NOV Inc. (NOV) is an independent equipment and technology provider to the global energy industry.
NOV’s extensive proprietary technology portfolio supports the industry’s drilling, completion, and production needs. With unmatched cross-segment capabilities, scope, and scale, NOV continues to develop and introduce technologies that further enhance the economics and efficiencies of energy production, with a focus on digital solutions, including automation, predictive analytics, and condition-base...
NOV Inc. (NOV) is an independent equipment and technology provider to the global energy industry.
NOV’s extensive proprietary technology portfolio supports the industry’s drilling, completion, and production needs. With unmatched cross-segment capabilities, scope, and scale, NOV continues to develop and introduce technologies that further enhance the economics and efficiencies of energy production, with a focus on digital solutions, including automation, predictive analytics, and condition-based maintenance.
NOV serves major-diversified, national, and independent service companies, contractors, and energy producers in 59 countries.
The company is a leader in the development of new technology and equipment to enhance the safety and productivity of drilling and well servicing processes.
Approximately 66% of the company’s revenues in 2024 were derived from operations outside the United States (based on revenue destination). The company’s foreign operations include significant operations in every oil producing region in the world.
Business Strategy
NOV’s strategy is to capitalize on economies of scale that arise from its position as a leading provider of equipment and technology to the global energy industry, proprietary technology it continues to develop, and core capabilities and competencies it can apply toward advancing alternative sources of energy.
Business Segments
NOV operates under two reporting segments: Energy Products and Services; and Energy Equipment.
Energy Products and Services segment
Energy Products and Services segment provides the critical tools, equipment, and services to safely maximize efficiency, reliability, and economics in the upstream oil and gas, renewables, and industrial markets. The segment’s offerings tend to be more transactional and shorter cycle in nature. Revenues are derived from sales of consumable products, services and rentals, and sales of shorter-lived, or single-application, capital asset sales.
The segment’s offerings include:
Drill Bits: NOV is a premier technical provider of performance-engineered drill bits and borehole enlargement products to help operators improve well construction efficiency and economics by breaking rock during rotary drilling operations. The company designs, manufactures, sells, and rents high-quality, customized fixed cutter drill bits using industry-leading cutter technology. The portfolio also includes roller cone drill bits, borehole enlargement tools that excel in the most demanding applications, and coring tools and services.
Downhole Tools: NOV is a leading independent drilling and intervention downhole tools equipment supplier with engineering teams, manufacturing facilities, supply hubs, and service centers situated in oil and gas activity regions. The company’s constantly evolving product portfolio includes downhole drilling motors, agitator systems, and measurement-while-drilling, logging-while-drilling, fishing, and thru-tubing tools. NOV’s offerings enable significant efficiency increases for directional and extended lateral well drilling, workovers and intervention operations.
Completion Tools: NOV offers a differentiated portfolio of proprietary products and solutions to support well construction and horizontal multistage completions. The company offers multistage frac technologies, including dissolvable frac plugs, frac sleeves, toe initiation burst port systems, and recyclable setting tools that enhance hydraulic fracturing efficiency. NOV also provides critical well construction components, such as surface casing and liner hangers that ensure structural integrity and operational reliability.
Artificial Lift Systems: NOV is a leading designer and manufacturer of electric submersible pumps, high viscosity pumps, and surface pumps designed to optimize productivity and reliability.
Tubular Inspection & Coating Services: NOV is a leading provider of tubular coating and inspection services for drill-pipe and other oil country tubular goods (OCTG). The company has over 80 years of history offering these services and provides a fully integrated inspection, coating, and repair process along with specialized composite sleeves and liners that protect tubulars from harsh downhole conditions, ensuring equipment durability throughout the entire well lifecycle.
