National Oilwell Varco Acquires Control of NQL Energy Services


NQL Energy Services and National Oilwell Varco announced that 38,161,432 Class "A" common shares ("Shares") of NQL representing approximately 85% of the issued and outstanding Shares (on a fully-diluted basis) have been validly tendered to ...

... the previously announced offer by NOV's indirect wholly-owned subsidiary, Dreco Acquisition Corporation, to purchase all of the outstanding Shares.

As all conditions of the Offer have either been met or waived, Dreco has instructed CIBC Mellon Trust Company, the depositary under the Offer, to take up and pay for all validly deposited Shares effective as of the expiry time of the Offer.

The original Offer expired at 6:00 p.m. (Calgary time) on December 6, 2006. However, Dreco has extended the Offer until 6:00 p.m. (Calgary time) on December 19, 2006 to allow NQL shareholders an additional opportunity to tender their Shares to the Offer. A notice of extension will be mailed to NQL shareholders in the coming days.

NQL is an industry leader in providing downhole tools, technology and services used primarily in drilling applications in the oil and gas and utility industries on a worldwide basis.

NOV 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.

Source: NOV, Inc.

More articles on this topic

Sulzer Pump Retrofit Secures Flare Knockout Pump Reliability

21.11.2023 -

To ensure the profitability of offshore oil and gas extraction, operators require equipment to perform reliably throughout long periods between maintenance intervals. When an international oil company (IOC) was experiencing short mean time between failures (MTBF) for its liquified petroleum flare knockout vessel pumps on an offshore platform in Malaysia, the business approached Sulzer for a pump retrofit to safeguard uptime.

Read more

Amarinth Overhauls Safety Critical Oil Containment Skid Packages

13.07.2023 -

Amarinth has been contracted by Wood to overhaul the three oil containment skid packages managed and operated by Oil Spill Response Limited. Six years ago, Amarinth supplied ten API 610 OH1 pumps with Plan 53B Seal Support systems to the Subsea Well Response Project for a global containment toolkit that can support subsea well incident response if well shut-in is not immediately possible.

Read more

Amarinth Signs PE Energy as West African Agent and Approved Certified Service Provider

02.06.2023 -

Amarinth has signed PE Energy Ltd, based in Nigeria, as a West African agent and Approved Certified Service Provider. PE Energy Ltd is one of the most trusted and sought-after partners in the West African oil and gas industry with a team of internationally trained experts delivering solutions and application engineering expertise in upstream, midstream, and downstream processes.

Read more