NOV Expands Ability to Deliver Market-Leading Tubular Technologies in Saudi Arabia
National Oilwell Varco (NYSE: NOV) today announced it has broken ground
on two manufacturing plants that will significantly strengthen the
Company’s market-leading positions in providing composite pipe
technologies and tubular coatings within Saudi Arabia. Both facilities
will be located at MODON 3 near the city of Dammam.
NOV has provided comprehensive tubular services to customers in Saudi
Arabia for more than 40 years. The investment in a state-of-the-art
130,000 ft² facility will expand NOV’s legacy Tuboscope™ pipe
inspection, repair, threading, and machining services to include
internal and custom coating capabilities and the Company’s proprietary TK™
liner platform. NOV’s comprehensive coating capabilities, covering
pipe from 2 to 24 in., will allow customers to extend the life of their
pipe, enhance production, and decrease nonproductive time. The TK liner
platform of glass-reinforced epoxy (GRE) coatings will cover pipe from 2
to 9⅝ in., providing customers in Saudi Arabia access to a new
technology that extends the life of pipe. NOV will also provide
customers with full life-cycle management of drill pipe through the TracID™
platform, which utilizes proprietary RFID technology.
Additionally, NOV is constructing a new, state-of-the-art manufacturing
facility that will provide the Company’s market-leading composite pipe
technology to the MENA region. The 260,000 ft² facility will establish
NOV as Saudi Arabia’s first local manufacturer of high-pressure
spoolable composite pipe. The operation will become part of NOV’s global
network, supplementing a team of experts that provide lightweight,
corrosion-resistant, engineered solutions from 12 existing manufacturing
facilities around the world. The manufacturing complex will produce
spoolable and jointed pipe, including the flagship line of Fiberspar™
spoolable products, STAR™ GRE high-pressure line pipe, and downhole
tubing and casing.
Both facilities are expected to be operational in first quarter of 2018.
About National Oilwell Varco
National Oilwell Varco (NYSE: NOV) is a leading provider of technology,
equipment, and services to the global oil and gas industry that supports
customers’ full-field drilling, completion, and production needs. Since
1862, NOV has pioneered innovations that improve the cost-effectiveness,
efficiency, safety, and environmental impact of oil and gas operations.
NOV powers the industry that powers the world. Visit www.nov.com for
more information.
Cautionary Statement for the Purpose of the “Safe Harbor” Provisions
of the Private Securities Litigation Reform Act of 1995
Statements made in this press release that are forward-looking in nature
are intended to be “forward-looking statements” within the meaning of
Section 21E of the Securities Exchange Act of 1934 and may involve risks
and uncertainties. These statements may differ materially from the
actual future events or results. Readers are referred to documents filed
by National Oilwell Varco with the Securities and Exchange Commission,
including the Annual Report on Form 10-K, which identify significant
risk factors which could cause actual results to differ from those
contained in the forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170517006421/en/
Copyright Business Wire 2017
Source: Business Wire
(May 17, 2017 - 6:41 PM EDT)
News by QuoteMedia
www.quotemedia.com