National Oilwell Varco Announces Frame Agreement with Equinor to Outfit Offshore Drilling Rig Fleet with Wired Drillpipe
05 December 2018 - 4:16AM
Business Wire
National Oilwell Varco, Inc. (NYSE: NOV) today announced the
signing of a frame agreement with Equinor ASA for the provision of
IntelliServTM Wired Drillpipe to outfit their global fleet of
offshore drilling rigs. This agreement is based on the success of
recent field deployments of version two of Wired Drillpipe that
have demonstrated the value of high-speed telemetry in multiple
applications across their fleet of working rigs. The initial
agreement is for three and a half years with five, two-year
extensions.
“We are delighted to see accelerated adoption of NOV’s
proprietary Wired Drillpipe in the global drilling market,”
commented Clay Williams, Chairman, President, and CEO. “As the
industry places further emphasis on drilling automation and
optimization, high-speed telemetry, which allows data to be
transferred instantaneously from downhole to surface operations, is
becoming an increasingly critical enabling technology. Partnering
with a major national oil company interested in standardizing their
operations with Wired Drillpipe is a testament to the value it
brings versus conventional drillpipe.”
Version two of IntelliServTM Wired Drillpipe has evolved to
deliver even higher uptime performance and was designed to be
easier to handle in demanding drilling operations. The agreement,
which also includes eVolveTM Optimization & Automation
Services, highlights NOV’s continued investment in the design,
development, and provision of a broad portfolio of products and
services that enable downhole and surface drilling automation.
About NOV
National Oilwell Varco (NYSE: NOV) is a leading provider of
technology, equipment, and services to the global oil and gas
industry that supports customers’ full-field drilling, completion,
and production needs. Since 1862, NOV has pioneered innovations
that improve the cost-effectiveness, efficiency, safety, and
environmental impact of oil and gas operations. NOV powers the
industry that powers the world.
Visit www.nov.com for more information.
Cautionary Statement for the Purpose of the “Safe Harbor”
Provisions of the Private Securities Litigation Reform Act of
1995
Statements made in this press release that are forward-looking
in nature are intended to be “forward-looking statements” within
the meaning of Section 21E of the Securities Exchange Act of 1934
and may involve risks and uncertainties. These statements may
differ materially from the actual future events or results. Readers
are referred to documents filed by National Oilwell Varco with the
Securities and Exchange Commission, including the Annual Report on
Form 10-K, which identify significant risk factors which could
cause actual results to differ from those contained in the
forward-looking statements.
Certain prior period amounts have been reclassified in this
press release to be consistent with current period
presentation.
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version on businesswire.com: https://www.businesswire.com/news/home/20181204005859/en/
National Oilwell Varco, Inc.Loren Singletary (713)
346-7807Loren.Singletary@nov.com
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