National Oilwell Varco (NOV) is a US company engaged in gas and oil drilling equipment production. The company’s products are used in drilling, oilfield services, the oil and gas industry, etc. The business has operations in over 1,200 locations and has a presence across six continents. The company’s headquarters are based in Houston, Texas, and they employ almost 40,000 people.
National Oilwell Varco is split into four business units: Rig Systems, Completion and Production Solutions, Rig Aftermarket, and Wellbore Technologies.
The product portfolio includes:
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Oil well drilling hardware (topdrives, drawworks, rotaries, BOPs, derricks, riser equipment, mud pumps, drilling rigs)
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Other drilling tools (power generation, control system Cyberbase, etc.)
Houston Business Journal Research named National Oilwell Varco the biggest energy employer in the Houston area.
Segments
NOV Rig Systems is responsible for automation improvement. The unit designs and develops smarter drilling technologies to stay ahead of the industry.
NOV Rig Aftermarket The unit produces high quality aftermarket products and services, and increases uptime and elevate drilling solutions performance worldwide. It produces and distributes land rigs, drilling rig components, offshore drilling packages. The division’s technologies and equipment are power transmission systems, substructures, masts, derricks, pipe lifting, cranes, control systems, etc.
Wellbore Technologies is engaged into the operational production. The unit develops fluid control systems, tubular inspection services, etc. The division’s services and technologies are automation and drilling oprimisation services, monitoring and measuring systems, downhole tools, drill bits, waste management equipment, drilling fluids, wired pipe accessories, hole openers, and fishing tools.
NOV Completion and Production Solutions serves gas and oil producers and intervention service providers. It produces equipment and technologies used in hydraulic fracture stimulation. Here the portfolio includes pumping trucks, sanders, blenders, injection units, hydration units, flowline, wellheads, and well intervention.
History
The company was born from a series of mergers. In 1987, National Supply and USS Oilwell joined forces to form National Oilwell. Later, in 2000 National Oilwell teamed up with IRI International Corp.
In 2005, National Oilwell merged with Varco and that’s how National Oilwell Varco appeared.
Competitors
The company competes with Aker Solutions, MHWirth, American Block, American Electric Technologies, Bomco, Cavins Oil Well Tools, Nabors Industries, Trevi Group, Forum Energy Technologies and others.
Listing information
National Oilwell Varco (NOV) shares are listed on the New York Stock Exchange (NYSE). The company’s stock constitutes the S&P 500 market index. To learn the latest National Oilwell Varco share price, follow Capital.com.
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