NOV Completes Gammaloy Acquisition

National Oilwell Varco, Inc. (NOV) has acquired the assets and business of Gammaloy Holdings, L.P. and Marlex Energy Services Co. Terms of the acquisition were not disclosed.

Gammaloy and Marlex rent and lease non-magnetic drill collars and other downhole tools used within the bottom-hole assembly, and provide manufacturing and support services for various downhole tools requiring high-precision machining. Gammaloy currently operates in the United States and Marlex currently operates in Canada. Gammaloy and Marlex employ a total of 237 employees.

Pete Miller, Chairman, President and CEO of National Oilwell Varco, remarked, "We are excited about combining the businesses of Gammaloy and Marlex with our own leading downhole tools business. This acquisition complements our existing offering of downhole tools, and positions us to provide a more complete solution to our directional drilling customers. We look forward to expanding the Gammaloy and Marlex product lines globally through our extensive international infrastructure."

National Oilwell Varco is a worldwide leader in the design, manufacture and sale of equipment and components used in oil and gas drilling and production operations, the provision of oilfield services, and supply chain integration services to the upstream oil and gas industry.