National Oilwell Varco Announces Introduction of Rapid Rig

National Oilwell Varco announced the introduction of its recently developed Rapid Rig(TM). The Company's new Rapid Rig(TM) is an efficient "singles" land rig delivering high speed, safety and performance in a compact, road legal drilling package. Developed with a 250 ton hook load capacity for shallow to moderate well depths, the Rapid Rig's smaller size and self deploying design allows for ease of transport and faster onsite rig-up. The fully automated rig floor coupled with an innovative pipe handling system reduces crew size and accident exposure while providing a more comfortable, efficient work environment.

The Company also announced it has recently received an order from DeSoto Drilling, Inc., a subsidiary of Southwestern Energy Company, for one of the Company's Rapid Rigs for use in Southwestern's Fayetteville Shale play area in June 2006. Terms of the sale were not disclosed.

Pete Miller, Chairman, President and CEO of National Oilwell Varco, stated "We are extremely pleased with our first sale of our new Rapid Rig(TM). The Rapid Rig(TM) features some of the latest technology in land drilling equipment. We are not only proud of its advanced technology, but believe that its compact components and AC powered primary systems will help reduce environmental impact at the well site. I am also very proud of our engineering and manufacturing staff on the development of the Rapid Rig(TM) and thankful for their tireless efforts."