Global law firm Norton Rose Fulbright has advised Vallourec, a world leader in premium tubular solutions for the energy markets, on the sale of its Drilling Products activity to US company National Oilwell Varco (NOV), a leading provider of oil services based in Texas with a global presence, for an amount of USD 63m. The transaction was finalised on May 27, 2018 after its examination by the US Department of Justice and JAFZA in Dubai.
The global Drilling Products activity divested by Vallourec comprises production sites of drill pipes, drilling accessories and other tubular products, located in North America, in the Middle East, in the Netherlands, and in France (one plant in Aulnoye-Aymeries, Hauts de France) as well as assets in Brazil.
Corporate M&A partner in Paris Karine Montagut commented:
“We are proud to have advised Vallourec on the entirety of this transaction, from the reception of NOV’s offer to its completion. This is a new landmark in Vallourec’s transformation plan that will allow the company to strengthen its competitiveness on its strategic markets and the sustainability of the production sites. This complex transaction was facilitated by our global presence and the seamless work of our lawyers in the different jurisdictions concerned.”
The international team advising Vallourec was led from Paris by Karine Montagut, assisted by senior associate Marie-Adélaïde de Fleurieu and associate Anne Laredo. US, Dutch and Emirati aspects of the transaction were handled respectively by Houston partner Charles D. Powell, San Antonio of counsel Courtney S. Floyd, Amsterdam partner Heimon Smits and Dubai partner Adjou Ait Ben Idir. Washington DC partner Daniel L. Wellington, Houston partner Layne E. Kruse and Houston senior associateEliot Turner were in charge of the US competition aspects of the transaction.
For further information please contact:
Carole Guettier, Senior business development manager, Norton Rose Fulbright LLP
Tél: + 33 (0)1 56 59 52 75
Charles Billiard, Communication Executive, Norton Rose Fulbright LLP
Tél: + 33 (0)1 56 59 52 96
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