National Oilwell Varco Secures $3B Credit Facility Financing

National Oilwell Varco, Inc. has obtained financing commitments from Wells Fargo Bank, N.A., as administrative agent and co-lead arranger with DnB NOR Bank ASA, and a syndicate of banks for unsecured credit facilities to provide for borrowing of up to an aggregate of $3 billion.

The Company anticipates the credit facilities to become effective on or about April 21, 2008, contingent on the closing of its merger with Grant Prideco, Inc. The Company expects to use a portion of the proceeds from the credit facilities to fund the cash portion of the merger transaction.