National Oilwell Varco to Supply Equipment for Transocean Drillship

National Oilwell Varco, Inc. reported that it was chosen to provide a comprehensive package of drilling equipment for a drillship to be constructed in South Korea. National Oilwell Varco, L.P., the Company's wholly-owned subsidiary, entered into a contract with Daewoo Shipbuilding & Marine Engineering Co., Ltd., which will fabricate the vessel for a subsidiary of Transocean, Inc. The drillship is expected to be delivered in 2009.

“We are very pleased that Transocean and Daewoo have selected our equipment and technology for this highly advanced drillship,” said Pete Miller, chairman, president, and CEO of National Oilwell Varco. “The equipment package we will be providing under this contract is almost identical to the package we agreed to provide Transocean and Daewoo under a separate contract entered into during the second quarter of this year for the drillship Discoverer Clear Leader, which is also expected to be delivered in 2009. These two packages have a combined value of approximately $280 million and we are excited about the confidence Transocean and Daewoo have placed in us by choosing us to provide these comprehensive drilling equipment packages.”

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 operations, the provision of oilfield services, and supply chain integration services to the upstream oil and gas industry.

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