NOV Expands Completion Tool Technology Product Offering

HOUSTON–(BUSINESS WIRE)–National Oilwell Varco, Inc. (NYSE: NOV) announced today the
introduction of several new proprietary technologies to its completion
tools portfolio:

• Bulldog Frac™ – a sliding-sleeve annular fracturing system that
  provides pinpoint accuracy, zonal isolation, and improved reliability;
• Bullmastiff™ – a ball-drop openhole sliding-sleeve sand control
  fracturing system;
• Rottweiler™ – a product family of compact, high-performance frac plugs
  for the plug-and-perf market;
• ReAct™ – an intelligent completion tool technology that offers remote
  signaling capabilities for valves and sleeves for a variety of
  applications and completion designs; and
• German Oil Tools – a line of advanced liner hanger systems and other
  completion tool technologies, products, and accessories.

“We are proud to unveil this meaningful expansion to our portfolio of
leading-edge completion tool technologies,” commented Clay Williams, NOV
Chairman, President, and CEO. “NOV now offers a comprehensive set of
differentiated completion tool products and solutions that we believe
address the most pressing needs within the global marketplace.”

“We acquired a small completion tool company in mid-2016 that had
limited scale and geographical reach but offered a high-quality sliding
sleeve product line, strong portfolio of intellectual property, and
solid team. Over the past year, this team organically developed several
complementary products and supplemented that development with
acquisitions of what we believe are best-in-class liner hanger and
intelligent completion tool technologies. Today our completion tool
business operates in 10 countries, has approximately 100 patents issued
or pending, and we continue to expand our operations.”

Bulldog Frac Pinpoint Annular Fracturing System

The Bulldog Frac annular fracturing system enables operators to
precisely control the placement of proppant in each stage by pumping
down the coiled tubing annulus through Multiple Open/Close (MOC) sliding
sleeves, providing for an unlimited number of stages and leaving no
restrictions in the wellbore. The Bulldog Frac system addresses the
operational challenges of most MOC systems with a “shift up to open”
design, performed with NOV’s proprietary hydraulic shifting tool, which
ensures no sleeves are accidentally closed on the trip out. Unlike
competitors’ products, Bulldog frac sleeves are compact, lightweight,
and do not require handling pup joints, allowing for safer and more
efficient installation. Additionally, the Bulldog incorporates NOV’s
patented and field-proven sealing system, which offers full pressure
testing of previously manipulated sleeves even after several years in
service.

Bullmastiff Openhole Sand Control Ball-Drop Fracturing System

The Bullmastiff fracturing system is a proprietary openhole
sliding-sleeve system that incorporates sand screens to eliminate costly
sand-production issues while maximizing hydrocarbon production. The
ball-drop frac sleeve component is the first to allow for proppant
stimulation with integral sand control, segregating the stimulation port
from the production port. The Bullmastiff incorporates NOV’s patented
flex sleeve and sealing technology to allow for maximum stage-count
flexibility.

Rottweiler Frac Plugs

Compact, large-bore Rottweiler frac plugs are the shortest on the market
but still offer optimum performance during fracturing operations.
Rottweiler frac plugs can be pumped in at high displacement rates, hold
high differential pressure, and are easily milled. Additionally,
Rottweiler frac plugs are the only products to offer a built-in chemical
tracer that provides real-time data on reservoir characteristics during
frac jobs to enhance production. Rottweiler frac plugs are currently
available in cast-iron, with a composite version expected to be released
in the near future.

ReAct Remote Activation Technology

The ReAct product family, which was acquired from Omega Completion
Technology, offers remote signaling capabilities to downhole valves and
sleeves. The technology can be utilized for a number of applications
including programmable sleeves, which respond to a particular pressure
or flow signal and require no hydraulic or umbilical lines to surface.
The ReAct technology currently has applications for inflow control (for
water shutoff or zonal isolation), liner hanger deployment, production
packer setting, and wellbore cleanup in preparation for flow-through
sand screen completions. These interventionless solutions provide the
lowest-cost intelligent completion technologies on the market.

German Oil Tools Liner Hanger Technologies

German Oil Tools offers a proven portfolio of well-construction and
completion products that are highly regarded for quality and reliability
and are currently sold in Europe, the Middle East, and Africa. The
operation, which includes GPS Oil Tools, will continue to develop and
manufacture products in Germany to retain high standards of quality,
craftsmanship, and innovation, but will benefit from NOV’s global sales
organization and supply chain to accelerate its ability to meet
customers’ growing demand for reliable, cost-efficient completions
solutions around the world.

About NOV

National Oilwell Varco (NYSE: NOV) is a leading provider of technology,
equipment, and services to the global oil and gas industry that supports
customers’ full-field drilling, completion, and production needs. Since
1862, NOV has pioneered innovations that improve the cost-effectiveness,
efficiency, safety, and environmental impact of oil and gas operations.
NOV powers the industry that powers the world.

Visit www.nov.com
for more information.

Cautionary Statement for the Purpose of the “Safe Harbor” Provisions
of the Private Securities Litigation Reform Act of 1995

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 the
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.

Contacts

National Oilwell Varco, Inc.
Investor and Media Contact:
Loren
Singletary, 713-346-7807
Chief Investor & Industry Relations Officer
[email protected]
or
Customer
Contact:
Mike Hart, 713-634-3181
Chief Sales Officer,
Completion & Production Solutions
[email protected]