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Exhibit 99.1
 (Grant Prideco Logo)
    
    NEWS RELEASE
 (a) FOR IMMEDIATE RELEASE
 Investor Relations Contacts:
 GRANT PRIDECO REPORTS EPS OF $1.04 PER SHARE
ON A 21% REVENUE INCREASE
   Operating Income Margins Increase




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Other Items
   SEGMENT RESULTS
 Drilling Products and Services
  ReedHycalog
  Tubular Technology and Services




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Corporate and Other
  OUTLOOK
   Conference Call




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GRANT PRIDECO, INC.
STATEMENTS OF OPERATIONS
(In thousands, except per share data)
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2007
    
    
    2006
    
    
    2007
    
    
    2006(Unaudited)Revenues
    
    $
    522,178
    
    
    $
    431,784
    
    
    $
    1,018,641
    
    
    $
    846,209Operating Expenses:Cost of sales
    
    
    264,049
    
    
    
    227,365
    
    
    
    518,127
    
    
    
    455,894Sales and marketing
    
    
    45,424
    
    
    
    37,305
    
    
    
    91,011
    
    
    
    73,285General and administrative
    
    
    33,061
    
    
    
    28,490
    
    
    
    66,815
    
    
    
    56,330Research and engineering
    
    
    10,754
    
    
    
    8,561
    
    
    
    20,777
    
    
    
    16,257353,288
    
    
    
    301,721
    
    
    
    696,730
    
    
    
    601,766Operating Income
    
    
    168,890
    
    
    
    130,063
    
    
    
    321,911
    
    
    
    244,443Interest Expense
    
    
    (4,059
    )
    
    
    (3,587
    )
    
    
    (9,128
    )
    
    
    (7,418
    )Other Expense, Net
    
    
    (1,247
    )
    
    
    (1,587
    )
    
    
    (1,799
    )
    
    
    (1,847
    )Equity Income in Unconsolidated Affiliate
    
    
    30,026
    
    
    
    37,312
    
    
    
    74,639
    
    
    
    64,661Income Before Income Taxes and Minority
Interests
    
    
    193,610
    
    
    
    162,201
    
    
    
    385,623
    
    
    
    299,839Income Tax Provision
    
    
    (56,664
    )
    
    
    (52,993
    )
    
    
    (114,621
    )
    
    
    (96,057
    )Income Before Minority Interests
    
    
    136,946
    
    
    
    109,208
    
    
    
    271,002
    
    
    
    203,782Minority Interests
    
    
    (1,994
    )
    
    
    (3,621
    )
    
    
    (4,501
    )
    
    
    (5,765
    )Net Income
    
    $
    134,952
    
    
    $
    105,587
    
    
    $
    266,501
    
    
    $
    198,017Basic Net Income Per Share
    
    $
    1.05
    
    
    $
    0.80
    
    
    $
    2.08
    
    
    $
    1.51Basic Weighted Average Shares Outstanding
    
    
    128,434
    
    
    
    131,472
    
    
    
    128,260
    
    
    
    131,444Diluted Net Income Per Share
    
    $
    1.04
    
    
    $
    0.79
    
    
    $
    2.05
    
    
    $
    1.48Diluted Weighted Average Shares
Outstanding
    
    
    130,071
    
    
    
    133,659
    
    
    
    130,134
    
    
    
    133,765Cash Flow Data:Depreciation and amortization
    
    $
    15,164
    
    
    $
    11,927
    
    
    $
    29,853
    
    
    $
    24,026Cash provided by operating activities
    
    
    203,548
    
    
    
    122,917
    
    
    
    266,662
    
    
    
    186,453Cash used in investing activities
    
    
    (115,727
    )
    
    
    (78,692
    )
    
    
    (146,342
    )
    
    
    (88,425
    )Cash used in financing activities
    
    
    (50,969
    )
    
    
    (17,283
    )
    
    
    (66,857
    )
    
    
    (40,015
    )Capital expenditures (a)
    
    
    33,693
    
    
    
    18,401
    
    
    
    61,456
    
    
    
    28,368
 June 30,
    
    
    December 31,2007
    
    
    2006(Unaudited)Balance Sheet Data:Total assets
    
    $
    2,232,558
    
    
    $
    2,022,067Total debt
    
    
    204,451
    
    
    
    245,852Total liabilities
    
    
    613,705
    
    
    
    659,184Stockholders equity
    
    
    1,618,853
    
    
    
    1,362,883Backlog at Period End (Unaudited)
    
    $
    1,146,235
    
    
    $
    1,181,952
 
 (a)
    
    Capital expenditures for property, plant and equipment excludes acquisition of businesses.




