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URALMASHZAVOD, NATIONAL-OILWELL, AND CATERPILLAR INC. ANNOUNCE INTENTION TO JOINTLY COOPERATE IN DEVELOPMENT OF NEW DRILLING RIG

 PEORIA, Ill., Dec. 18 /PRNewswire/ -- Uralmashzavod, National- Oilwell, and Caterpillar Inc. (NYSE: CAT) announce their intention to jointly cooperate in the development of a new drilling rig using the latest Russian and American technology. A joint venture company will be created in 1993 to implement this project and to pursue the opportunity to repower existing Uralmash drilling rigs in the Commonwealth of Independent States (CIS).
 Uralmashzavod is the leading manufacturer of large drilling equipment in Russia. Based at Ekaterinburg in the Ural Mountains, the company is a major industrial and engineering group with over 30,000 employees.
 National-Oilwell is the world's leading supplier of oil field drilling equipment outside the CIS with factories in five countries and supply stores worldwide.
 Caterpillar is the world's largest manufacturer of diesel and gas engines in the 54 to 8,000 horsepower (40 to 5,970 kilowatt) range, and is the leading supplier of power to the oil industry.
 Victor Korovin, president of Uralmashzavod, said: I believe this Russian-American cooperation will be a significant contribution to the development of the petroleum industry in the CIS.''
 Announcement of an agreement to pursue industrial and marketing cooperation followed a meeting last week in Houston, Texas, between executives of all three companies.
 -0- 12/18/92
 /CONTACT: Jeff Hawkinson, corporate public affairs of Caterpillar, 309-675-4715/
 (CAT)


CO: Uralmashzavod, National-Oilwell, Caterpiller Inc. ST: Illinois IN: CST SU: JVN

TM -- NY091 -- 0020 12/18/92 14:38 PST
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Publication:PR Newswire
Date:Dec 18, 1992
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