NOV Inc. Invests $200M to Double Capacity at Brazil Facility
NOV Inc. announced plans to roughly double the capacity of its subsea flexible pipe manufacturing facility in Acu, Brazil, through a $200M investment over the next three years. "We are expanding our subsea flexible pipe manufacturing facility in Acu, Brazil to support what we see as sustained, long-term demand," said Jose Bayardo, Chairman, President and CEO of NOV. "Along with our key customers, we believe this investment is critical to meeting growing demand driven by deepwater developments and an expected replacement cycle for flexible pipe installations. Our current manufacturing capacity has been operating at or near full utilization and has a backlog that stretches well into 2028. With the anticipated increase in the development of offshore resources, we believe that the industry's current capacity will be insufficient to meet demand at the end of this decade and into the 2030s without the additional capacity we plan to bring online in late 2029."
