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

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.

National Oilwell Varco, Houston
Clay Williams, 713-346-7606