Flotek Industries is selling its Drilling Technologies segment to National Oilwell Varco for about $17 million. The deal is expected to close by mid-May.
The company had put its oilfield equipment and services businesses on the market early this year.
“As we began our internal review of our business segments roughly a year ago, we have analyzed our current positioning, future opportunities, the broader energy market, and listened to our shareholders,” John Chisholm, Flotek’s chairman, president and chief executive officer said in a news release.
The Houston-based company is shifting its focus from a traditional oilfield services company to a chemical data and technology.