EXHIBIT 99.1

NEWS	Contact: Clay Williams
	(713) 346-7606

FOR IMMEDIATE RELEASE

NATIONAL OILWELL VARCO ANNOUNCES THIRD QUARTER 2012 RESULTS

HOUSTON, TX, October 25, 2012 — National Oilwell Varco, Inc. (NYSE: NOV) today reported that for the third quarter ended September 30, 2012 it earned net income of $612 million, or $1.43 per fully diluted share, compared to second quarter ended June 30, 2012 net income of $605 million, or $1.42 per fully diluted share. Earnings per share increased 14 percent compared to the third quarter 2011 earnings of $1.25 per fully diluted share.

Transaction charges for the third quarter of 2012 were $57 million pre-tax. Net income for the third quarter of 2012 excluding transaction charges was $650 million, or $1.52 per fully diluted share. This compares to second quarter of 2012 net income of $626 million, or $1.46 per fully diluted share, and third quarter 2011 net income of $536 million or $1.26 per fully diluted share, excluding transaction charges from all periods.

The Company’s revenues for the third quarter of 2012 were $5.3 billion, an increase of 12 percent from the second quarter of 2012 and an increase of 42 percent from the third quarter of 2011. Operating profit for the third quarter of 2012 was $946 million or 17.8 percent of sales, excluding transaction charges. Sequentially, third quarter operating profit increased four percent, resulting in operating profit flow-through (change in operating profit divided by the change in revenue) of seven percent, excluding transaction charges. Year-over-year third quarter operating profit increased 22 percent, resulting in operating profit flow-through of 11 percent, excluding transaction charges.

During the third quarter of 2012 the Company’s Rig Technology segment booked $2.29 billion in new orders. Backlog for capital equipment orders for the Company’s Rig Technology segment at September 30, 2012 was $11.66 billion, up three percent from the end of the second quarter of 2012.

Pete Miller, Chairman, President and CEO of National Oilwell Varco, remarked, “Outstanding execution enabled the Company to achieve solid earnings again this quarter. We are pleased by the level of bookings into our capital equipment backlog for the Rig Technology segment during the third quarter. We continue to see steady activity around new orders, and expect high demand for deepwater rigs to drive solid orders again in the fourth quarter. Demand for other NOV products and services continued to grow in international markets, but softening demand in North America partly offset this trend during the third quarter.

Our Company has completed a number of strategic initiatives this year, and I am pleased to report that these are going very well. Our investments will further strengthen National Oilwell Varco’s capabilities to service our customers, as well as provide future opportunities for our employees and earnings growth for our shareholders.”

Rig Technology

Third quarter revenues for the Rig Technology segment were a record $2.55 billion, an increase of six percent from the second quarter of 2012 and an increase of 29 percent from the third quarter of 2011. Operating profit for this segment was $610 million, or 23.9 percent of sales. Operating profit flow-through was 27 percent sequentially and 14 percent from the third quarter of 2011 to the third quarter of 2012. Revenue out of backlog for the segment increased five percent sequentially and increased 36 percent year-over-year, to $1.91 billion for the third quarter of 2012.

Petroleum Services & Supplies

Revenues for the third quarter of 2012 for the Petroleum Services & Supplies segment were $1.72 billion, down three percent compared to second quarter 2012 results and up 18 percent from the third quarter of 2011. Operating profit was $383 million, or 22.3 percent of revenue, up 28 percent from the third quarter of 2011. Operating profit flow-through was 33 percent from the third quarter of 2011 to the third quarter of 2012.

Distribution & Transmission

The Distribution & Transmission segment generated third quarter revenues of $1.32 billion, which were up 69 percent from the second quarter of 2012 and were up 174 percent from the third quarter of 2011, due mostly to previously disclosed mergers completed during the second quarter and third quarters of 2012. Third quarter operating profit was $78 million or 5.9 percent of sales. Operating profit flow-through was four percent sequentially and five percent from the third quarter of 2011 to the third quarter of 2012.

The Company has scheduled a conference call for October 25, 2012, at 8:00 a.m. Central Time to discuss third quarter results. The call will be broadcast through the Investor Relations link on National Oilwell Varco’s web site at www.nov.com, and a replay will be available on the site for thirty days following the conference. Participants may also join the conference call by dialing 1-800-446-1671 within North America or 1-847-413-3362 outside of North America five to ten minutes prior to the scheduled start time, and ask for the “National Oilwell Varco Earnings Conference Call.”

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.

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NATIONAL OILWELL VARCO, INC.

CONSOLIDATED BALANCE SHEETS

(In millions, except share data)

	September 30,		December 31,
	2012		2011
	(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	1,702	$	3,535
Receivables, net		4,033		3,291
Inventories, net		5,989		4,030
Costs in excess of billings		1,065		593
Deferred income taxes		286		336
Prepaid and other current assets		592		325
Total current assets		13,667		12,110
Property, plant and equipment, net		2,818		2,445
Deferred income taxes		320		267
Goodwill		6,940		6,151
Intangibles, net		4,431		4,073
Investment in unconsolidated affiliates		370		391
Other assets		116		78
	$	28,662	$	25,515
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	1,365	$	901
Accrued liabilities		2,363		2,376
Billings in excess of costs		1,037		865
Current portion of long-term debt and short-term borrowings		354		351
Accrued income taxes		194		709
Deferred income taxes		368		214
Total current liabilities		5,681		5,416
Long-term debt		1,175		159
Deferred income taxes		1,802		1,852
Other liabilities		321		360
Total liabilities		8,979		7,787
Commitments and contingencies
Stockholders’ equity:
Common stock – par value $.01; 1 billion shares authorized; 426,879,173 and 423,900,601 shares issued and outstanding at September 30, 2012 and December 31, 2011		4		4
Additional paid-in capital		8,718		8,535
Accumulated other comprehensive income (loss)		79		(23	)
Retained earnings		10,773		9,103
Total National Oilwell Varco stockholders’ equity		19,574		17,619
Noncontrolling interests		109		109
Total stockholders’ equity		19,683		17,728
	$	28,662	$	25,515

NATIONAL OILWELL VARCO, INC.

