COMPANY NEWS; OIL FIELD TOOL COMPANY TO BUY DRILL-BIT DIVISION

Grant Prideco said yesterday that it had agreed to buy a drill-bit maker, Reed-Hycalog, from Schlumberger for about $345 million in cash and stock to add to its line of oil field tools. Grant Prideco will pay $255 million in cash and about 10 million of its own shares, the chief financial officer, Louis A. Raspino, said. The company will also assume about $5 million in debt from Schlumberger, an oil-services company.