National Oilwell & Varco Merger Approved

National-Oilwell, Inc. (NYSE: NOI) and Varco International, Inc. (NYSE: VRC) jointly announced today that the merger of the two companies was approved today by stockholders of each company by substantial margins. In addition, stockholders of National Oilwell also approved the National Oilwell Varco Long-Term Incentive Plan. All conditions to the merger have been satisfied. A certificate of merger has been filed in the State of Delaware, which provides that the merger will become effective at 3 p.m., central time, today. Effective Monday, March 14, National Oilwell Varco's common stock will trade under the symbol NOV on the New York Stock Exchange.

National Oilwell Varco is a worldwide leader in the design, manufacture and sale of equipment and components used in oil and gas drilling and production, the provision of oilfield inspection and other services, and supply chain integration services to the upstream oil and gas industry.

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