July 25, 2006 — NS Group, Inc. has purchased the business and assets of Fishing Tools Specialty, LP (FTS), a premium connection, accessory and field service business headquartered in Odessa, Texas. The total purchase price of $120.9 million was funded from existing cash balances.

NS Group renamed the company Ultra Premium Oilfield Services (Ultra), effective immediately. The new name capitalizes on name recognition and industry respect associated with the "Ultra" premium connection brand name.

Founded in 1967, FTS has an established customer and employee base as well as proven patented premium connection technology. NS Group says the acquisition will enhance the company's core tubular business, and will provide international growth potential.

Ultra's primary business involves the provision of patented premium connections, accessories, and related oilfield services supporting the Ultra premium product line. Ultra connections are recognized for their performance in harsh conditions encountered in deepwater wells, deep onshore gas wells and horizontal and directional drilling where high tolerance to tension, compression, temperature and pressure is required.

Rene J. Robichaud, President and CEO commented, "We are very excited about expanding our business to include premium connections. Ultra's management has a proven record of realizing significant growth through innovation and customer service. The purchase of Ultra furthers our objective to expand our product breadth for our distributor and end-user customers in order to service the growing unconventional and challenging drilling environments where premium connections are essential. Also, the recently announced expansion plan for our seamless tubular and heat treat capacity is an excellent complement to the Ultra premium connection business."

NS Group is a leading producer of tubular products serving the energy industry and certain industrial markets. The company manufactures and markets seamless and welded tubular steel products used in the drilling, exploration and transmission of oil and natural gas. Through its acquisition of the Ultra business, NS Group also manufactures premium connections for oil and gas drilling and production.