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EXHIBIT 99.1
GRANT PRIDECO TO PURSUE PRIVATE PLACEMENT OF $200 MILLION
SENIOR DEBT SECURITIES
THE WOODLANDS, TEXAS, November 8, 2000 - Grant Prideco, Inc. (NYSE:GRP)
announced today that it intends to pursue a private placement of $200 million of
senior debt securities. Proceeds from this private placement will be used
primarily to refinance Grant Prideco's $100 million subordinated note to its
former parent company, Weatherford International, Inc. Grant Prideco will
utilize the balance of the proceeds to refinance other existing indebtedness and
for general working capital purposes.
The private placement will not be registered under the Securities Act of 1933
and may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements.
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CONTACTS:
Frances Powell (281/297-8536)
