National Oilwell Varco, Inc. has signed a definitive agreement with Fabtech International Limited, a UAE based fabrication business, to enter into a joint venture for the provision of rig up and structural refurbishment services for the Middle East and North African land rig markets. Terms of the joint venture were not disclosed. Closing is subject to regulatory approvals.
Pete Miller, Chairman, President and CEO of National Oilwell Varco, remarked, "This joint venture moves us closer to customers in the Middle East and North Africa by providing us with a local rig assembly presence. These markets are experiencing rapid growth, and we believe that our joint venture with Fabtech will allow us to continue to grow our business in these critical regions."
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