NATIONAL OILWELL

National-Oilwell, Inc. announced the completion of the merger with Hitec ASA. Shareholders of Hitec had previously approved the merger, and National Oilwell will report the transaction as a purchase effective February 1, 2000. 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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