National Oilwell To Buy Oil Ship Tech Firm For $500M

Law360, New York (September 13, 2010, 2:02 PM EDT) -- Oil and gas equipment and services company National Oilwell Varco Inc. on Monday announced an agreement to buy Advanced Production and Loading PLC, a subsidiary of BW Offshore Ltd. that makes mooring systems for oil vessels, for $500 million in cash.

APL designs and makes the mooring systems for floating production, storage and offloading vessels, which are ships positioned near oil wells that store and process oil before offloading the sludge to tankers. Based in Norway, it has 230 employees, according to NOV.

“We are excited...
To view the full article, register now.