Tuesday, National Oilwell Varco Inc. (NOV) said it has acquired two private businesses serving the international oil and gas industry, for total consideration of around $160 million in cash.
Hochang Machinery Industries Co., Ltd. is a manufacturing and fabrication business with facilities in Ulsan and Geoje, South Korea. Hochang has been a high-quality supplier of equipment fabrication services to National Oilwell Varco, Inc. and Asian drilling rig builders for several years, employing about 600 people. Its acquisition is expected to strengthen National Oilwell Varco's fabrication capabilities within its Rig Technology segment, which is predominantly engaged in providing drilling and well remediation equipment to the oil and gas industry worldwide.
South Seas Inspection (S) Pte. Ltd. is a Singapore based inspection, repair and maintenance provider to the oil and gas industry with approximately 140 employees and operations in seven countries, including Singapore, Brazil and Azerbaijan. Its acquisition will complement National Oilwell Varco's Petroleum Services and Supplies segment by expanding regional coverage and adding new derrick inspection and assembly services.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.