National Oilwell Varco gets $1.5 billion drillship equipment contract

Houston headquartered National Oilwell Varco, Inc. (NYSE: NOV) reports that it has signed contracts to supply drilling equipment packages for seven drillships to Brazilian shipbuilder Estaleiro Atlântico Sul (“EAS”), including drilling riser and pressure control equipment. The value, over the term of the deliveries, is approximately $1.5 billion.

Pete Miller, Chairman, President and CEO of National Oilwell Varco, stated “We are pleased to have been selected as the drilling equipment supplier for this prominent project, and excited to work with one of Brazil’s premier shipyard companies, EAS. Brazil’s extraordinary deepwater discoveries of the past several years have transformed it into one of the most significant offshore markets we serve, and one we expect to continue to grow. We are investing heavily in Brazil to manufacture more of the products and technologies National Oilwell Varco provides to our oil and gas customers, and to service the rapidly growing installed base of NOV drilling equipment in the region.

“Congratulations to our Rig Technology team in securing the largest single order in our company’s 150 year history.”

August 15, 2011