National Oilwell Varco to Appeal Decision of Norway Competition Authority
National Oilwell Varco announced that the Norwegian Competition Authority (NCA) has issued a formal objection to the merger of National-Oilwell, Inc. and Varco International, Inc. with respect to the Company's Norwegian businesses, unless the Company divests certain Norwegian subsidiaries owned by National Oilwell prior to the merger, which conduct business related to the sale and maintenance of drilling equipment.
The merger between National Oilwell and Varco was completed on March 11, 2005, and, except for the NCA approval, all regulatory approvals, including approval from the Antitrust Division of the United States Department of Justice, have been granted.
National Oilwell Varco strongly disagrees with the assessments
made by the NCA and will promptly appeal this decision, which impacts
only our Norwegian operations. The Company believes that the merger is
in the best interests of all of our customers and employees, including
those in Norway, and that it can resolve matters with the relevant
Norwegian government authorities without any material impact on the
business or operations of the Company.
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