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Norway clears NOV merger



By Upstream staff 

Norway's Ministry of Modernisation has rescinded a decision by the country's Competition Authority requiring the local subsidiary of the merged National Oilwell-Varco (NOV) company to be sold.

The ruling means that the NOV merger transaction is now completed worldwide.

The Competition Authority had objected to the merger on the grounds that it would restrict competition in the markets for remotely operated pipe-handling and motion compensation equipment.

"We believe that the other actual and potential competitors, together with customers' buying power, will be sufficient to safeguard competiton," said Modernisation Minister Heidi Grande Roys.

The ministry's decision will secure jobs for 800 workers employed with NOV's Norwegian unit, which has an annual turnover of Nkr2.6 billion ($393 million).


Wednesday, 16 November, 2005, 15:02 GMT  | last updated: Wednesday, 16 November, 2005, 15:02 GMT

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