NOV

#2390

Rank

$6.08B

Marketcap

United States

Country

Leadership team

Mr. Clay C. Williams (Chairman, Pres & CEO)

Mr. Jose A. Bayardo (Sr. VP & CFO)

Mr. Kirk M. Shelton (Pres of Completion & Production Solutions)

Products/ Services

Construction, Energy, Energy Storage, Industrial, Manufacturing, Oil and Gas, Product Design, Project Management, Service Industry

Number of Employees

20,000 - 50,000

Headquarters

Seminole, Texas, United States

Established

1841

Company Registration

SEC CIK number: 0001021860

Net Income

100M - 500M

Revenue

Above - 1B

Traded as

NOV

Social Media

URL

https://www.nov.com

Overview

Location

Recognition and Award

References

Summary

NOV Inc. designs, constructs, manufactures, and sells systems, components, and products for oil and gas drilling and production, and industrial and renewable energy sectors worldwide. The company operates through three segments: Wellbore Technologies, Completion & Production Solutions, and Rig Technologies. It also provides solids control and waste management equipment and services; portable power generation products; drill and wired pipes; drilling optimization and automation services; tubular inspection, repair, and coating services; instrumentation; measuring and monitoring services; downhole and fishing tools; steerable technologies; and drill bits. The company offers equipment and technologies for hydraulic fracture stimulation, including downhole multistage fracturing tools, pressure pumping trucks, blenders, sanders, hydration and injection units, flowline, and manifolds; coiled tubing units, and wireline units and tools; connections and liner hangers; onshore production consists of composite pipe, surface transfer and progressive cavity pumps, and artificial lift systems; and offshore production, such as floating production systems and subsea production technologies, as well as manufactures industrial pumps and mixers. It also provides substructures, derricks, and masts; cranes; jacking systems; pipe lifting, racking, rotating, and assembly systems; mud pumps; pressure control equipment; drives and generators; rig instrumentation and control systems; mooring, anchor, and deck handling machinery; equipment components for offshore wind construction vessels; and pipelay and construction systems. NOV Inc. offers spare parts, repair, and rentals as well as comprehensive remote equipment monitoring, technical support, field service, and customer training. The company was formerly known as National Oilwell Varco, Inc. and changed its name to NOV Inc. in January 2021. NOV Inc. was founded in 1862 and is based in Houston, Texas.

History

Background

NOV's two main predecessors, Oilwell Supply and National Supply, were founded in 1862 and 1893, respectively. These two companies manufactured and distributed pumps and derricks. In 1930, United States Steel acquired Oilwell Supply. In 1958, Armco Steel merged with National Supply. In 1987, National Supply merged with USS Oilwell to become "National Oilwell".

Varco was founded as Abegg and Reinhold Company by Walter Abegg and Baldwin Reinhold in 1908. "VARCO" is an acronym for: Vuilleumiere, Abegg and Reinhold Company after Edgar Vuilleumiere became a partner in 1915, and Varco International in 1973. In 2000, National Oilwell merged with IRI International Corp., founded and managed by Hushang Ansary, which manufactures and sells drilling rigs and specialty steel products.In 2005, National Oilwell and Varco merged to become National Oilwell Varco.

Recent history

The company acquired major drill pipe and drill bit manufacturer Grant Prideco in 2008 for $7.37 billion. At the time, Grant Prideco held 60% of the global drill pipe market and operated 25 manufacturing sites worldwide. The acquisition included Grant Prideco's subsidiaries IntelliServ, a producer of drill pipe with built-in equipment to transmit data from a wellhead to surface operators, ReedHycalog, a drill bit producer, and XL Systems, a producer of oil and gas connectors. Grant Prideco, IntelliServ, and ReedHycalog became part of NOV's Wellbore Technologies reporting segment and XL Systems joined the Completion & Production Solutions segment.In February 2012 NOV acquired Russian coring company Interval Ltd. and purchased Dutch oil rig design company GustoMSC in 2018. GustoMSC, originally the engineering office of Gusto Shipyard, became part of NOV's Rig Technologies segment. In late 2019, NOV bought Bellingham, Washington-based Ershigs, a fabricator of custom pipes and tanks.

National Oilwell Varco changed its name to NOV Inc. on January 1st, 2021.

Mission

We are dedicated to helping our global partners achieve their most ambitious projects and deliver the best possible experience in every stage of their business.

Vision

NOV's vision is to be the most trusted global partner to our customers, providing innovative solutions and services to help them reach their goals.

Key Team

Mr. Joseph W. Rovig (Pres of Rig Technologies)

Mr. Isaac H. Joseph (Pres of Wellbore Technologies)

Ms. Christy H. Novak (VP, Corp. Controller & Chief Accounting Officer)

Mr. David Reid (Chief Marketing Officer & CTO)

Mr. Alex Philips (Chief Information Officer)

Ms. Bonnie Houston (Chief Admin. Officer)

Mr. Blake McCarthy (VP of Corp. Devel. & Investor Relations)

Recognition and Awards

NOV has been recognized with numerous awards and distinctions, including the European Business Awards, Platts Global Energy Award, the Space Foundation Space Technology Hall of Fame and the World Petroleum Council’s Global Energy Industry Award of Excellence.