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1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ____________________ SCHEDULE 13G UNDER THE SECURITIES EXCHANGE ACT OF 1934 (AMENDMENT NO. 1) ____________________ NATIONAL-OILWELL, INC. (NAME OF ISSUER) COMMON STOCK, PAR VALUE $.01 PER SHARE _____________________________________________ (TITLE OF CLASS OF SECURITIES) 637071 10 1 __________________________________ (CUSIP NUMBER OF CLASS OF SECURITIES) THE INFORMATION REQUIRED IN THE REMAINDER OF THIS COVER PAGE SHALL NOT BE DEEMED TO BE "FILED" FOR THE PURPOSE OF SECTION 18 OF THE SECURITIES EXCHANGE ACT OF 194 ("ACT") OR OTHERWISE SUBJECT TO THE LIABILITIES OF THAT SECTION OF THE ACT BUT SHALL BE SUBJECT TO ALL OTHER PROVISIONS OF THE ACT (HOWEVER, SEE THE NOTES). 2 SCHEDULE 13G CUSIP No. 637071 10 1 - -------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON General Electric Capital Services, Inc., a Delaware corporation I.R.S. #06-11095031 - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3. SEC USE ONLY - -------------------------------------------------------------------------------- 4. CITIZENSHIP OR PLACE OF ORGANIZATION Delaware, USA - -------------------------------------------------------------------------------- NUMBER OF SHARES 5. SOLE VOTING POWER - Disclaimed. See 9 below. BENEFICIALLY OWNED BY ------------------------------------------------- EACH PERSON WITH 6. SHARED VOTING POWER - 0 ------------------------------------------------- 7. SOLE DISPOSITIVE POWER - Disclaimed. See 9 below. ------------------------------------------------- 8. SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON Beneficial ownership of all shares is disclaimed by General Electric Capital Services, Inc. - -------------------------------------------------------------------------------- 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] - -------------------------------------------------------------------------------- 11. PERCENT OF CLASS REPRESENTED BY AMOUNT ON ROW (9) Not Applicable. See 9 above. - -------------------------------------------------------------------------------- 12. TYPE OF REPORTING PERSON - CO - -------------------------------------------------------------------------------- 3 SCHEDULE 13G CUSIP No. 637071 10 1 - -------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON General Electric Capital Corporation, a New York corporation I.R.S. #13-1500700 - -------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] - -------------------------------------------------------------------------------- 3. SEC USE ONLY - -------------------------------------------------------------------------------- 4. CITIZENSHIP OR PLACE OF ORGANIZATION New York, USA - -------------------------------------------------------------------------------- NUMBER OF SHARES 5. SOLE VOTING POWER - 2,872,804 BENEFICIALLY OWNED BY ------------------------------------------------ EACH PERSON WITH 6. SHARED VOTING POWER - 0 ------------------------------------------------ 7. SOLE DISPOSITIVE POWER - 2,872,804 ------------------------------------------------ 8. SHARED DISPOSITIVE POWER - 0 - -------------------------------------------------------------------------------- 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,872,804 - -------------------------------------------------------------------------------- 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] - -------------------------------------------------------------------------------- 11. PERCENT OF CLASS REPRESENTED BY AMOUNT ON ROW (9) 5.6% - -------------------------------------------------------------------------------- 12. TYPE OF REPORTING PERSON - CO - -------------------------------------------------------------------------------- 4 SCHEDULE 13G CUSIP No. 637071 10 1 - ------------------------------------------------------------------------------- 1. NAME OF REPORTING PERSON S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON General Electric Company, a New York corporation I.R.S. #14-0089340 - ------------------------------------------------------------------------------- 2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) [ ] (b) [X] - ------------------------------------------------------------------------------- 3. SEC USE ONLY - ------------------------------------------------------------------------------- 4. CITIZENSHIP OR PLACE OF ORGANIZATION New York, USA - ------------------------------------------------------------------------------- NUMBER OF SHARES 5. SOLE VOTING POWER - Disclaimed. See 9 