They did not disclose terms of the deal for the Wilson distribution unit, which also makes valves, lifts and other products used by oil and gas companies.
Wilson was bought as a part of Schlumberger’s $11.3 billion buyout of Smith International in 2010.
National Oilwell, which makes equipment used in oil and gas drilling, expects to tap into new market opportunities with the deal, it said in a statement.
Schlumberger shares closed down 0.5 percent at $67.26 while National Oilwell Varco was down around 3 percent at $76 on Tuesday.
Reporting by Divya Lad in Bangalore; Editing by Daniel Magnowski