Solids Control and Waste Management Services: NOV is a leading provider of solids control and waste management equipment and services. The company provides field services and manufactures, sells, and rents highly engineered solids control equipment that efficiently separates solid drill cuttings and reclaims drilling fluids for reuse. NOV also provides waste management (both onsite and at centralized locations), including transport and storage, and water management solutions. The company incorporates proprietary technologies in the delivery of such solutions, including its thermal desorption systems that efficiently minimize and treat drilling waste at the source for safe on-site disposal, significantly improving the efficiency of costly activities, such as barge vessel trips, crane lifts, and trucking transport while also reducing the carbon emissions from the same.
MPD Equipment and Rentals: NOV is a leading provider of managed pressure drilling (MPD) equipment and services. The company provides a broad spectrum of MPD solutions to help manage wellbore pressures and optimize drilling performance. Offerings include rotating control devices, managed pressure drilling manifolds, full drilling control network integration, and engineering services.
Digital Solutions: NOV is a leading independent provider of data and digital solutions to the energy industry. Supported by a global field service infrastructure and technologically advanced equipment and sensors for harsh environments, the company acquires, aggregates, and delivers real-time drilling, completion and production data to enable edge and cloud analytics, which improve operational efficiencies, well productivity, and safety. Utilizing its proprietary wired drill pipe, NOV offers Downhole Broadband Solutions (DBS) to provide real-time, broadband data from the bottom-of-the-hole and along the drill string, to improve well placement, reduce well delivery times, and increase production.
Drill Pipe: NOV is a leading provider of precision-engineered drill pipe and drill-stem equipment. The company leverages its metallurgy expertise and premium connection technologies to offer an innovative drill pipe product portfolio for applications ranging from the simplest vertical land well to deepwater, extended-reach, high-pressure/high-temperature wells.
Conductor Casing Connections: NOV provides proprietary connectors and integral thread solutions for oil and gas applications, including conductor strings, surface casing, and liners, with diameters ranging from 16 to 72 inches. The company’s advanced connectors are designed to withstand high fatigue loading and include connector products where threads are machined on high strength forging material then welded to pipe, and integral-threaded wedge connectors with pin and box threads that are machined directly on the ends of pipes.
Composite Solutions: NOV is a leading provider of high-end composite pipe, tanks, and structures engineered to address complex corrosion and weight constraints across a diverse range of demanding applications, including oil and gas, chemical processing, industrial environments, wastewater management, fuel handling, marine and offshore industries, geothermal energy, and rare earth mineral extraction.
Energy Equipment segment
Energy Equipment segment designs, builds, and supports capital equipment and integrated systems used in oil and gas exploration and production, both onshore and offshore, as well as for industrial, marine, and renewable energy markets. Revenues are derived from sales of capital equipment and aftermarket spare parts, repair, and rentals, as well as comprehensive technical support, field service, and training. In addition to traditional aftermarket support, NOV offers subscription services, including analytics, condition monitoring, and digital performance solutions that enhance operational efficiencies, increase up-time, and reduce the total cost of ownership of many of the company’s products. Most of the segment’s capital equipment offerings are longer-lead-time products, requiring more than three months to manufacture and deliver, and meet the company’s criteria to be reported as backlog when firm orders are received.
The segment’s offerings include:
Drilling Equipment: NOV provides advanced land rigs, complete offshore drilling packages, and rig components designed to mechanize and automate complex drilling rig processes, including automation control systems and robotics solutions. The portfolio includes designs that changed the way rigs are operated, such as the TDS top drive drilling system and automated iron roughneck. Evolving with market needs, the portfolio includes solutions to reduce energy consumption and enable energy regeneration, resulting in reduced emissions profiles. Aftermarket offerings include upgrades of existing equipment and systems, spare parts, repair, and rentals, as well as comprehensive remote equipment monitoring, technical support, field service, and customer training through an extensive aftermarket facilities network strategically located in major drilling areas around the world.
