Server: Microsoft-IIS/3.0 Date: Wed, 19 Nov 1997 22:52:02 GMT Content-Type: text/html Accept-Ranges: bytes Last-Modified: Thu, 23 Oct 1997 16:38:54 GMT Set-Cookie: EGSOFT_ID=128.2.209.145-3220998560.29160765; expires=Fri, 31-Dec-2010 00:00:00 GMT; path=/ Content-Length: 4700 National-Oilwell, Inc. - News Release

NEWS RELEASES AND FINANCIAL RESULTS

NEWS RELEASES

October 23, 1997 -- National-Oilwell, Inc. (NYSE: NOI) announced today that it intends to file a registration statement with the U.S. Securities and Exchange Commission in early November for an underwritten public offering of its Common Stock by its principal stockholders, certain members of management and certain other stockholders.

OCTOBER 10, 1997 -- National-Oilwell, Inc. (NOI/NYSE) announced today that its Board of Directors has declared a two-for-one stock split in the form of a stock dividend payable on November 18, 1997 to stockholders of record on November 10, 1997.

SEPTEMBER 25, 1997 -- National-Oilwell, Inc. (NOI/NYSE) announced today it completed its previously announced combination with Dreco Energy Services Ltd.

SEPTEMBER 24, 1997 -- National-Oilwell, Inc. (NOI/NYSE) and Dreco Energy Services Ltd. (NASDAQ/DREAF, T.S.E./DREA.A) jointly announced today that the combination of the two companies was approved yesterday, September 23, by securityholders of each company by substantial margins.

AUGUST 20, 1997 - - National-Oilwell, Inc. (NOI/NYSE) and Dreco Energy Services Ltd. (NASDAQ/DREAF, T.S.E./DRE.A) jointly announced today that the Joint Management Information Circular and Proxy Statement/Prospectus regarding the combination of the two companies has been declared effective by the United States Securities and Exchange Commission.

JUNE 18, 1997 - National-Oilwell, Inc. (NOI/NYSE) and Dreco Energy Services Ltd. (NASDAQ/DREAF, T.S.E./DRE.A) jointly announced today that they have received notification of early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 relating to the previously announced combination.

MAY 14, 1997 - National-Oilwell, Inc. (NOI/NYSE) and Dreco Energy Services Ltd. (NASDAQ/DREAF, T.S.E./DRE.A) jointly announced today the signing of a definitive agreement to combine the two companies.

APRIL 14, 1997 - National-Oilwell, Inc. (NOI/NYSE) today announced the signing of a letter of intent, subject to a definitive agreement, to purchase 100% of the common stock of PEP, Inc. (a manufacturer of petroleum expendable products) for an undisclosed number of National-Oilwell shares.

APRIL 14, 1997 - National-Oilwell, Inc. (NOI/NYSE) and ANSALDO announced today that they have signed a letter of intent for the purchase by National-Oilwell of the Ross Hill Controls drilling business from Ansaldo Ross Hill.

FINANCIAL RESULTS

October 23, 1997 -- National-Oilwell, Inc. (NYSE:  NOI) today announced third quarter 1997 revenues and operating income before merger expenses of $265.0 million and $28.7 million versus $200.8 million and $13.4 million for the same quarter in 1996.

JULY 17, 1997 - - National-Oilwell, Inc. (NOI/NYSE) today announced second quarter 1997 revenues and operating income of $197.9 million and $14.3 million versus $153.5 million and $8.1 million for the same quarter in 1996.

APRIL 18, 1997 - - National-Oilwell, Inc. (NOI/NYSE) today announced first quarter 1997 revenues and operating income of $176.2 million and $11.3 million versus $141.1 million and $5.3 million for the same quarter in 1996.

February 6, 1997 - - National-Oilwell, Inc. (NOI/NYSE) today announced 1996 revenues and operating income before special items of $648.6 million and $34.7 million versus $545.8 million and $13.8 million in 1995.

November 13, 1996 - - National-Oilwell, Inc. (NOI/NYSE) today announced third quarter 1996 revenues and operating profit of $173.5 million and $10.2 million versus $133.6 million and $5.7 million for the same quarter in 1995.

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