Proposed Acquisition by National Oilwell Varco Pte Ltd of Barracuda Ventures Pte Ltd

Notifying Parties:

National Oilwell Varco Pte Ltd and Barracuda Ventures Pte Ltd

Notifying Date:

3 June 2011

Summary of transaction:

INFORMATION FOR THE CCS PUBLIC REGISTER(TO BE COMPLETED BY THE APPLICANT(S))

1. The Applicants
This notification is made jointly by National Oilwell Varco Pte Ltd ("NOV") and Barracuda Ventures Pte Ltd ("BV") (collectively, the "Parties") for the proposed acquisition by NOV of the entire issued share capital of BV ("the Acquisition"). NOV is part of the National Oilwell Varco, Inc. group of companies.

2. Description of the merger 
This notification is in relation to the acquisition by NOV of the entire issued share capital of BV. The Parties submit that given the intense nature of competition in the market, the strength of existing competitors, strong countervailing buyer power of customers, and other competitive characteristics of the relevant markets, the notified Acquisition will not result in a substantial lessening of competition.

3. Relevant good(s) or service(s) involved
(i) The market for the manufacturing and supply of blowout preventers (“BOPs”) worldwide; and

(ii) The market for the provision of repair and refurbishment services for BOPs in Asia.

Decision:

The proposed merger, if carried into effect, will not infringe the section54 prohibition.

Decision Date :

19 July 2011                                                    

Click here for the decision.