National Oilwell to Acquire Maritime Hydraulics
National-Oilwell, Inc. (NYSE:NOI) today announced that it has signed, through a wholly-owned subsidiary, a Memorandum of Understanding with Aker Maritime ASA (OSE:AMA) to acquire the stock of Maritime Hydraulics (Canada) Ltd. for a total cash purchase price, including the assumption of certain debt obligations, of Canadian $25 million (approximately U.S. $16.5 million). The transaction is expected to close in January 2001.
Maritime Hydraulics Canada designs, manufactures and sells a full line of coiled tubing units, as well as truck mounted wireline and nitrogen pumping units. Products include coiled tubing injectors rated up to 100,000 pounds and computer controlled coiled tubing systems that allow automation of field operations.
Pete Miller, president of National Oilwell's Products and Technology Group, stated "Coiled tubing units can provide a fast, efficient means of drilling and well servicing in certain applications, particularly in relatively shallow gas fields such as in western Canada. The manufacture of coiled tubing, wireline and pumping units is complementary to other aspects of our business, including the manufacture of mobile drilling and well servicing units and the control systems we have developed at our Norwegian-based Hitec operation. We also can combine our high pressure pumps from our recently acquired Wheatley Gaso-Omega product line into certain of these systems."
National Oilwell is a worldwide leader in the design, manufacture and sale of comprehensive systems and components used in oil and gas drilling and production, as well as in providing supply chain integration services to the upstream oil and gas industry.