National Oilwell Varco Inc. said Friday that it will buy a Danish pipe product maker for $670 million to expand its offshore oil and gas drilling business.
The Danish company, NKT Flexibles I/S, recently signed a supply contract with Brazilian oil company Petrobras and will build a new facility in the country, National Oilwell said.
The Houston supplier of equipment and parts for oil and gas producers said the acquisition is expected to close in the first half of 2012.
National Oilwell shares rose by $2.72, or 3.5 percent, to $79.80 in morning trading. On Thursday, the company reported fourth-quarter financial results that beat Wall Street expectations.
