National-Oilwell, Inc. has announced that holders of approximately 99% of the shares of Hitec ASA tendered their shares in exchange for shares of National Oilwell and cash as offered in the prospectus dated January 4, 2000. After approval by the Royal Norwegian Ministry of Industry and Trade the final merger should take place at the end of February. The agreement called for 8 million common shares of National Oilwell and NOK 148.7 million in exchange for all outstanding shares of Hitec. Each Hitec share will be exchanged for .2125904 of a National Oilwell share plus NOK 3.95152. The non-drilling related assets of Hitec are to be sold for NOK 148.7 million. National Oilwell is a worldwide leader in the design, manufacture and sale of machinery, equipment and downhole tools used in oil and gas drilling and production, as well as in the distribution to the oil and gas industry of maintenance, repair and operating products. Hitec's drilling related business is a leading supplier of highly advanced systems and solutions, including leading-edge automation and remote control technologies, for the oil and gas industry.

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