Proposed Acquisition by National Oilwell Varco Pte Ltd South Seas Inspection (S) Pte Ltd

Notifying Parties:

National Oilwell Varco Pte Ltd
South Seas Inspection (S) Pte Ltd

Notifying Date:

5 August 2009

Summary of transaction:

PART 5
INFORMATION FOR THE CCS PUBLIC REGISTER
(TO BE COMPLETED BY THE APPLICANT(S))

1. The Applicants
National Oilwell Varco Pte Ltd (“NOV”)
South Seas Inspection (S) Pte Ltd (“SSI”)
(collectively “the Parties”)

2. Description of the merger
This notification is in relation to the acquisition by NOV to acquire 100 per cent of the outstanding shares in SSI, and specified assets to be purchased by Varco International Do Brasil Equipamentos E Servicios Ltda (“NOV Brazil”) from South Seas International Ltda (“SSI Brazil”). The Parties submit that given the presence of well-resourced competitors, the existence of a strong competitive fringe able to sustain levels of keen post-acquisition competition, strong countervailing buyer power by customers and low barriers to entry, the acquisition, when carried into effect, will not result in a substantial lessening of competition in markets in Singapore.

3. Relevant good(s) or service(s) involved
The provision of:
i.   Oil Country Tubular Goods (“OCTG”) and Non-Destructive Testing (“NDT”) inspection services;
ii.  systems and components used in oil and gas drilling and production; and
iii. installation services of systems and components used in oil and gas drilling and production on offshore rigs and drill ships.

Decision:

The proposed acquisition, if carried into effect, will not infringe the section 54 prohibition.

Decision Date:

15 September 2009
Click here for the decision