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National Oilwell Varco Completes Flexible Pipe Acquisition

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February 3, 2012

National Oilwell Varco, Inc. (NYSE:NOV) signed a definitive agreement to acquire NKT Flexibles I/S ("NKT") for approximately US $670 million or 3,800,000,000 Danish Kroner in cash. NKT, a joint venture between NKT Holding and Subsea 7 S.A., is based in Denmark. The company designs and manufactures flexible pipe products and systems for the offshore oil and gas industry, including products associated with Floating Production, Storage and Offloading vessels ("FPSO’s") and other offshore vessels, as well as subsea production systems including flow-lines and flexible risers. NKT recently signed a supply framework ...

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