HOUSTON--(BUSINESS WIRE)--Jun. 1, 2016--
National Oilwell Varco, Inc. (NYSE:NOV) announced today that it has
entered into a definitive agreement to acquire the completion tools
business of Trican Well Service Ltd. (TSX:TCW). The business designs and
sells a range of innovative and patented downhole tools for multi-stage
fracturing and multi-zone completions in North America and select
Clay Williams, NOV’s Chairman, President and Chief Executive Officer,
commented, “This transaction represents an exciting step for NOV in
expanding the breadth of our completion and production related product
offerings. The transaction allows NOV to leverage our best-in-class
manufacturing and global supply chain to expand sales into new markets
and meet our customers' demands for cost-effective, innovative and high
quality completion tools.”
“The technologies acquired along with the talented team, which will
continue to develop additional downhole completion solutions as part of
the NOV family, make this transaction consistent with our strategy of
investing in solutions which assist our customers in lowering their cost
Closing of the transaction is expected on or around June 30, 2016 and is
subject to customary regulatory approvals.
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.
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Source: National Oilwell Varco, Inc.
National Oilwell Varco, Inc.
Investor and Media Contact:
Vice President of Investor & Industry
Mike Hart, 713-634-3181
Chief Sales Officer,
Completion and Production Solutions