pipe and drill bit sales and improved operating margins.