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Maverick Tube Announces Pending Acquisition of Texas Arai

April 22, 2004 — Maverick Tube Corp. has signed a definitive agreement to acquire the business and assets of Texas Arai, Inc. from Grant Prideco, Inc. for approximately $20 million, subject to final working capital adjustments.

Texas Arai is the largest independent provider of API and premium-grade couplings used to connect tubing and casing in oil and gas wells.

Gregg Eisenberg, commenting on the acquisition said, "We are pleased to add Texas Arai to Maverick's tubular goods operations. Our consolidated coupling manufacturing capacity will be second to none. While the acquisition is small in scope, it will have a positive impact on cash flows and earnings." The acquisition, which is subject to customary closing conditions, is expected to close by the end of April.

Based in St. Louis, Missouri, Maverick Tube Corp. manufactures tubular products used in the energy industry for drilling, production, well servicing and line pipe applications. The company also produces industrial tubing products including HSS, electrical conduit and standard pipe used in various applications.

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