Mr. Clay Williams of National Oilwell reports

NATIONAL OILWELL VARCO COMPLETES ACQUISITION OF CE FRANKLIN

NOV Distribution Services ULC (NDS), a wholly owned subsidiary of National Oilwell Varco Inc., has completed its previously announced acquisition of CE Franklin Ltd. pursuant to a plan of arrangement. The arrangement resulted in NDS acquiring all of the issued and outstanding common shares of CE Franklin for cash consideration of $12.75 per share.

The arrangement was approved by the shareholders of CE Franklin and by the Court of Queen's Bench of Alberta on July 16, 2012. Articles of arrangement have been filed by CE Franklin with the Registrar of Corporations for the Province of Alberta (pursuant to Section 193 of the Business Corporations Act (Alberta)), and the arrangement became effective today.

Pursuant to the arrangement, NDS paid an aggregate of approximately $239-million to acquire CE Franklin. CE Franklin is now a wholly owned subsidiary of NDS.

The common shares of CE Franklin are expected to be voluntarily delisted from the Toronto Stock Exchange and Nasdaq by the end of July, 2012.

About NOV

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 oil field services, and supply chain integration services to the upstream oil and gas industry.

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