National Oilwell Varco, Inc. (NOV) announced today that it has entered into a definitive agreement to acquire the completion tools business of Trican Well Service Ltd. The business designs and sells a range of innovative and patented downhole tools for multi-stage fracturing and multi-zone completions in North America and select international markets.
Closing of the transaction is expected on or around June 30, 2016 and is subject to customary regulatory approvals.
Clay Williams, NOV’s Chairman, President and Chief Executive Officer, commented, “This transaction represents an exciting step for NOV in expanding the breadth of our completion and production related product offerings. The transaction allows NOV to leverage our best-in-class manufacturing and global supply chain to expand sales into new markets and meet our customers' demands for cost-effective, innovative and high quality completion tools.”
“The technologies acquired along with the talented team, which will continue to develop additional downhole completion solutions as part of the NOV family, make this transaction consistent with our strategy of investing in solutions which assist our customers in lowering their cost of supply.”