National Oilwell Varco, Inc. Announces Completion of Spinoff of NOW Inc.;
Resignation of Merrill A. “Pete” Miller, Jr. and Election of Clay C.
HOUSTON -- May 30, 2014
National Oilwell Varco, Inc. (NYSE: NOV) today announced that it has completed
the spinoff to its stockholders of its distribution business as an independent
public company, NOW Inc. (“NOW”).
“This action demonstrates National Oilwell Varco’s commitment to provide
long-term value to our stockholders,” said the Company’s Chairman and CEO Clay
C. Williams. “With its strong management team in place, NOW is well-positioned
to be a successful independent company.”
NOW common stock will begin regular-way trading on the New York Stock Exchange
under the ticker symbol “DNOW” on June 2, 2014.
NOV also announced today that Merrill A. “Pete” Miller, Jr. has stepped down
as the Company’s Executive Chairman in order to become the Executive Chairman
of NOW Inc. Clay C. Williams has been appointed Chairman of the Company’s
Board of Directors effective immediately. Mr. Williams has served as a member
of the Company’s Board of Directors since November 2013 and as the Company’s
President and Chief Executive Officer since February 2014.
Clay C. Williams remarked, "I would like to personally thank Pete for his many
years of extraordinary service and dedication to National Oilwell Varco. Pete
has provided this company and its employees over 12 years of exceptional
leadership and has, during that time, overseen almost unprecedented corporate
growth. We will all miss Pete and we wish him and his family the absolute
National Oilwell Varco is a worldwide leader in the design, manufacture and
sale of equipment and components used in oil and gas drilling and production
operations, and the provision of oilfield services to the upstream oil and gas
Statements made in this press release that are forward-looking in nature are
intended to be “forward-looking statements” within the meaning of Section 21E
of the Securities Exchange Act of 1934 and may involve risks and
uncertainties. These statements may differ materially from the actual future
events or results. Readers are referred to documents filed by National Oilwell
Varco with the Securities and Exchange Commission, including the Annual Report
on Form 10-K, which identify significant risk factors which could cause actual
results to differ from those contained in the forward-looking statements.
National Oilwell Varco, Inc.
Jeremy Thigpen, (713) 346-7301
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