Grant Prideco (GRP) said Thursday its board had approved a $200 million increase in the company's stock-repurchase program.

The oil field-equipment maker had repurchased about $150 million worth of stock by the end of the third quarter.

The repurchase program does not have an expiration date.

Shares were trading up 49 cents, or 1.3%, to $37.14 Thursday.

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