National Oilwell Varco, Inc. has acquired two private businesses serving the international oil and gas industry, for total consideration of approximately $160 million in cash.
Machinery Industries Co. is a manufacturing and fabrication business with
facilities in Ulsan and Geoje, South Korea. Hochang has been a high-quality
supplier of equipment fabrication services to National Oilwell Varco Inc. and
Asian drilling rig builders for several years, employing approximately 600
people. Its acquisition is expected to strengthen National Oilwell Varco’s
fabrication capabilities within its Rig Technology segment, which is
predominantly engaged in providing drilling and well-remediation equipment to
the oil and gas industry worldwide.
Seas Inspection (S) Pte. Ltd. is a Singapore-based inspection, repair and
maintenance provider to the oil and gas industry with approximately 140
employees and operations in seven countries, including Singapore, Brazil and
Azerbaijan. Its acquisition will complement National Oilwell Varco’s Petroleum
Services and Supplies segment by expanding regional coverage, and by adding new
derrick inspection and assembly services.
Miller, chairman, president and CEO of National Oilwell Varco, remarks, “We are
pleased to enhance our services and products by adding these two outstanding
international organizations to the NOV family. We plan to continue to execute
transactions that strengthen our ability to better serve our customers, and
create value for our shareholders.”
National Oilwell Varco Announces Two Acquisitions
December 16, 2009