Grant Prideco Completes Rotator Purchase

Grant Prideco has completed its acquisition of Scana Rotator. Rotator is one of the preeminent providers of control valves and systems to the offshore oil and gas industry, and it supplies more than 200 different styles for specific application requirements. Rotator, founded in 1958, had revenues in excess of $10 million in 2001. Grant Prideco will have a 65% controlling interest in Rotator with an option to purchase the remaining 35%. "Rotator is exactly the type of company we are looking to add to our Marine Products and Services Division," said Mr. Huff, CEO of Grant Prideco. "Rotator is a technological leader with both proven and promising new technologies and has earned a solid reputation for product quality and customer focus." Mr. Huff added that, "This acquisition presents opportunities for product line and geographical growth. We expect Rotator to play an important part as we further grow the Marine Products and Services Division to provide unique solutions to the offshore and deepwater industry." Larry W. Rogers, who has more than 33 years of experience with mechanical, hydraulic and pneumatic control systems, has been named Vice President and General Manager of Rotator Products and Services. Previously he was President of Gilmore Valve Company. "Larry brings tremendous experience to Grant Prideco," said Mr. Huff. "His extensive knowledge of valves and control systems will be an important asset to this division."