National Oilwell Varco Completes NQL Acquisition

NQL Energy Services Inc. and National Oilwell Varco, Inc. announced that an additional 3,370,042 Class "A" common shares of NQL have been validly tendered to the previously announced offer by NOV's indirect wholly-owned subsidiary, Dreco Acquisition Corporation, to purchase all of the outstanding shares for $7.60 per shares.

Dreco has instructed CIBC Mellon Trust Company, the depositary under the Offer, to take up and pay for all such validly deposited Shares. Following such take up and payment, Dreco will own an aggregate of 42,294,074 Shares representing approximately 94% of the issued and outstanding Shares.

The Offer expired at 6 p.m. (Calgary time) on January 8, 2007. NOV first announced its intention to make the Offer on October 23, 2006, and Dreco mailed its take-over bid circular to the shareholders of NQL on October 31, 2006. The Offer was extended twice to allow NQL shareholders an additional opportunity to tender their Shares.

Dreco intends to exercise its statutory rights of compulsory acquisition under the Business Corporations Act (Alberta) to acquire the remaining Shares that were not deposited to the Offer. An Offeror's notice relating to the compulsory acquisition will be mailed to dissenting shareholders of NQL and filed on NQL's SEDAR profile at in the coming days. NQL will take steps to de-list the Shares from the Toronto Stock Exchange and will apply to securities regulatory authorities to cease to be a reporting issuer.

NQL is an industry leader in providing downhole tools, technology and services used primarily in drilling applications in the oil and gas and utility industries on a worldwide basis.

NOV 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.