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National Oilwell Varco: Offshore Equipment Price Has Declined 10 -15%

HOUSTON -(Dow Jones)- Softer demand among oil and gas producers has resulted in a drop in the price of offshore drilling equipment, National Oilwell Varco's (NOV) Chief Financial Officer Clay Williams said Monday.

"We've seen pricing decline 10%-to-15% for offshore equipment," Williams said during a conference call with analyst.

But Houston-based National Oilwell Varco, a builder of oilfield equipment and provider of oilfield services, is expecting a boon in orders for equipment as Brazil's national oil company, Petroleo Brasileiro S.A. (PBR) endeavors to exploit a recent string of oil and gas discoveries in its rich off-shore area.

Tenders for new equipment were issued "a week ago Friday," Williams said.

-By Angel Gonzalez, Dow Jones Newswires; 713-547-9214; angel.gonzalez@ dowjones.com

  (END) Dow Jones Newswires
  10-26-091050ET
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