HOUSTON--(BUSINESS WIRE)--Feb. 3, 2012--
National Oilwell Varco, Inc. (NYSE:NOV) announced today that it has
signed a definitive agreement to acquire NKT Flexibles I/S ("NKT") for
approximately US $670 million or 3,800,000,000 Danish Kroner in cash.
NKT, a joint venture between NKT Holding and Subsea 7 S.A., is based in
Denmark. The company designs and manufactures flexible pipe products and
systems for the offshore oil and gas industry, including products
associated with Floating Production, Storage and Offloading vessels
("FPSO’s") and other offshore vessels, as well as subsea production
systems including flow-lines and flexible risers. NKT recently signed a
supply framework agreement with Petrobras and has decided to construct a
new facility in Brazil to further strengthen its position in this
Pete Miller, Chairman, President and CEO of National Oilwell Varco,
stated "The incorporation of NKT’s highly technical design capability
and business into our Rig Technology group is an exciting and strategic
opportunity for NOV. The addition of NKT’s technology and expertise to
our current suite of products for the offshore production market
significantly increases our footprint in this growing segment of the oil
and gas industry. We look forward to welcoming the employees of NKT into
the NOV family."
The transaction is subject to customary closing conditions, including
approval from the relevant competition authorities. It is expected to
close during the first half of 2012.
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