Houston, March 20, 2000
Weatherford International, Inc. (NYSE: WFT) today announced that the New York Stock Exchange has advised Weatherford that the common stock of Grant Prideco, Inc. to be distributed by Weatherford to its stockholders will begin trading on a when-issued basis on the New York Stock Exchange as of March 21, 2000 through to the distribution date. Weatherford’s Board of Directors had previously set the close of business on March 23, 2000 as the record date for the distribution of the Grant Prideco common stock and April 14, 2000 as the anticipated distribution date. Under the terms of the distribution, Weatherford shareholders will receive one share of Grant Prideco common stock per share of Weatherford common stock held by them on the close of business on March 23, 2000.
As when-issued trading commences on the New York Stock Exchange, shares of Grant Prideco will trade with the symbol “GRP.wi”. The symbol for shares of Weatherford, on an ex-Grant Prideco basis, will be “WFT.wi”, and shares of Weatherford, inclusive of Grant Prideco, will continue to trade with the symbol “WFT” until the distribution date.
Houston-based Weatherford International, Inc. (http://www.weatherford.com) is one of the largest global providers of innovative mechanical solutions, technology and services for the drilling and production sectors of the oil and gas industry. Weatherford’s four divisions – Drilling and Intervention Services, Completion Systems, Artificial Lift Systems and Weatherford Global Compression Services – operate in over 50 countries and employ approximately 10,000 people worldwide.
Grant Prideco (http://www.grantprideco.com), headquartered in The Woodlands, Texas, is the world’s leader in drill stem technology development and drill pipe manufacturing, sales and service, in addition to being North America's pre-eminent source for engineered connections and premium tubulars.
Don Galletly - Weatherford (713) 693-4148
Frances Powell - Grant Prideco (281) 297-8536
Weatherford International, Inc.
515 Post Oak Blvd, Suite 600
Houston, Texas 77027