National-Oilwell, Inc. announced that it has acquired the assets of Skytop Brewster Company out of bankruptcy in a cash transaction valued at approximately $2 million.
Pete Miller, President of National Oilwell's Products and Technology Group, stated "The acquisition of Skytop Brewster augments National Oilwell's existing line of well servicing and mobile land rigs and allows us to compete more effectively in the lower horsepower, mobile rig market. In particular, Skytop Brewster enjoys a large installed base of well servicing rigs in Indonesia and Saudi Arabia, which we expect to generate additional spare parts revenues."
National Oilwell is a worldwide leader in the design, manufacture and sale of machinery, equipment and downhole tools used in oil and gas drilling and production, as well as in the distribution to the oil and gas industry of maintenance, repair and operating products.
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 actual future events or results. Readers are referred to documents filed by the Company 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.