Strong rig technology business boosts National Oilwell revenue

Fri Jan 31, 2014 7:24am EST

Jan 31 (Reuters) - National Oilwell Varco Inc's fourth-quarter revenue rose 9 percent, buoyed by strong demand for its services that prepare oil and gas wells for production.

The largest U.S. oilfield equipment provider's revenue rose to $6.17 billion in the quarter ended Dec. 31, from $5.68 billion a year earlier.

Revenue from the rig technology business, the company's biggest division, rose 14 percent.

Net income slipped 1.5 percent to $658 million, or $1.53 per share in the fourth quarter.

Excluding $16 million in pre-tax transaction charges, the company earned $670 million, or $1.56 per share.

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