National Oilwell Varco Announces Sale of Two 20,000 PSI Bop Stacks to Transocean

Source Press Release
Company Transocean Ltd.National Oilwell Varco 
Tags Asset Deals, Deals, Oil Services
Date June 06, 2019

National Oilwell Varco, Inc. (NYSE: NOV) today announces the sale of two 20,000-psi (20K) blowout preventer (BOP) stacks to Transocean, becoming the first oilfield equipment manufacturer to successfully design, engineer and sellsuch a package. NOV’s 20K BOP stack is designed to optimize uptime and reduce unplanned stack pulls, reaffirming the company’s commitment to technical authority, engineering excellence and safety.

“This is a historic moment for the offshore oil and gas industry,” commented Joe Rovig, President, NOV Rig Technologies. “The introduction of NOV’s 20K BOP marks a new era in the exploration and development of high-pressure formations. We are proud of our role in enabling our industry to continually push beyond traditional limitations through technological innovation.”

The sale of this equipment and technology package is the culmination of five years of extensive work by NOV Rig Technologies and marks another advancement for the offshore industry as it seeks to safely and efficiently drill the world’s most challenging reservoirs. The 20K BOP stack is designed for use with extremely high-pressure reservoirs and can be used in ultra-deepwater. The initialdeployment is expected in 2021 on a 20K well in the Gulf of Mexico.”

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