National Oilwell Appoints New Chairman of the Board

National-Oilwell, Inc. announced that Joel V. Staff, Chairman of the Board of Directors, plans to retire as Chairman at the Company's Annual Meeting of Stockholders on May 15, 2002, but will continue to serve on the board and is standing for reelection at the Annual Meeting. The board of directors has also announced its intention to elect Merrill A. (Pete) Miller, Jr., as Chairman at that time. Miller will continue in his current role as President and Chief Executive Officer.

"My years at National Oilwell are a source of great pride to me and I look forward to continuing as a member of the board," commented Staff. "I believe our prospects for the future are excellent under the experienced leadership of Pete Miller and our senior management team."

"It is an honor to be chosen as Joel's successor as Chairman," stated Miller. "Under Joel's stewardship, National Oilwell grew dramatically in market capitalization and product and service offering. I am grateful for the Board's confidence and look forward to the opportunities ahead."