Waste Management Acquisition

31.03.2006

National Oilwell Varco, Inc. has acquired 100% of the outstanding shares of Soil Recovery A/S ("Soil Recovery") from Kommunekemi A/S. Terms of the acquisition were not disclosed.

Based in Denmark, Soil Recovery manufactures and leases its proprietary Soil Recovery Unit ("SRU") -- which is used to process drilled cuttings for final disposal -- under operating agreements in several key oilfield markets, including The Netherlands, Azerbaijan, Angola and Nigeria. Soil Recovery also operates its own drilled cuttings processing facility in Denmark and supports an installed base of SRU's in the UK, Norway, and Kazakhstan. Soil Recovery employs 62 people and will be operated as part of the Company's Brandt Environmental Division.

"National Oilwell Varco has always maintained a strong commitment to our industry's desire to operate in an environmentally sound manner," commented National Oilwell Varco's Chairman, President and CEO, Pete Miller. "Our acquisition of Soil Recovery strengthens this commitment on a global basis. In addition to all sectors of the North Sea, we now have cuttings processing operations in the Caspian, North and West Africa, and South America; and we see opportunities to expand globally."

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.

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