Schlumberger to sell Wilson distribution unit to National Oilwell Varco

Schlumberger Ltd, the world's largest oilfield services company, yesterday said that it will sell its piping and fitting distribution unit, Wilson, to National Oilwell Varco.

The two companies did not reveal the financial terms of the deal, but said that the transaction would be in cash.

Wilson distribution unit came with Schlumberger's $11.3-billion acquisition of Smith International in 2010 (See: Schlumberger acquires rival Smith International for $11.3 billion).

Founded in 1921, Wilson is a leading distributor of pipe, valves and fittings as well as mill, tool and safety products and services to the global energy and industrial industry.

Wilson, which operates as a standalone Schlumberger business unit, manages a distribution business of approximately 200 sales and operations locations across the US with a growing presence in other key international regions.

''Schlumberger's global supply chain has benefited from Wilson's best-in-class distribution practices and we look forward to working with Wilson in the future,'' said Paal Kibsgaard, CEO of Schlumberger.

Houston-based National Oilwell Varco is a global leader in the design, manufacture and sale of equipment and components used in oil and gas drilling and production operations, the provision of oilfield services, and supply chain integration services to the upstream oil and gas industry.

Pete Miller, chairman, president and CEO of National Oilwell Varco, said, "We are excited about the new market opportunities Wilson will open for our company, and we look forward to welcoming the Wilson employees into National Oilwell Varco soon."