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08-12-2010 14:30:00

National Oilwell Varco Completes FPSO Technology Acquisition

Relateret indhold

National Oilwell Varco, Inc. (NYSE:NOV) announced today that it has

acquired Advanced Production and Loading PLC (“APL”), a subsidiary of BW

Offshore Limited (Oslo: BWO). APL, based in Norway, designs and

manufactures turret mooring systems and other products for Floating

Production, Storage and Offloading vessels (“FPSO’s”) and other offshore

vessels and terminals.

Pete Miller, Chairman, President and CEO of National Oilwell Varco,

remarked, “We are excited about adding APL’s technologies and business

to our own Rig Technology group’s offering in the FPSO market. We

consider the FPSO market to be the next phase of deepwater development

in the oil and gas sector, and this acquisition will help enhance our

offshore production equipment offerings. We would like to welcome the

employees of APL to the NOV family.”

National Oilwell Varco 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.

Statements made in this press release that are forward-looking in nature

are intended to be "forward-looking statements" within the meaning of

Section 21E of the Securities Exchange Act of 1934 and may involve risks

and uncertainties. These statements may differ materially from actual

future events or results. Readers are referred to documents filed by

National Oilwell Varco with the Securities and Exchange Commission,

including the Annual Report on Form 10-K, which identify significant

risk factors which could cause actual results to differ from those

contained in the forward-looking statements.

National Oilwell Varco, Inc.

Clay Williams, 713-346-7606

Clay.Williams@nov.com

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