HOUSTON--(BUSINESS WIRE)--Apr. 10, 2012--
National Oilwell Varco, Inc. (NYSE:NOV) announced today that it has
entered into an agreement with Schlumberger Limited (NYSE: SLB) to
purchase its Wilson distribution business segment. Terms of the all-cash
transaction, which remains subject to customary closing conditions,
including regulatory approval, were not disclosed.
Pete Miller, Chairman, President and CEO of National Oilwell Varco,
remarked, “We are excited about the new market opportunities Wilson will
open for our Company, and we look forward to welcoming the Wilson
employees into National Oilwell Varco soon.”
Founded in 1921, Wilson is a leading distributor of pipe, valves and
fittings as well as mill, tool and safety products and services to the
international energy business and to other industrial customers. The
company manages a distribution business of approximately 200 sales and
operations locations across the United States with a growing presence in
other key international geographies. Wilson employs approximately 2,500
employees as a standalone Schlumberger business unit.
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