National Oilwell & Varco Update Merger Progress

National-Oilwell, Inc. (NYSE: NOI) and Varco International, Inc. (NYSE: VRC) jointly announced that they expect to substantially comply with the second request issued by the Antitrust Division of the U.S. Department of Justice by year end. The information request regarding the merger between the companies was issued under notification requirements of the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. National Oilwell and Varco remain confident that the merger will proceed and expect closing within the first quarter of 2005.

About National Oilwell

National Oilwell is a worldwide leader in the design, manufacture and sale of equipment and components used in oil and gas drilling and production, as well as in providing supply chain integration services to the upstream oil and gas industry.

About Varco

Varco International, Inc. is a leading provider of services, products, and highly-engineered equipment to the world's oil and gas industry. With operations in over 350 locations in over 40 countries across six continents, Varco provides oilfield tubular inspections and internal tubular coating services; drill cuttings separation, waste management and disposal services; rig instrumentation and communication services; in-service pipeline inspection services; and sucker rod inspection and reclamation services. Additionally, Varco manufactures and supplies innovative drilling equipment and technology; coiled tubing and pressure control equipment; high-pressure fiberglass and composite tubing; and in-line inspection equipment for the makers of oilfield tubing.

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