National Oilwell Varco Announces Certain Management Changes Related to Its Distribution Spinoff

  National Oilwell Varco Announces Certain Management Changes Related to Its
  Distribution Spinoff

Business Wire

HOUSTON -- January 17, 2014

National Oilwell Varco, Inc. (NYSE: NOV) announced the name of an additional
member of the Executive Management team for its previously announced plan to
spin off to its shareholders its Distribution Business as an independent
publicly traded company. On the effective date of the spinoff, Mr. Raymond
Chang will become the Vice President, General Counsel and Secretary of the
publicly traded distribution company.

Mr. Chang started with National Oilwell Varco in 2001 and has held various
positions within the Company’s Legal Department since his start. He has served
as Vice President, Assistant General Counsel & Secretary since 2009.

National Oilwell Varco previously announced that Mr. Merrill A. “Pete” Miller,
Jr. will assume the role of Executive Chairman, Robert Workman will become
Chief Executive Officer, and Dan Molinaro will be the Chief Financial Officer
of that publicly traded distribution company on the effective date of the
spinoff.

Mr. Miller remarked, “We are all very excited by the prospect of Raymond
joining the executive management ranks of this new company. I believe that his
legal and industry experience will make him an essential member of a first
class management team.”

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.

Contact:

National Oilwell Varco, Inc.
Jeremy Thigpen, (713) 346-7301
 
Press spacebar to pause and continue. Press esc to stop.