NATIONAL Oilwell Varco and Schlumberger have committed to forging a joint venture that combines their respective and complementary expertise in the manufacturing and technology development of wired drill-string telemetry systems.
They say the agreement will enable accelerated delivery of intelligent drilling solutions to customers through expanded use of the IntelliServ Network while opening a range of new technological opportunities for customers. Closing – subject to regulatory approval – is anticipated before the end of this year/early next.
Under the terms of the deal, National Oilwell Varco will assume operational control of the joint venture through a 55% stake, while Schlumberger will purchase a 45% stake and add technology expertise and measurement know-how necessary to help promote the technology.
