The Company also announced it has recently received an order from DeSoto Drilling, Inc., a subsidiary of Southwestern Energy Company, for one of the Company's Rapid Rigs for use in Southwestern's Fayetteville Shale play area in June 2006. Terms of the sale were not disclosed.
Pete Miller, Chairman, President and CEO of National Oilwell Varco, stated "We are extremely pleased with our first sale of our new Rapid Rig(TM). The Rapid Rig(TM) features some of the latest technology in land drilling equipment. We are not only proud of its advanced technology, but believe that its compact components and AC powered primary systems will help reduce environmental impact at the well site. I am also very proud of our engineering and manufacturing staff on the development of the Rapid Rig(TM) and thankful for their tireless efforts."
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