National Oilwell Varco Acquires Majority Stake in Sara Services & Engineers

National Oilwell Varco has acquired, through a wholly-owned subsidiary, a 76 percent stake in Sara Services and Engineers Private Limited, a company in India, for a total cash purchase price of approximately U.S. $26 million.

Sara Services fabricates, manufactures, and distributes oilfield equipment primarily in India, the Middle East, and the Far East. Sara Services also acts as a supplier to oil field equipment makers in the United States.

Pete Miller, Chairman, President and CEO of National Oilwell Varco, remarked, "We are excited about the opportunities this investment in India brings us. This acquisition represents our first major step into India, as well as our continued commitment to diversifying our sourcing of materials in the international arena. We look forward to utilizing Sara Services' manufacturing capabilities along with our existing extensive international infrastructure to better meet the needs of our customers."

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.