National Oilwell Pens $1.5 Billion Brazil Supply Deal

Source: Reuters 8/14/2011, Location: South America

National Oilwell Varco Inc, the largest U.S. oilfield equipment maker, struck a $1.5 billion deal to supply drilling equipment for seven drillships to Brazil's Estaleiro Atlantico Sul. The supply agreement with the Brazilian shipyard company is the single largest order in National Oilwell's history, the company said.

In July, National Oilwell posted a higher than expected quarterly profit as its rig technology order backlog rose 26 percent, lifting its stock by as much as 5.3 percent. The company is benefiting from a rig-building boom driven by the significant rise in oil prices in the past year, which is leading oil and gas companies to demand better performance from the equipment they use. The company has been hoping to log more orders from Brazil, where large deepwater discoveries have led to significant demand for new drilling rigs and other equipment.

It said the supply packages for the new drillships include drilling risers and pressure control equipment. Shares of National Oilwell closed at $66.78 on the New York Stock Exchange.


Related Categories: Blowout Preventers Ram, Rotary, Spherical & Annular  Casing, Tubing & Drill Pipes  Coiled Tubing  Drill Bits and Cutters  Extraction Equipment  General  Handling Tools  Hoisting Systems  Lubricating Equipment 

Related Articles: Blowout Preventers Ram, Rotary, Spherical & Annular  Casing, Tubing & Drill Pipes  Coiled Tubing  Drill Bits and Cutters  Extraction Equipment  General  Handling Tools  Hoisting Systems  Lubricating Equipment 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.