National Oilwell Gets Green Light for Hydralift Acquisition

National-Oilwell, Inc. has received notice of early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in connection with the previously announced acquisition of Hydralift ASA.

With this approval, National Oilwell has determined that all of the conditions of the Tender Offer have been satisfied or waived. Accordingly, National Oilwell intends to acquire the 29,002,790 Hydralift shares that have been received pursuant to the terms of the offer. The settlement for the shares accepted will be on or about Wednesday, Dec. 18, 2002.

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