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National Oilwell Varco Receives Drillship Contract

Posted on July 17, 2006

National Oilwell Varco, Inc. today announced that it was chosen to provide a comprehensive package of drilling equipment for a drillship to be constructed in Korea. National Oilwell Varco, L.P., the company's wholly-owned subsidiary, entered into a contract with Daewoo Shipbuilding & Marine Engineering Co., Ltd., which will fabricate the vessel for a subsidiary of Transocean, Inc. The drillship is expected to be delivered in 2009.

Pete Miller, chairman, president and CEO of National Oilwell Varco, stated, "We are very pleased that Transocean and Daewoo have selected our equipment and technology for this highly advanced drillship. The equipment package we will be providing under this contract is almost identical to the package we agreed to provide Transocean and Daewoo under a separate contract entered into during the second quarter of this year for the drillship Discoverer Clear Leader, which is also expected to be delivered in 2009. These two packages have a combined value of approximately $280 million and we are excited about the confidence Transocean and Daewoo have placed in us by choosing us to provide these comprehensive drilling equipment packages."

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