Schlumberger Ltd, the world's largest oilfield services company, will sell its piping and fitting unit to National Oilwell Varco in a cash deal, the firms said on Tuesday.They did not disclose terms of the deal for the Wilson distribution unit, which also makes valves, lifts and other products used by oil and gas companies.Wilson was bought as a part of Schlumberger's $11.3 billion takeover of Smith International in 2010.National Oilwell, which makes equipment used in oil and gas drilling, expects to tap into new market opportunities with the deal, it said in a statement.
National Oilwell Varco, Inc. (NOV) is a worldwide provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry. Shares of NOV fell by 2.83% or $-2.21/share to $76.00. In the past year, the shares have traded as low as $47.97 and as high as $87.72. On average, 3731650 shares of NOV exchange hands on a given day and today's volume is recorded at 3652530.
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