National Oilwell Varco Announces STSA Acquisition; Terms Not Disclosed

National Oilwell Varco, Inc. NOV announced today that it has acquired STSA Pte Ltd. Terms of the all-cash acquisition were not disclosed. STSA, based in Singapore, services subsea blowout preventers (“BOP's”) and related pressure control equipment for offshore drilling rigs in the Asia Pacific region. STSA is a regional leader in the BOP refurbishment market and maintains a world class machine shop capable of servicing all sizes of subsea BOPs and related pressure control equipment. STSA has 160 employees, two main manufacturing locations, and operations in Singapore and India. Pete Miller, Chairman, President and CEO of National Oilwell Varco, remarked, “We are pleased to add this fine organization to NOV, and believe STSA will enhance the level of service and technology we can provide our customers in the BOP and pressure control equipment market, especially in the Asia Pacific region. We continue to focus on long term fundamentals of the oil and gas business as we seek to improve our strategic position, and we are pleased that our strong balance sheet enables us to capitalize on these types of attractive opportunities.”