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GRANT PRIDECO, INC.
SUPPLEMENTAL QUARTERLY FINANCIAL INFORMATION
 Three Months Ended
    
    
    Six Months EndedJune 30,
    
    
    June 30,2007
    
    
    2006
    
    
    2007
    
    
    2006(Unaudited)Revenues:Drilling Products and Services
    
    $
    282,765
    
    
    $
    213,586
    
    
    $
    558,713
    
    
    $
    407,845ReedHycalog
    
    
    148,344
    
    
    
    116,239
    
    
    
    300,249
    
    
    
    233,030Tubular Technology and Services
    
    
    87,202
    
    
    
    101,786
    
    
    
    154,374
    
    
    
    205,059Corporate and Other
    
    
    3,867
    
    
    
    173
    
    
    
    5,305
    
    
    
    275$
    522,178
    
    
    $
    431,784
    
    
    $
    1,018,641
    
    
    $
    846,209Operating Income (Loss):Drilling Products and Services
    
    $
    116,430
    
    
    $
    78,749
    
    
    $
    229,082
    
    
    $
    143,761ReedHycalog
    
    
    46,823
    
    
    
    40,814
    
    
    
    92,624
    
    
    
    76,372Tubular Technology and Services
    
    
    20,979
    
    
    
    29,237
    
    
    
    34,046
    
    
    
    60,480Corporate and Other
    
    
    (15,342
    )
    
    
    (18,737
    )
    
    
    (33,841
    )
    
    
    (36,170
    )$
    168,890
    
    
    $
    130,063
    
    
    $
    321,911
    
    
    $
    244,443Depreciation and Amortization:Drilling Products and Services
    
    $
    3,607
    
    
    $
    3,277
    
    
    $
    7,240
    
    
    $
    6,577ReedHycalog
    
    
    6,903
    
    
    
    3,992
    
    
    
    13,532
    
    
    
    8,081Tubular Technology and Services
    
    
    2,431
    
    
    
    3,064
    
    
    
    4,999
    
    
    
    6,162Corporate and Other
    
    
    2,223
    
    
    
    1,594
    
    
    
    4,082
    
    
    
    3,206$
    15,164
    
    
    $
    11,927
    
    
    $
    29,853
    
    
    $
    24,026Capital Expenditures for
Property, Plant and Equipment:Drilling Products and Services
    
    $
    7,766
    
    
    $
    7,519
    
    
    $
    16,637
    
    
    $
    12,014ReedHycalog
    
    
    15,776
    
    
    
    5,615
    
    
    
    26,462
    
    
    
    7,809Tubular Technology and Services
    
    
    889
    
    
    
    2,326
    
    
    
    1,047
    
    
    
    4,264Corporate and Other
    
    
    9,262
    
    
    
    2,941
    
    
    
    17,310
    
    
    
    4,281$
    33,693
    
    
    $
    18,401
    
    
    $
    61,456
    
    
    $
    28,368




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GRANT PRIDECO, INC.
NON-GAAP FINANCIAL MEASURE AND RECONCILIATION
ADJUSTED REVENUES COMPARISON
(Unaudited)
 Three Months EndedJune 30,2006
    
    
    2007
    
    
    $ Change
    
    
    % Change(in 000's)(Pro forma)ReedHycalog Reported Revenues
    
    $
    116,240
    
    
    $
    126,315
    
    
    $
    10,075
    
    
    
    9
    %Andergauge Revenues
    
    
    17,161
    (1)
    
    
    22,029
    
    
    
    4,868
    
    
    
    28
    %Adjusted Revenues
    
    $
    133,401
    
    
    $
    148,344
    
    
    $
    14,943
    
    
    
    11
    %
 (1)
    
    The Company is disclosing 2006 pro forma revenues to include
Andergauge revenues for the three months ended June 30, 2006,
which was prior to the Companys acquisition of Andergauge in
October 2006, in order to provide a more meaningful revenue
comparison year-over-year. The three months ended June 30,
2006 adjusted revenues are a non-GAAP measure and should not be
considered in isolation or as a substitute for GAAP measures.