Diamond Offshore Files for Bankruptcy
Diamond Offshore Drilling Inc filed for bankruptcy protection in Texas on Sunday, after the company recently skipped making an interest payment and said it had retained restructuring advisers.The Houston-based contract drilling company's filing, one of 15 of its group companies seeking protection under Chapter 11, said day rates and demand for…
Saudi Aramco to Ink Deal to Make Onshore Oil Rigs, Equipment
Saudi Aramco signed a deal with National Oilwell Varco Inc. (NOV) to form a joint venture to make onshore rigs and equipment in Saudi Arabia, the state-owned Saudi energy firm said. Saudi Aramco will own 30 percent of the venture, while the rest will be owned by NOV, the statement said. Aramco, the world's biggest oil producing company which the Saudi government plans to list in the kingdom and abroad…
Slumping Oilfield Services Sector bets on Offshore Tech
The oil industry's top equipment and services suppliers this week are hawking vastly cheaper ways of designing and equipping subsea wells, aiming to slash the cost of offshore projects to compete with the faster-moving shale industry. At the Offshore Technology Conference, the industry's annual gathering of floating rig and subsea well suppliers…
NOV, GE to Provide Integrated Solutions for FPSOs
National Oilwell Varco, Inc. (NOV) and GE Oil & Gas has agreed to collaborate on delivering integrated solutions for Floating Production Storage and Offloading (FPSO) vessels. The agreement brings together the product offerings and engineering capabilities from the two companies to optimize engineering design and supply comprehensive topside solutions for FPSO projects.
NOV Acquires Trican Well Service’s Completion Tools Business
National Oilwell Varco, Inc. (NOV) announced today that it has entered into a definitive agreement to acquire the completion tools business of Trican Well Service Ltd. The business designs and sells a range of innovative and patented downhole tools for multi-stage fracturing and multi-zone completions in North America and select international markets.
National Oilwell Varco Says Cut 6,000 Jobs in Q1
National Oilwell Varco Inc, the largest U.S. provider of oil drilling equipment, said on Thursday it slashed 6,000 jobs in the first quarter as weak oil prices forced its customers to cut production and exploration. The company received no new rig orders for the second quarter in a row in the three months ended March 31, Chief Financial Officer Jose Bayardo said on a call with analysts.
National Oilwell Varco Slashes Norway Staff Again
U.S. oilfield equipment maker and service provider National Oilwell Varco Inc will cut its Norwegian workforce by another 520 people after low oil prices resulted in fewer orders, the company said in a statement on Friday. The latest round of cuts will reduce the company's staff in Norway to less than 2,000, down from almost 5,000 at the height of the oil industry's boom two years ago.
National Oilwell Slashes Dividend
National Oilwell Varco Inc, the largest U.S. oilfield equipment maker, said it would cut its quarterly dividend to 5 cents per share from 46 cents, as it struggles to cope with a prolonged slump in oil prices. The company cut its quarterly dividend by 89 percent, saying that market conditions continued to deteriorate through the first quarter.
Barometer of Shale Oil Industry's Health Warns Agony to Worsen
The latest blow to the energy industry's collective psyche has been inflicted by National Oilwell Varco Inc, with the giant oilfield equipment maker warning the pace of drilling and fracking will only slow more as 2016 drags on. A 70 percent drop in crude prices since mid-2014 has affected not only NOV but dozens of others throughout North America's oil patches…
National Oilwell Posts Q4 Loss
National Oilwell Varco Inc, the largest U.S. oilfield equipment provider, reported a loss for the fourth quarter, compared with a profit a year earlier, as it took a $1.63 billion charge. Operating margins at the company's rig systems business, which accounted for nearly 40 percent of its total revenue, fell to 15.8 percent in the quarter ended Dec. 31, from 20 percent a year earlier.
National Oilwell Varco Slashes 900 Norwegian Jobs
U.S. oilfield equipment maker National Oilwell Varco Inc will cut its Norwegian workforce by another 900 people after low oil prices resulted in fewer orders, the company said on Monday. The layoffs come on top of cuts announced in June when the company said it would cut 900 permanent jobs and 600 contractors from its Norwegian workforce by the end of this year.
Samson Bankruptcy Spotlights Offshore Rig Situation
The most significant bankruptcy of the current oil downturn has shone a spotlight on what is perhaps the most oversupplied corner of the energy world: the market for offshore rig services. Samson Resources Corp, an independent oil producer bought just four years ago for $7.2 billion, said in its late Wednesday filing for creditor protection that a 60 percent crude price slide had upended its business.
National Oilwell Varco Appoints Senior VP & CFO
Oilfield equipment manufacturer National Oilwell Varco, Inc. has named Jose A. Bayardo as its new Senior Vice President and Chief Financial Officer effective August 28, the company announced today. Bayardo succeeds Scott K. Duff, Interim Chief Financial Officer, who will continue to serve as the company’s Vice President, Corporate Controller and Chief Accounting Officer.
National Oilwell Beats Street on Cost Cuts
National Oilwell Varco Inc, the largest U.S. oilfield equipment provider, reported a higher-than-expected quarterly profit as cost cuts helped offset the impact of a fall in global drilling activity. The U.S. rig count has slumped to a five-year low as oil producers idle rigs due to a 50 percent drop in global oil prices since June last year.
National Oilwell Varco to Cut 1,500 Norwegian Jobs
National Oilwell Varco Inc., the largest U.S. oilfield equipment maker, said it will cut its Norwegian workforce by 1,500 by the end of this year as low oil prices have reduced investments. It plans to cut 900 permanent jobs and 600 contractors, the firm said in a statement on Wednesday. "The reason for the lay-offs is the big change in the market…
National Oilwell Seeks Bargains in Depressed Oilfield Market
National Oilwell Varco Inc is slowing down its share buyback program to preserve cash for acquisitions, driven by the need for consolidation in an industry beset by low crude prices. The largest U.S. oilfield equipment maker is in talks over several potential deals, its chief executive said on Tuesday, which would add to two acquisitions already completed this year.
Merger Talks Feed Energy Sector Deal Speculation
Talks that could lead to oilfield services provider Halliburton Co buying rival Baker Hughes Inc may herald increased deal-making in the energy business as companies bet on a protracted drop in oil prices, industry bankers said. Competing service companies including National Oilwell Varco Inc and Weatherford International may also be targets, bankers and lawyers said.
National Oilwell Profit Up on Rig Systems
National Oilwell Varco Inc, the largest U.S. oilfield equipment provider, reported a 10 percent rise in quarterly profit as its rig systems business readied more oil and gas wells for production. Revenue in the business, which accounts for nearly half of the company's total revenue, rose 29 percent to $2.66 billion in the third quarter. The business manufactures land offshore rigs as well as drilling components.
National Oilwell Unit Pleads Guilty to Export Violations
A unit of National Oilwell Varco Inc agreed to pay a $1 million fine and pleaded guilty Thursday to violating export laws when it shipped components used in oil extraction equipment to a customer in Syria in 2006, the U.S. Justice Department said. Robbins & Myers Belgium, whose parent Robbins & Myers was acquired by National Oilwell in 2013, also agreed to pay $600…
National Oilwell Profit Beats Street, Rig Margins Up
National Oilwell Varco Inc, the largest U.S. oilfield equipment provider, reported a better-than-expected rise in profit for the fourth quarter in a row due to higher margins in its rig systems business. The company said it booked $3.4 billion in new orders for oilfield equipment in the second quarter ended June 30, slightly higher than $3.15 billion a year earlier.
