National Oilwell Varco buying Flotek’s drilling technology arm


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.

RELATED: Flotek puts equipment, services businesses on the block

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.