Baker Hughes’ Subsea Drilling Systems and MHWirth: Complete Merger to from HMH
The merger of Baker Hughes’ Subsea Drilling Systems business and Akastor’s wholly-owned subsidiary, MHWirth AS, has been completed to form a global offshore drilling equipment company. The new company will be known as HMH (“the Company”), and as previously announced, Baker Hughes and Akastor own equal equity in the Company. HMH …
Akastor ASA: MHWirth Strengthens Leadership
Merrill A. “Pete” Miller Jr. appointed Executive Chairman and Eirik Bergsvik appointed CEO Akastor ASA, an oil service investment company, today announced that Pete Miller has been appointed Executive Chairman of MHWirth and Eirik Bergsvik as CEO. Both changes are effective today. Akastor Chairman Kristian Røkke says: “Pete Miller has …
NOV Completes NOW Spin Off
National Oilwell Varco, Inc. today announced that it has completed the spin off to its stockholders of its distribution business as an independent public company,NOW Inc. (“NOW”). “This action demonstrates National Oilwell Varco’s commitment to provide long-term value to our stockholders,” said the Company’s Chairman and CEO Clay C. Williams. “With its …
National Oilwell Varco Announces Election of Clay Williams as President & Chief Executive Officer
National Oilwell Varco, Inc. announced today that Clay C. Williams has been appointed President and Chief Executive Officer of the Company effective immediately. The Company has previously announced that Merrill A. “Pete” Miller, Jr. would step down as Chairman and Chief Executive Officer contemporaneous with the completion of its announced …
National Oilwell Varco Announces Name and Certain Management Team Members of Its Distribution Spinoff Company
National Oilwell Varco, Inc. announced that it has formed a new Delaware corporation, NOW Inc., to eventually serve as the independent, publicly traded company for its previously announced proposed plan to spin off to its shareholders its Distribution Business. The proposed publicly traded distribution business intends to operate under the …
National Oilwell Varco Announces Executive Management Succession Plan; Appointment of Clay Williams to Board of Directors
National Oilwell Varco, Inc. announced today that Chairman and Chief Executive Officer Merrill A. “Pete” Miller, Jr. has informed the Board of Directors that he intends to step down from those positions contemporaneous with the completion of the previously announced plan to spin off to its shareholders its Distribution Business …
National Oilwell Varco Announces Plan to Pursue Spin-Off of Distribution Business into Separate Publicly Traded Company
National Oilwell Varco, Inc. announced today that its Board of Directors has authorized Company management to move forward with exploration of a plan to spin-off NOV’s distribution business from the remainder of the Company, creating two stand-alone, publicly traded corporations. The Company believes that the separation of the distribution business …
National Oilwell Varco: Revenues $5.31bn in Q1
National Oilwell Varco, Inc. today reported that for its first quarter ended March 31, 2013 it earned net income of $502 million, or $1.17 per fully diluted share, compared to fourth quarter ended December 31, 2012 net income of $668 million, or $1.56 per fully diluted share. The first quarter …
National Oilwell Varco to Acquire CE Franklin for CAD$12.75 Per Common Share
CE Franklin Ltd. announced today that it has entered into an arrangement agreement with a wholly owned National Oilwell Varco, Inc. subsidiary, NOV Distribution Services ULC, pursuant to which, NDS has agreed to acquire all of the issued and outstanding common shares of CE Franklin for consideration of CAD$12.75 in cash per Common Share. The transaction will be …
National Oilwell Varco Announces Signing of Seven Drillship Equipment Packages
National Oilwell Varco, Inc. today announced that it has signed contracts to supply drilling equipment packages for seven drillships to Estaleiro Atlantico Sul (“EAS”), including drilling riser and pressure control equipment. The value, over the term of the deliveries, is approximately $1.5 Billion. Pete Miller, Chairman, President and CEO of …