Petroleum Africa
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Thursday, April 12, 2012
Schlumberger Ltd. is selling its Wilson distribution business. The distribution unit will be going to National Oilwell Varco, Inc. (NOV).Schlumberger acquired Wilson International Inc. as part of its acquisition of Smith International in 2010. Closing of the transaction is subject to customary regulatory approvals.
“Schlumberger’s global supply chain has benefited from Wilson’s best-in-class distribution practices and we look forward to working with Wilson in the future,” commented Paal Kibsgaard, Schlumberger’s CEO.
Terms of the all-cash transaction, which remains subject to customary closing conditions, including regulatory approval, were not disclosed.
Pete Miller, chairman, president and CEO of NOV, remarked, “We are excited about the new market opportunities Wilson will open for our Company, and we look forward to welcoming the Wilson employees into National Oilwell Varco soon.”
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