HOUSTON--(BUSINESS WIRE)--Dec. 8, 2009--
National Oilwell Varco, Inc. (NYSE:NOV) announced today that it has
acquired two private businesses serving the international oil and gas
industry, for total consideration of approximately $160 million in cash.
Hochang Machinery Industries Co., Ltd. is a manufacturing and
fabrication business with facilities in Ulsan and Geoje, South Korea.
Hochang has been a high-quality supplier of equipment fabrication
services to National Oilwell Varco, Inc. and Asian drilling rig builders
for several years, employing approximately 600 people. Its acquisition
is expected to strengthen National Oilwell Varco’s fabrication
capabilities within its Rig Technology segment, which is predominantly
engaged in providing drilling and well remediation equipment to the oil
and gas industry worldwide.
South Seas Inspection (S) Pte. Ltd. is a Singapore based inspection,
repair and maintenance provider to the oil and gas industry with
approximately 140 employees and operations in seven countries, including
Singapore, Brazil and Azerbaijan. Its acquisition will complement
National Oilwell Varco’s Petroleum Services and Supplies segment by
expanding regional coverage and adding new derrick inspection and
assembly services.
Pete Miller, Chairman, President and CEO of National Oilwell Varco,
remarked, “We are pleased to enhance our services and products by adding
these two outstanding international organizations to the NOV family. We
plan to continue to execute transactions that strengthen our ability to
better serve our customers, and create value for our shareholders.”
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.
Source: National Oilwell Varco, Inc.
National Oilwell Varco, Inc.
Clay Williams, 713-346-7606
Clay.Williams@nov.com
