National Oilwell Varco, Inc.
National Oilwell Varco, Inc. (Varco) is a provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industries. The company operates through three business segments namely: Rig Technology, Petroleum Services & Supplies, and Distribution Services. It conducts its operations in approximately 800 locations across six continents.
On April 21, 2008, the company acquired Grant Prideco, Inc. In February 2008, Varco acquired Welch Power Source, L.L.C. In December 2008, it acquired Sakhalin Outfitters LLC and Mid-South Machine, Inc. Further in April 2009, Varco acquired ASEP Group Holding B.V. and Anson Limited.The company reported revenues of (U.S. Dollars) USD 13,431.40 million during the fiscal year ended 2008, an increase of 37.21% over 2007. The operating profit of the company was USD 2,917.50 million during the fiscal year 2008, an increase of 42.71% over 2007. The net profit of the company was USD 1,952.00 million during the fiscal year 2008, an increase of 45.99% over 2007.
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