National Oilwell Varco Announces STSA Acquisition
National Oilwell Varco, Inc. (NYSE:NOV) announced today that it has
acquired STSA Pte Ltd ('STSA?). Terms of the all-cash acquisition were
not disclosed.
STSA, based in Singapore, services subsea blowout preventers ('BOP′s?)
and related pressure control equipment for offshore drilling rigs in the
Asia Pacific region. STSA is a regional leader in the BOP refurbishment
market and maintains a world class machine shop capable of servicing all
sizes of subsea BOPs and related pressure control equipment. STSA has
160 employees, two main manufacturing locations, and operations in
Singapore and India.
Pete Miller, Chairman, President and CEO of National Oilwell Varco,
remarked, 'We are pleased to add this fine organization to NOV, and
believe STSA will enhance the level of service and technology we can
provide our customers in the BOP and pressure control equipment market,
especially in the Asia Pacific region. We continue to focus on long term
fundamentals of the oil and gas business as we seek to improve our
strategic position, and we are pleased that our strong balance sheet
enables us to capitalize on these types of attractive opportunities.?
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.
National Oilwell Varco, Inc.
Clay Williams, 713-346-7606
Clay.Williams@nov.com
