Varco considers spin-off of distribution unit

National Oilwell Varco (NYSE: NOV) will explore a plan to spin-off its distribution business from the remainder of the company, creating two stand-alone, publicly traded corporations.

Offshore staff

HOUSTON – National Oilwell Varco (NYSE: NOV) will explore a plan to spin-off its distribution business from the remainder of the company, creating two stand-alone, publicly traded corporations.

This distribution company would be a pure play provider of maintenance, repair, and operating supplies to global markets, said Pete Miller, chairman and CEO.

The spin-off is expected to be completed in the first half of 2014, subject to market conditions, regulatory approvals, the execution of separation and intercompany agreements, and final board approval.

He added that following the acquisition of Wilson Supply and C.E. Franklin, the distribution business has the size and scale to operate independently.

9/27/2013

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