Hydralift Shareholders Accept National-Oilwell Tender Offer

National-Oilwell, Inc. announced that the holders of more than 91% of the shares of Hydralift ASA have tendered their shares for cash in the amount of NOK 55, approximately U.S. $7.50, per share as offered in the tender offer document dated Nov. 8, 2002. Upon satisfaction of the conditions to closing, which include receipt of required regulatory approvals, the acquisition of the tendered shares will be completed. National Oilwell currently expects this to occur in early December.

Pete Miller, chairman, president and CEO of National Oilwell, stated "We are very pleased with the response of Hydralift's shareholders and believe the addition of Hydralift's complementary products will benefit our customers."

National Oilwell is a worldwide leader in the design, manufacture and sale of comprehensive systems and components used in oil and gas drilling and production, as well as in providing supply chain integration services to the upstream oil and gas industry.

Hydralift manufactures and sells equipment to both the international oil and gas and maritime industries. The company develops and designs specialized solutions based on its standard range of products which includes complete drilling equipment packages, cranes, pipe-handling systems, heave compensation systems, riser tensioning systems, mooring systems, handling equipment for cable-laying vessels and well-intervention systems.