NOV acquires remaining interest in CTES

Offshore staff

HOUSTON -- National Oilwell Varco, previously a 25% equity-holder of CTES L.P. headquartered in Conroe, Texas, has acquired the remaining assets for an undisclosed purchase price.

CTES, an engineering company that supports the well intervention and drilling industries, is the leading worldwide provider of advanced coiled tubing monitoring devices, data acquisition systems, and modeling software, NOV says.

"CTES has established themselves as a market leader of niche products for the coiled tubing industry, and we look forward to the additional value this closer working relationship will enable us to provide to our customers," says Pete Miller, chairman, president and CEO of NOV. "State-of-the-art well intervention and drilling software products being developed by CTES will enhance our ability to provide customers with the best technical solution to meet their needs."

8/2/2007