National Oilwell Varco 2010 Annual Report Download - page 80

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4. Other Acquisitions and Investments
2010
The Company completed 12 acquisitions for an aggregate purchase price of $556 million, net of cash acquired. These acquisitions included:
The shares of Advanced Production and Loading PLC, a Norway-based designer and manufacturer of turret mooring systems and other
products for Floating Production, Storage and Offloading vessels (FPSOs) and other offshore vessels and terminals for a purchase
price of approximately $500 million.
The business and assets of Ambar Lone Star Fluids Services, LLP, a U.S.-based Drilling and Completions Fluids company.
The preliminary allocation of the purchase price of each acquisition was based upon preliminary valuations. The Companys estimates and
assumptions are subject to change upon the receipt, and managements review, of the final valuations. The following table summarizes the
preliminary fair values of the assets acquired and liabilities assumed at the date of acquisition of the 2010 acquisitions (in millions):
Current assets, net of cash acquired $ 136
Cost in excess of billings 71
Property, plant and equipment 38
Intangible assets 299
Goodwill 298
Other assets 8
Total assets acquired 850
Current liabilities 142
Billings in excess of cost 41
Other liabilities 111
Total liabilities 294
Cash consideration, net of cash acquired $ 556
The Company allocated $299 million to intangible assets (18 year weighted-average life), comprised of: $116 million of customer relationships
(15 year weighted-average life), $59 million of trademarks (30 year weighted-average life), and $124 million of other intangible assets (15 year
weighted-average life).
2009
The Company completed nine acquisitions for an aggregate purchase price of $573 million, net of cash acquired. These acquisitions included:
The shares of ASEP Group Holding B.V., a Netherlands-based manufacturer of well service equipment.
The shares of ANS (1001) Ltd. (Anson), a U.K.-based manufacturer of pumps and fluid expendibles.
The business and assets of Spirit Drilling Fluids Ltd., a U.S.-based company that provides drilling fluids and related
well-site services to exploration and production companies.
The business and assets of Spirit Minerals L.P., a U.S.-based company that mines, processes and distributes barite to the
oil and gas drilling fluid industry.
The shares of South Seas Inspection (S) Pte. Ltd., a Singapore-based inspection, repair and maintenance provider to the
oil and gas industry.
The shares of Hochang Machinery Industries Co., Ltd., a South Korean-based manufacturing and fabrication business.
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