Intervention and Stimulation Equipment: NOV designs and manufactures capital equipment, related consumables, and digital products for hydraulic stimulation, coiled tubing, and wireline services. Hydraulic stimulation offerings include conventional and next-generation-technology configurations of high-pressure pumping units, along with process equipment, such as hydration units, chemical additive systems, blenders, and control systems, along with consumables, including centrifugal pumps, valves, seats, and flowline equipment. Coiled tubing equipment offerings include coiled tubing units, injector heads, tubing strings, pressure control and nitrogen support equipment. Wireline offerings include electric line and slickline trucks and skids, and pressure control equipment. Through NOV’s Max digital platform, the company leverages its integrated control and data acquisition systems to provide comprehensive equipment status and operational process insights, to optimize job efficiency and extend the equipment life. NOV supports all its equipment with comprehensive repair, recertification, and other services through a global aftermarket facility network.
Marine Equipment: NOV provides heavy-lift cranes, a large range of knuckle-boom and lattice-boom cranes, with active heave capabilities, deck-handling machinery, mooring and anchoring systems, a full range of jacking systems for drilling rigs, wind turbine installation vessels, other offshore construction vessels, and specialized equipment and machinery for installing offshore wind towers, turbines, and blades, offshore pipelines and offshore power transmission cables. Additionally, NOV designs offshore jack-up and floating rigs, wind turbine and cable lay vessels, and floating offshore wind structures. NOV’s marine solutions serve the oil and gas industry as well as wind energy and other marine-based end markets.
Process Systems: NOV provides integrated processing solutions for the separation and treatment of oil, gas, solids, seawater, and produced water production. Drawing on a deep understanding of gas and fluids behavior from more than 40 years of experience, NOV’s engineers and project managers design and build integrated systems that provide water treatment, separation, sand management, hydrate inhibition and gas processing for use both on and offshore. For deepwater applications these systems come together to supply comprehensive solutions for floating production, storage, and offloading (FPSO) vessels. Leveraging processing expertise, NOV also offers carbon capture solutions, including amine-based carbon capture technologies, complementary processing systems, including CO2 dehydration, and mooring systems, to secure floating facilities used to process, condition, and inject CO2 into offshore subsurface geologic formations.
Subsea Production Systems: NOV is a leading designer and manufacturer of flexible subsea pipe systems designed to convey hydrocarbon production from the wellhead to production facilities in demanding offshore conditions. Flexible pipes are highly engineered, complex, helically wound structures composed of multiple unbonded steel and composite layers, allowing them to withstand the demanding pressures and tensile loads of deepwater production while remaining resistant to wave- and tidal-induced fatigue. NOV also offers an assortment of critical subsea production equipment, such as water injection and tie-in connector systems, subsea storage units, and other related products.
Production and Midstream Equipment: NOV designs and manufactures a variety equipment used in production and midstream operations, including reciprocating, multistage, and progressive cavity pumps, midstream products, such as closures, transfer pumps, chokes and valves; and artificial lift support systems, including production BOPs and stuffing boxes.
Industrial Equipment: NOV provides specialized, technology-driven mixers, heat exchangers, and progressive cavity pumps to process high-viscosity liquids in a variety of end markets. Marketed under globally recognized brands known for quality and reliability and backed by more than 75 years of advanced fluid-handling experience, NOV’s industrial pumps and mixers serve a wide breadth of end markets, including biogas, food and beverage, water/wastewater, chemical, mineral processing, pulp and paper, pharmaceutical, and general industrial processes.
NOV Low-Carbon Solutions
As a leading independent global energy technology and equipment provider, NOV focuses on helping its customers improve efficiencies, lower costs, improve reliability, and reduce the environmental impact of producing energy. NOV leverages its core competencies to assist customers’ efforts to reduce their environmental impact and carbon emissions. NOV is working to develop proprietary solutions to improve project execution, drive higher capital returns, and lower levelized costs of energy (LCOE, which is a measure of the average net present cost of electricity generation over a source’s lifetime) associated with renewable energy and low-carbon solutions.
Offshore Wind
NOV is a value-added partner capable of meaningfully reducing offshore wind project execution risk. The company has a broad and growing portfolio of relevant technology, an extensive track record of successfully managing complex marine projects, long-standing relationships with global shipyards, and a robust global supply chain accustomed to stringent quality and traceability.
