Offshore staff

LUXEMBOURG– NKT Holding A/S and Subsea 7 S.A. have agreed to sell NKT Flexibles to National Oilwell Varco for DKK 3.8 billion ($669 million). Subject to customary closing conditions, the transaction is expected to close during the first half of 2012.

Since 1999, NKT Flexibles has operated as a joint venture between NKT Holding A/S (51%) and Subsea 7 S.A. (49%).

2/3/2012