National-Oilwell Varco, Inc.‘s CEO Merrill A. Miller Jr. says that when it comes to expansion, he’s got his eye on floating production storage and offloading vessels.
“As you take a look at as you drill deepwater wells, at some point in time I tell people those rigs aren’t drilling for practice. They are drilling to discover oil and gas,” Miller says. “Once they discover oil and gas, I think the approved solution on that is going to be FPSOs as far as production gas.”
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National-Oilwell Varco has already made two related acquisitions. About a year and a half ago, the Houston-based oilfield services company purchased NKT, which Miller says makes flexible pipes that go from the FPSO to the ocean floor to the production manifold. And before that, National-Oilwell Varco acquired APL, a company that makes turrets for an FPSO.
“I think that’s an arena in which we will continue to expand and we’ll continue to look for M&A activities, because I think there will be a lot of FPSOs built over the next four, five years,” Miller says.
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