National Oilwell Varco Enters into Joint Venture

05.03.2008

National Oilwell Varco announced last Friday that it has signed a definitive agreement with Fabtech International Limited to enter into a joint venture for the provision of rig up and structural refurbishment services for the Middle East and North African land rig markets.

Terms of the joint venture were not disclosed. Closing is subject to regulatory approvals.

Pete Miller, Chairman, President and CEO of National Oilwell Varco, remarked, "This joint venture moves us closer to customers in the Middle East and North Africa by providing us with a local rig assembly presence. These markets are experiencing rapid growth, and we believe that our joint venture with Fabtech will allow us to continue to grow our business in these critical regions."

About National Oilwell Varco

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.

Source: NOV, Inc.

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