2010-09-15-2010-09-13

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
500MM
Description

To buy subsidiary Advanced Production and Loading Plc, which designs and manufactures turret mooring systems and other products for FPSOs and other offshore vessels and terminals.

National Oilwell Varco Inc., Houston, (NYSE: NOV) plans to acquire Arendal, Norway-based Advanced Production and Loading Plc, subsidiary of BW Offshore Ltd., Oslo, Norway, (Oslo: BWO) for $500 million in cash.

APL designs and manufactures turret mooring systems and other products for floating production, storage and offloading vessels (FPSOs) and other offshore vessels and terminals. The company's market presence in the FPSO sector will compliment National Oilwell Varco's rig technology services in the FPSO space.

As part of the deal, BW Offshore and National Oilwell Varco will enter product supply and non-competition agreements.

National Oilwell Varco chairman, president and chief executive Pete Miller says, "We are excited about this opportunity to expand our product offerings in the FPSO market; which we consider to be the next phase of deepwater development in the oil and gas sector. APL brings with it the industry-leading technical design capability of the turret mooring and production systems NOV needs to enhance its offshore production equipment offerings."