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

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.

Copyright Business Wire 2010

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