NOV makes double acquisition

National Oilwell Varco has acquired Hochang Machinery Industries, a Korea-based manufacturing and fabrication business, and South Seas Inspection, a Singapore-based inspection, repair, and maintenance provider for $160 million.

Offshore staff

HOUSTON -- National Oilwell Varco has acquired Hochang Machinery Industries, a Korea-based manufacturing and fabrication business, and South Seas Inspection, a Singapore-based inspection, repair, and maintenance provider for $160 million.

The Hochang acquisition is expected to strengthen NOV’s fabrication capabilities within its rig technology segment, the company says. The South Seas Inspection acquisition will complement NOV’s petroleum services and supplies segment by expanding regional coverage and adding new derrick inspection and assembly services.

12/08/2009

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