Wind Turbine Installation Vessels (WTIVs). NOV is the leading global equipment and design provider for offshore wind turbine installation vessels. NOV expects continued demand from the global offshore wind installation vessel market, driven primarily by the need for larger vessels required to support the installation of larger, higher-capacity wind turbines. The vessels required to install taller, heavier turbines are similar to those previously designed by NOV and are relatively consistent across global geographies.
Cable-lay Systems for Offshore Wind Infrastructure. NOV has leveraged its expertise in cable-lay systems to provide carousel designs for offshore interconnector and interarray cable-lay vessels that support the infrastructure buildout necessary to aggregate and transmit power from offshore wind farms to shore. The company has received several recent orders and anticipates additional demand for cable-lay vessels, driven by international offshore renewable energy projects and electrification demand.
Floating Wind. NOV is actively developing new products and technologies to support the nascent floating offshore wind market alongside its legacy portfolio, which includes cranes, winches, mooring systems, cable-lay systems, ballasting systems, and chain connectors and tensioners. NOV has developed a patent-pending Tri-Floater semi-submersible floating foundation that requires less steel than competing offerings. NOV is also designing several proprietary lifting and handling tools for streamlined turbine component installation. Today, the floating offshore wind market is in the pre-commercial development phase, with industry players focused on proofs of concept and mitigating execution risk.
Onshore Wind
NOV is developing technology to lower onshore wind’s LCOE by economically constructing increasingly tall wind towers. Taller wind towers improve wind farm economics by allowing larger turbines to reach stronger winds, significantly increasing energy capture, lowering energy cost, and expanding the regions where wind projects can be profitably developed.
The company has developed a patented tapered spiral-welding process that enables automated wind tower section production. Now in the early stages of commercialization, this proprietary process could significantly decrease tower section production times. Additionally, in time the process could enable in-field manufacturing operations, which could eliminate many logistical limitations of transporting the larger-diameter sections necessary for tall tower developments.
To support taller tower wind farm construction, NOV is developing a fit-for-purpose onshore wind tower erection system, built upon the intellectual property, control systems, and experience developed through mobile desert and arctic drilling rig design. The patent-pending system creates a structurally-sound, mobile tower crane that is expected to significantly improve the safety, reliability, and efficiency of tall wind tower installation processes.
Geothermal
Many of NOV’s oil and gas products are used for drilling geothermal wells. NOV’s drill pipe, drill pipe coatings, liner hangers, completion tools, drill bits, and full land rig packages have been a critical part of global geothermal development. Further, with geothermal power generation’s recently renewed traction, NOV has developed new proprietary products that address many unique geothermal production challenges worldwide.
Carbon Capture and Sequestration
NOV is positioned to play a meaningful role in the growing carbon capture and sequestration industry. NOV’s gas processing technology enables CO2-from-hydrocarbon separation, dehydration, and liquification, all vital parts of the carbon capture chain. In addition, the business’s turret and mooring systems used in offshore production facilitate the development of offshore carbon re-injection sites.
Lowering the Carbon and Environmental Footprint of the Oil & Gas Industry
NOV is committed to providing products and services that economically reduce carbon intensity and deliver superior performance. The company has pioneered numerous solutions for improving the industry’s safety and environmental footprint, including NOV’s closed-loop solids control systems, regenerative power systems, dual-containment flowline technologies, solar pumping systems, and hydrocarbon leak detection systems, among others. NOV remains committed to reducing emissions and improving industry sustainability and has recently commercialized several new offerings, including:
NOV’s PowerBlade Kinetic Energy Recovery System is a regenerative braking technology that utilizes both flywheel energy and lithium-ion battery energy storage to significantly reduce fuel consumption and emissions associated with drilling and hoisting. The PowerBlade system captures and regenerates electrical energy that would have previously dissipated as heat when a drawworks, crane, or winch slows and stops. The PowerBlade system then returns this energy when needed.
