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Pete Miller, Chairman, President and CEO of National Oilwell Varco, stated “The incorporation of NKT’s highly technical design capability and business into our Rig Technology group is an exciting and strategic opportunity for NOV. The addition of NKT’s technology and expertise to our current suite of products for the offshore production market significantly increases our footprint in this growing segment of the oil and gas industry. We look forward to welcoming the employees of NKT into the NOV family.”
The transaction is subject to customary closing conditions, including approval from the relevant competition authorities. It is expected to close during the first half of 2012.