below. BENEFICIALLY OWNED BY ----------------------------------------------- EACH PERSON WITH 6. SHARED VOTING POWER - 0 ----------------------------------------------- 7. SOLE DISPOSITIVE POWER - Disclaimed. See 9 below. ----------------------------------------------- 8. SHARED DISPOSITIVE POWER - 0 - ------------------------------------------------------------------------------- 9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON Beneficial ownership of all shares is disclaimed by General Electric Company. - ------------------------------------------------------------------------------- 10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES [ ] - ------------------------------------------------------------------------------- 11. PERCENT OF CLASS REPRESENTED BY AMOUNT ON ROW (9) Not Applicable. See 9 above. - ------------------------------------------------------------------------------- 12. TYPE OF REPORTING PERSON - CO - ------------------------------------------------------------------------------- 5 ITEM 1(a). NAME OF ISSUER: National-Oilwell, Inc. ITEM 1(b). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICERS: ------------------------------------------------- 5555 San Felipe Houston, Texas 77056 ITEM 2(a). NAME OF PERSON FILING: ------------------------------------------------- This Statement is being filed by: (i) General Electric Capital Corporation, a New York corporation ("GE Capital"); (ii) General Electric Capital Services, Inc., a Delaware corporation ("GECS"), which owns all of the outstanding capital stock of GE Capital; and (iii) General Electric Company, a New York corporation ("GE"), which owns all of the outstanding capital stock of GECS. ITEM 2(b). ADDRESS OF PRINCIPAL BUSINESS OFFICE: (i) GE Capital 260 Long Ridge Road Stamford, Connecticut 06927 (ii) GECS 260 Long Ridge Road Stamford, Connecticut 06927 (iii) GE 3135 Easton Turnpike Fairfield, Connecticut 06431 ITEM 2(c). CITIZENSHIP: See Item 4 of the Cover Page. ITEM 2(d). TITLE OF CLASS OF SECURITIES: ----------------------------- Common Stock, par value $.01 per share (the "Common Stock"). 6 ITEM 2(e). CUSIP NUMBER: ------------ 637071 10 1 ITEM 3. INFORMATION IF STATEMENT IS BEING FILED PURSUANT TO RULES 13d-1(b) ------------------------------------------------------------------ OR 13d-2(b): ------------ Not applicable. ITEM 4. OWNERSHIP: --------- As of December 31, 1997, GE Capital was the beneficial owner of 2,872,804 shares of Common Stock (the "GE Capital Shares"). The GE Capital Shares constitute 5.6% of the outstanding shares of Common Stock based on 50,972,340 shares of Common Stock outstanding. GECS and GE disclaim beneficial ownership in any shares of Common Stock. ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS: -------------------------------------------- Not applicable. ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON: --------------------------------------------------------------- Not applicable. ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED ------------------------------------------------------------------- THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY: ------------------------------------------------------------- Not applicable. ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP: --------------------------------------------------------- Not applicable. ITEM 9. NOTICE OF DISSOLUTION OF GROUP: ------------------------------ Not applicable. ITEM 10. CERTIFICATION: ------------- Not applicable. 7 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Statement is true, complete and correct. GENERAL ELECTRIC CAPITAL CORPORATION /s/ Michael A. Gaudino By:_____________________________________ Name: Michael A. Gaudino Title: Vice President Dated: February 12, 1998 8 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Statement is true, complete and correct. GENERAL ELECTRIC CAPITAL SERVICES, INC. /s/ Nancy E. Barton By:____________________________________________ Name: Nancy E. Barton Title: Senior Vice President, General Counsel and Secretary Dated: February 12, 1998 9 SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Statement is true, complete and correct. GENERAL ELECTRIC COMPANY /s/ Michael A. Gaudino By: __________________________________ Name: Michael A. Gaudino Title: Attorney-in-Fact Dated: February 12, 1998 10 EXHIBIT INDEX Exhibit No. Description - ----------- ----------- Exhibit 1 Power of Attorney executed by GE (incorporated by reference to Exhibit 5 to the Schedule 13D for LaserMaster Technologies, Inc., filed on October 6, 1996).