National Oilwell Varco, Inc. announced that John F. Lauletta, Chairman of the Board of Directors, plans to retire as Chairman at the Company’s 2005 Annual Meeting of Stockholders to be held this summer.
National Oilwell, Inc. announced results for the third quarter of 2004, reporting net income of $27.8 million, or $0.32 per diluted share, compared to second quarter 2004 net income of $21.4 million, or $0.25 per diluted share.
Amarinth has opened a new office in Malaysia to handle increasing demand in the Asia Pacific region, including two orders this year for API 610 pumps from National Oilwell Varco for water treatment plants being built in Singapore and destined for Total’s new Egina FPSO vessel and the Mariner platform in the North Sea.
National Oilwell Varco announced that Jeremy D. Thigpen has informed the Company of his resignation as Senior Vice President and Chief Financial Officer, in order to become Chief Executive Officer of Transocean, one of NOV’s largest customers. Scott K. Duff, NOV’s Vice President and Chief Accounting Officer has been named as Interim Chief Financial Officer, effective immediately.
National Oilwell Varco, Inc. announced that Clay C. Williams has been appointed President and Chief Executive Officer of the Company effective immediately.
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.
National Oilwell Varco announced 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 can be accomplished via a tax-efficient spin-off to NOV shareholders.
National Oilwell Varco reported that for the fourth quarter ended December 31, 2012 it earned net income of $668 million, or $1.56 per fully diluted share. Earnings improved nine percent compared to the third quarter of 2012, and improved 16 percent compared to the fourth quarter of 2011.
CE Franklin Ltd. announced 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.
Bob Bloom, Senior Vice President and Chief Technology Officer, is retiring after 40 years of dedicated service to National Oilwell Varco. NOV is pleased to name Hege Kverneland as Bob’s successor upon his retirement on June 25th. Hege will assume Bob’s duties as Corporate Vice President and Chief Technology Officer and will report directly to Pete Miller. Hege will be relocating from Stavanger, Norway to Houston, Texas.
