HOUSTON--(BUSINESS WIRE)--Dec. 4, 2018--
National Oilwell Varco, Inc. (NYSE: NOV) today announced the signing of
a frame agreement with Equinor ASA for the provision of IntelliServTM
Wired Drillpipe to outfit their global fleet of offshore drilling rigs.
This agreement is based on the success of recent field deployments of
version two of Wired Drillpipe that have demonstrated the value of
high-speed telemetry in multiple applications across their fleet of
working rigs. The initial agreement is for three and a half years with
five, two-year extensions.
“We are delighted to see accelerated adoption of NOV’s proprietary Wired
Drillpipe in the global drilling market,” commented Clay Williams,
Chairman, President, and CEO. “As the industry places further emphasis
on drilling automation and optimization, high-speed telemetry, which
allows data to be transferred instantaneously from downhole to surface
operations, is becoming an increasingly critical enabling technology.
Partnering with a major national oil company interested in standardizing
their operations with Wired Drillpipe is a testament to the value it
brings versus conventional drillpipe.”
Version two of IntelliServTM Wired Drillpipe has evolved to
deliver even higher uptime performance and was designed to be easier to
handle in demanding drilling operations. The agreement, which also
includes eVolveTM Optimization & Automation Services,
highlights NOV’s continued investment in the design, development, and
provision of a broad portfolio of products and services that enable
downhole and surface drilling automation.
National Oilwell Varco (NYSE: NOV) is a leading provider of technology,
equipment, and services to the global oil and gas industry that supports
customers’ full-field drilling, completion, and production needs. Since
1862, NOV has pioneered innovations that improve the cost-effectiveness,
efficiency, safety, and environmental impact of oil and gas operations.
NOV powers the industry that powers the world.
for more information.
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.
Certain prior period amounts have been reclassified in this press
release to be consistent with current period presentation.
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Source: National Oilwell Varco, Inc.
National Oilwell Varco, Inc.
Loren Singletary (713) 346-7807