National Oilwell Varco Completes FPSO Technology Acquisition

National Oilwell Varco, Inc. announced today that it has acquired Advanced Production and Loading PLC (“APL”), a subsidiary of BW Offshore Limited (Oslo: BWO). APL, based in Norway, designs and manufactures turret mooring systems and other products for Floating Production, Storage and Offloading vessels (“FPSO’s”) and other offshore vessels and terminals.
Pete Miller, Chairman, President and CEO of National Oilwell Varco, remarked, “We are excited about adding APL’s technologies and business to our own Rig Technology group’s offering in the FPSO market. We consider the FPSO market to be the next phase of deepwater development in the oil and gas sector, and this acquisition will help enhance our offshore production equipment offerings. We would like to welcome the employees of APL to the NOV family.”
National Oilwell Varco is a worldwide leader in the design, manufacture and sale of equipment and components used in oil and gas drilling and production operations, the provision of oilfield services, and supply chain integration services to the upstream oil and gas industry.
Source: Press release