HOUSTON--(BUSINESS WIRE)--May 30, 2014--
National Oilwell Varco, Inc. (NYSE: NOV) today announced that it has
completed the spinoff to its stockholders of its distribution business
as an independent public company, NOW Inc. (“NOW”).
“This action demonstrates National Oilwell Varco’s commitment to provide
long-term value to our stockholders,” said the Company’s Chairman and
CEO Clay C. Williams. “With its strong management team in place, NOW is
well-positioned to be a successful independent company.”
NOW common stock will begin regular-way trading on the New York Stock
Exchange under the ticker symbol “DNOW” on June 2, 2014.
NOV also announced today that Merrill A. “Pete” Miller, Jr. has stepped
down as the Company’s Executive Chairman in order to become the
Executive Chairman of NOW Inc.Clay C. Williams has been appointed
Chairman of the Company’s Board of Directors effective immediately. Mr.
Williams has served as a member of the Company’s Board of Directors
since November 2013 and as the Company’s President and Chief Executive
Officer since February 2014.
Clay C. Williams remarked, "I would like to personally thank Pete for
his many years of extraordinary service and dedication to National
Oilwell Varco. Pete has provided this company and its employees over 12
years of exceptional leadership and has, during that time, overseen
almost unprecedented corporate growth. We will all miss Pete and we wish
him and his family the absolute best.”
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.
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.
Source: National Oilwell Varco, Inc.
National Oilwell Varco, Inc.
Jeremy Thigpen, (713)