National Oilwell Varco Acquires Control of NQL Energy Services

NQL Energy Services Inc. and National Oilwell Varco, Inc. report that 38,161,432 Class "A" common shares ("Shares") of NQL representing approximately 85% of the issued and outstanding Shares (on a fully-diluted basis) have been validly tendered to the previously announced offer (the "Offer") by NOV's indirect wholly-owned subsidiary, Dreco Acquisition Corporation ("Dreco"), to purchase all of the outstanding Shares.

As all conditions of the Offer have either been met or waived, Dreco has instructed CIBC Mellon Trust Company, the depositary under the Offer, to take up and pay for all validly deposited Shares effective as of the expiry time of the Offer.

The original Offer expired at 6:00 p.m. (Calgary time) on December 6, 2006. However, Dreco has extended the Offer until 6:00 p.m. (Calgary time) on December 19, 2006 to allow NQL shareholders an additional opportunity to tender their Shares to the Offer. A notice of extension will be mailed to NQL shareholders in the coming days.

NQL is an industry leader in providing downhole tools, technology and services used primarily in drilling applications in the oil and gas and utility industries on a worldwide basis.

NOV 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.

This press release shall not constitute an offer to purchase or a solicitation of an offer to sell securities in any jurisdiction.


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