National Oilwell Reports Third Quarter Earnings

National-Oilwell, Inc. reported third quarter net income of $17.8 million ($0.22 per diluted share) compared to $28.9 million ($0.36 per diluted share) in the third quarter of 2001. Revenues for the quarter were $366.9 million, compared to $486.8 million in the third quarter of 2001.

Pete Miller, chairman, president and CEO of National Oilwell, stated "We are very pleased with our third quarter results that occurred during a period of directionless spending in our industry, hurricane-related shutdowns and general economic uncertainty. Operating income in the third quarter was essentially the same as the second quarter of this year in each of our reporting segments. Backlog for capital equipment was $231 million at the end of the quarter, as shipments from backlog totaled $91 million and we received $44 million in new capital equipment orders. Based on quoting activity, we believe that our backlog is at or near a bottoming point.

"On October 11, 2002, we announced the signing of a combination agreement to acquire Hydralift ASA. The addition of Hydralift will position National Oilwell to better serve our customers through increased breadth of product and will enhance our unparalleled ability to offer fully integrated, more technical drilling systems."