National Oilwell Varco Announces New Composite Pipe Manufacturing Facility in Saudi Arabia
HOUSTON--(BUSINESS WIRE)--Dec. 22, 2016--
National Oilwell Varco, Inc. (NYSE: NOV) today announced that it is
expanding the operations of its Fiber Glass Systems business unit with a
new composite pipe manufacturing facility located near the city of
Dammam, Saudi Arabia.
“Our decision to localize manufacturing operations in the Kingdom of
Saudi Arabia demonstrates our commitment to provide industry-leading
products and services for our customer base in the Middle East,”
commented Clay Williams, NOV’s Chairman, President and CEO. “We have
collaborated with key regional clients who recognize the benefits of
composite line pipe in critical, high-pressure oil and gas applications
and who value NOV’s strong regional presence.”
The facility will establish NOV as Saudi Arabia’s first local
manufacturer of high-pressure spoolable composite pipe and will further
enhance the Company’s ability to provide lightweight,
corrosion-resistant, engineered solutions from its global team of
experts supported by 12 manufacturing facilities around the world.
The new, state-of-the-art, manufacturing complex will produce spoolable
and jointed pipe, including the flagship line of Fiberspar™ spoolable
products, STAR™ Glass Reinforced Epoxy high pressure line pipe, and
downhole tubing and casing. Operations are expected to begin in the
first quarter of 2018.
About National Oilwell Varco
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, and the provision of oilfield services to the
upstream oil and gas industry.
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.
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Source: National Oilwell Varco, Inc.
National Oilwell Varco, Inc.
Investor and Media Contact:
Vice President of Investor & Industry
Mike Hart, 713-634-3181
Chief Sales Officer, NOV
Completion & Production Solutions
HOUSTON --(BUSINESS WIRE)--Dec. 22, 2016-- National Oilwell Varco, Inc. (NYSE: NOV) today announced that it is expanding the operations of its Fiber Glass Systems business unit with a new composite pipe manufacturing facility located near the city of Dammam, Saudi Arabia .