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

(In millions, except per share data)

	Three Months Ended									Nine Months Ended
	September 30,						June 30,			September 30,
	2012			2011			2012			2012			2011
Revenue:
Rig Technology	$	2,547		$	1,970		$	2,405		$	7,211		$	5,472
Petroleum Services & Supplies		1,717			1,460			1,776			5,197			4,084
Distribution & Transmission		1,315			480			780			2,659			1,313
Eliminations		(260	)		(170	)		(227	)		(711	)		(470	)
Total revenue		5,319			3,740			4,734			14,356			10,399
Gross profit		1,411			1,170			1,321			4,003			3,251
Gross profit %		26.5	%		31.3	%		27.9	%		27.9	%		31.3	%
Selling, general, and administrative		465			392			414			1,269			1,133
Other costs		57			6			28			92			29
Operating profit		889			772			879			2,642			2,089
Interest and financial costs		(10	)		(8	)		(9	)		(27	)		(31	)
Interest income		2			5			3			8			13
Equity income in unconsolidated affiliates		7			11			19			43			34
Other income (expense), net		(14	)		—			(5	)		(32	)		(26	)
Income before income taxes		874			780			887			2,634			2,079
Provision for income taxes		265			252			285			819			667
Net income		609			528			602			1,815			1,412
Net loss attributable to noncontrolling interests		(3	)		(4	)		(3	)		(8	)		(8	)
Net income attributable to Company	$	612		$	532		$	605		$	1,823		$	1,420
Net income attributable to Company per share:
Basic	$	1.44		$	1.26		$	1.42		$	4.29		$	3.37
Diluted	$	1.43		$	1.25		$	1.42		$	4.28		$	3.35
Weighted average shares outstanding:
Basic		425			422			425			425			421
Diluted		427			425			427			426			424

NATIONAL OILWELL VARCO, INC.

OPERATING PROFIT – AS ADJUSTED SUPPLEMENTAL SCHEDULE (Unaudited)

(In millions)

	Three Months Ended									Nine Months Ended
	September 30,						June 30,			September 30,
	2012			2011			2012			2012			2011
Revenue:
Rig Technology	$	2,547		$	1,970		$	2,405		$	7,211		$	5,472
Petroleum Services & Supplies		1,717			1,460			1,776			5,197			4,084
Distribution & Transmission		1,315			480			780			2,659			1,313
Eliminations		(260	)		(170	)		(227	)		(711	)		(470	)
Total revenue	$	5,319		$	3,740		$	4,734		$	14,356		$	10,399
Operating profit:
Rig Technology	$	610		$	528		$	571		$	1,732		$	1,467
Petroleum Services & Supplies		383			299			393			1,164			794
Distribution & Transmission		78			37			54			175			91
Unallocated expenses and eliminations		(125	)		(86	)		(111	)		(337	)		(234	)
Total operating profit (before other costs)	$	946		$	778		$	907		$	2,734		$	2,118
Operating profit %:
Rig Technology		23.9	%		26.8	%		23.7	%		24.0	%		26.8	%
Petroleum Services & Supplies		22.3	%		20.5	%		22.1	%		22.4	%		19.4	%
Distribution & Transmission		5.9	%		7.7	%		6.9	%		6.6	%		6.9	%
Other unallocated		—			—			—			—			—
Total operating profit % (before other costs)		17.8	%		20.8	%		19.2	%		19.0	%		20.4	%

NATIONAL OILWELL VARCO, INC.

AS ADJUSTED EBITDA RECONCILIATION EXCLUDING OTHER COSTS

(Unaudited)

(In millions)

	Three Months Ended						Nine Months Ended
	September 30,				June 30,		September 30,
	2012		2011		2012		2012		2011
Reconciliation of EBITDA excluding other costs (Note 1):
GAAP net income attributable to Company	$	612	$	532	$	605	$	1,823	$	1,420
Provision for income taxes		265		252		285		819		667
Interest expense		10		8		9		27		31
Depreciation and amortization		157		140		157		462		413
EBITDA		1,044		932		1,056		3,131		2,531
Other costs:
Transaction costs		57		6		28		92		12
Libya asset write-down		—		—		—		—		17
EBITDA excluding other costs (Note 1)	$	1,101	$	938	$	1,084	$	3,223	$	2,560

Note 1: EBITDA excluding other costs means earnings before interest, taxes, depreciation, amortization, and other costs, and is a non-GAAP financial measurement. Management uses EBITDA excluding other costs because it believes it provides useful supplemental information regarding the Company’s on-going economic performance and, therefore, uses this financial measure internally to evaluate and manage the Company’s operations. The Company has chosen to provide this information to investors to enable them to perform more meaningful comparisons of operating results and as a means to emphasize the results of on-going operations.

CONTACT: National Oilwell Varco, Inc.

Clay Williams, (713) 346-7606

Clay.Williams@nov.com