NOV Inc - Company Profile
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Business Description
NOV Inc (NOV), formerly National Oilwell Varco Inc, is an independent equipment and technology provider. It acts as a support to the global energy industry’s full-field drilling, completion, and production needs. It focuses on automation, predictive analytics, and condition-based maintenance.
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R&D Overview
NOV focuses on the research and development of new products and technologies, to enhance the safety and productivity of drilling and well servicing processes. The company also invests in new technologies related to its non-oil and gas business as well as renewable energy-related technologies.
Business Segments
Overview
Manufactures and supports capital equipment and integrated systems required for oil and gas exploration and production across onshore and offshore sites. Also serves other marine-based, industrial and renewable energy markets. Engages in the design, manufacturing and integration of technologies used for drilling and producing oil and gas wells. Primarily serves contract drillers, oilfield service companies, and oil and gas companies. Also provides services to marine and offshore markets, which involves design and building of equipment for wind turbine installation and cable lay vessels. Offers heavy lift cranes and jacking systems; and pumps and mixers for applications across gas processing. In FY2024, the segment incurred a capital expenditure of US$86 million, which grew 26.5% YoY.
Performance
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Overview
Engages in the design, manufacturing, renting and sales of products and equipment primarily used in drilling, intervention, completion, and production activities. Includes products such as, drill bits, downhole tools, premium drill pipe, drilling fluids, managed pressure drilling, integral and weld-on connectors for conductor strings and surface casing, completion tools, and artificial lift systems. Also engages in the design, manufacturing, and delivery of high-end composite pipe, tanks, and structures engineered to solve both corrosion and weight challenges across applications such as oil and gas, chemical, industrial, wastewater, fuel handling, marine and offshore, and rare earth mineral extraction. The segment also provides services, software, and digital solutions aimed at improving drilling and completion operational performance. Its services consist of tubular inspection and coating, solids control, waste management, and managed pressure drilling. Software and digital solutions offer drilling and completion optimization and remote monitoring, wired drill pipe services, software controls and applications, and data management and analytics services. Serves customers such as oil and gas companies, drilling contractors, oilfield service companies, oilfield equipment rental companies and developers of geothermal energy. In FY2024, the segment incurred a capital expenditure of US$255 million, which grew 28.8% YoY.
Performance
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Geographical Segments
Performance
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Performance
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