NOV’s Maestro smart configurable power management system helps operators reduce fuel consumption while maintaining safe drilling operations. The Maestro system effectively calculates and determines the optimized and safe level of required power generation in real-time and optimizes power consumption on the rig to reduce emissions.
NOV’s EcoBooster system enables peak power shaving in hydraulic power systems and minimizes the number of active pumps needed for each operation, resulting in reduced fuel consumption and emissions savings of up to 80%. The short-term power peaks are covered with flow from accumulators connected to the ringline piping by a smart valve. An added benefit of the EcoBooster system is improved equipment performances as the hydraulic response from accumulators is quicker than ramping up pumps.
NOV’s iNOVaTHERM waste management system incorporates thermal desorption technology that efficiently minimizes and treats drilling waste at the source for safe on-site disposal, significantly reducing costly carbon-emitting activities, such as barge vessel trips, crane lifts, and trucking transport. NOV’s advanced waste management systems with real-time monitoring play an integral role in reducing the risks associated with waste in transit and decreasing the industries’ overall emissions operations.
NOV’s Ideal eFrac pressure pumping equipment delivers advanced well stimulation technology to dramatically reduce emissions and decrease ownership cost. The patent-pending Ideal eFrac system enhances wellsite safety by reducing complexity and removing personnel from hazardous environments. In addition to lower operating emissions and greater power density, the Ideal eFrac system is less disruptive to neighboring communities because it reduces truckloads by 40 percent, enables a smaller footprint, and reduces noise.
NOV’s eDrive system for wireline skids and hybrid wireline trucks provides a more sustainable solution for interventions by making customers’ operations less impactful on the environment and strengthening regulatory compliance.
Markets
The company’s customers are predominantly service companies, oil and gas companies, and shipyards. Products within Energy Products & Services are sold and rented worldwide through NOV’s sales force and through commissioned representatives. Substantially all of Energy Equipment’s capital equipment and spare parts sales, and a large portion of smaller pumps and parts sales, are made through NOV’s direct sales force and distribution service centers. Sales to foreign oil companies are often made with or through representative arrangements.
The company’s foreign operations, which include significant operations in the Middle East, Africa, Latin America, the Far East, Canada and Europe are subject to the risks normally associated with conducting business in foreign countries, including foreign currency exchange risks and uncertain political and economic environments, which may limit or disrupt markets, restrict the movement of funds or result in the deprivation of contract rights or the taking of property without fair compensation. Government-owned oil and gas companies located in some of the countries in which the company operates have adopted policies (or are subject to governmental policies) giving preference to the purchase of goods and services from companies that are majority-owned by local nationals. As a result of such policies, the company relies on joint ventures, license arrangements, and other business combinations with local nationals in these countries.
Seasonal Nature of Business
Historically, activity levels of some of the company’s segments have followed seasonal trends to some degree. The company typically realizes a more pronounced level of spending during the fourth quarter, and a decline in the first quarter (year ended December 31, 2024), in certain of its businesses, which is related to annual budgetary cycles and winter weather. On average, first quarter revenues through the past five years have declined 6.9% sequentially from the fourth quarter. Both situations temporarily reduce demand for the company’s products and services in the affected geographic area, although revenues generally recover once conditions improve.
Intellectual Property
As of December 31, 2024, the company held a substantial number of granted patents and pending patent applications worldwide, including the U.S. patents and the U.S. patent applications, as well as patents and patent applications in a variety of other countries. Expiration dates of such patents range from 2025 to 2044. Additionally, the company maintains a substantial number of trademarks for both goods and services and maintains a number of trade secrets.
Manufacturing and Service Locations
The manufacturing processes for the company’s products generally consist of machining, welding and fabrication, heat treating, assembly of manufactured and purchased components, and testing.
History
The company was founded in 1862. The company, a Delaware corporation, was incorporated in 1995. The company was formerly known as National Oilwell Varco, Inc. and changed its name to NOV Inc. in January 2021.
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