James Woods Retires from NOV Board

National Oilwell Varco, Inc. announced that James D. Woods has elected to retire from its board of directors, effective December 31, 2006. Mr. Woods, 75, has served as a director of National Oilwell Varco and its predecessor companies since 1988.

"Jim Woods' counsel and leadership have been invaluable to our Company. His deep understanding of oilfield services from his long tenure at the helm of Baker Hughes has contributed tremendously to the success of National Oilwell Varco," said Pete Miller, Chairman, President and CEO of National Oilwell Varco. "We thank him for his dedication to his duties as Director, especially during the transition time after the Company's merger with Varco International, and for the insight and experience he has brought to Company management and stockholders."

"Serving on the National Oilwell Varco board has been a very good experience for me, and I am proud of the success achieved by the Company," said James Woods. "National Oilwell Varco is a great company, with excellent growth prospects, and I am confident that Pete Miller and the Company's management team will continue to execute well on the strategies and opportunities before it."

Mr. Woods has been a member of the National Oilwell Varco board of directors since March 2005. Mr. Woods served as a Director of Varco International, Inc. from May 2000, and from 1988 until May 2000 he served as a director of a company acquired by Varco, until its merger with the Company in March 2005. His current role includes serving as chair of the compensation committee, as well as a member of the nominating/corporate governance committee. Mr. Woods is the Chairman Emeritus and retired chief executive officer of Baker Hughes Incorporated, having served as chief executive officer of Baker Hughes from 1987, and chairman from 1989, until 1997.

National Oilwell Varco is a worldwide leader in the design, manufacture and sale of equipment and components used in oil and gas drilling and production operations, the provision of oilfield services, and supply chain integration services to the upstream oil and gas industry.