Nat. Oilwell Varco and Schlumberger Sign Joint Venture Deal

National Oilwell Varco (NYSE: NOV) and Schlumberger (NYSE: SLB) announced today that they have signed a definitive agreement to create a joint venture that combines their respective and complementary expertise in the manufacturing and technology development of wired drill string telemetry systems. The agreement will enable the companies to accelerate delivery of intelligent drilling solutions to customers through the expanded use of the IntelliServ® Network, while opening a range of new technological opportunities for customers. Closing, which is subject to regulatory approval, is anticipated to occur in late fourth quarter 2008 or early 2009.

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