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National Oilwell Varco

National Oilwell to Spin Off Equipment Distribution Unit

National Oilwell Varco Inc, the largest U.S. oilfield equipment provider, said it planned to spin off its oilfield production equipment distribution business into a new publicly traded company.National Oilwell shares were up about 3 percent in premarket trading on Tuesday.The company expanded its distribution business last year by acquiring Schlumberger NV's Wilson Supply distribution unit and equipment distributor CE Franklin, in which Schlumberger held a 56 percent stake."We believe the company's distribution business now has the market size and scale to operate as a standalone...distribution company," National Oilwell Chief Executive Pete Miller said in a statement.The company's distribution business accounted for about 85 percent of its distribution and transmission unit revenue for the six months ended June 30.The distribution and transmission business accounted for about 20 percent of the company's revenue of $20.04 billion in 2012.National Oilwell gets about half of its revenue ...

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