National Oilwell Varco Announces John Lauletta to Retire as Chairman

National Oilwell Varco, Inc. reports that John F. Lauletta, Chairman of the Board of Directors, plans to retire as Chairman at the Company's 2005 Annual Meeting of Stockholders to be held this summer. The board has also announced its intention to elect Merrill A. (Pete) Miller, Jr. as Chairman at that time. Mr. Miller will continue in his current role as President and Chief Executive Officer.

In electing Mr. Miller as Chairman, the board of directors noted that the entire board, except Mr. Miller, will consist of independent directors. Mr. Robert Beauchamp will continue serving the board as its lead independent director under the Company's corporate governance guidelines.