HOUSTON--(BUSINESS WIRE)--Dec. 8, 2008--National Oilwell Varco, Inc. (NYSE:NOV) announced today that it has
reached a license agreement with Dowdco Bits, LLC. As part of the
settlement, NOV and Dowdco Bits, LLC have agreed to a license regarding
the use of shallow leaching diamond cutter technology belonging to its
ReedHycalog division. The shallow leaching diamond cutter technology is
a part of ReedHycalog's broader portfolio of patented diamond
technologies. As part of the agreement, Dowdco Bits has agreed to pay
ReedHycalog a royalty of 9.5% on worldwide sales of products using this
technology. ReedHycalog designs, manufactures and sells premium roller
cone and fixed cutter drill bits, drilling tools and provides other
specialty drilling services for the oilfield.
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.
CONTACT: National Oilwell Varco, Inc.Clay Williams, 713-346-7606
Source: National Oilwell Varco, Inc.