National Oilwell Acquires Corlac Equipment Ltd.

National-Oilwell, Inc. has acquired the stock of Corlac Equipment Ltd. for a total cash purchase price, including the assumption of certain debt obligations, of approximately Canadian $33 million (approximately U.S. $25 million). In 2002, Corlac generated revenues of approximately Canadian $50 million.

Based in Lloydminster, Alberta, Canada, Corlac is a provider of oilfield production equipment, including progressive cavity fluid transfer pumps, wellhead drives, hydraulic skids, variable frequency drives, surface pumps, process packaging, pump jacks and gas engines. They are the leading distributor of Monoflo progressive cavity fluid transfer pumps and have complete PC pump service and repair capability. National Oilwell acquired the Mono pumping business in January of this year.

Pete Miller, National Oilwell's Chairman, President and CEO, said "Not only is Corlac an outstanding fit with our Mono pump business, their experienced management team and enhanced production equipment product offering will enhance our distribution network. We welcome our new Corlac customers and are committed to providing them with superior service and support."