• HOUSTON--(BUSINESS WIRE)--Oct. 27, 2017

    “Our team delivered solid results in the third quarter as higher sequential sales of Wellbore Technologies and Completion & Production Solutions products enabled NOV to overcome a retrenchment in rig equipment demand,” commented Clay Williams, Chairman, President and CEO.  “Despite weak commodity prices through the quarter, and the significant disruption of Hurricane Harvey along the Gulf Coast, NOV delivered 18 percent more Adjusted EBITDA as compared to the prior quarter, due in part to the Company’s pivot into new products that are gaining traction globally. We continue to pioneer new, safer and more efficient ways to develop and produce oil and gas in a low commodity price world.”

    Revenues for the third quarter of 2017 were 1.84 billion, an increase of four percent compared to the second quarter of 2017 and an increase of 11 percent from the third quarter of 2016. Operating loss for the third quarter was $7 million, or 0.4 percent of sales. Adjusted EBITDA (operating profit excluding other items before depreciation and amortization) for the third quarter was $167 million, or 9.1 percent of sales, an increase of $25 million from the second quarter of 2017. Cash flow from operations for the third quarter was $232 million.

    NOV had several notable achievements this quarter.

    • A major operator in the Kingdom of Saudi Arabia ran i-Frac CEM™ ball-drop-activated multistage frac sleeves and Burst Port System™ toe subs to complete the first four toe stages in an ultra-long-reach horizontal well, areas that would have been inaccessible using traditional completion methods.
    • NOV sold the first Tolteq™ iSeries™ MWD kits in the UAE and Russia and completed the first commercial run of the 9⅝-in. VectorEXAKT rotary steerable system, which was chosen by the customer for use in future wells.
    • NOV booked orders for two complete 50,000-horsepower frac spreads, several blenders, and a number of discrete pieces of support equipment, including hydration units and liquid additive systems. This brought total pressure pumping equipment orders above 400,000 horsepower year to date.
    • NOV booked the largest single order of Fiberspar™ spoolable line pipe spoolable line pipe in the Company’s history for a customer in Saudi Arabia, bringing total length of pipe ordered by the customer to more than 1,000 miles.
    • NOV began producing 60-in. fiberglass fittings, the largest-diameter GRE composite products we manufacture, for a floating LNG terminal in Southeast Asia. This marked a notable expansion of NOV’s composite fittings capabilities from 45-in. diameter products.
    • NOV’s customized Tektonic™ drill bits with industry-leading Helios™ and ION™ cutter technologies continue to set field records, including interval drilled and ROP, for operators in Africa and the Middle East.
    • NOV booked an order for 100,000 ft of TK™ Liner products, composite liners designed to protect new and used oil country tubular goods and flowlines in corrosive environments, for a customer in Abu Dhabi. Additionally, new orders for Thru-Kote™ insert sleeves designed to protect the internal coating of welded pipelines totaled over 90,000 pieces.
    • NOV booked an order for a Brandt™ THOR-8indirect thermal desorption system in Mexico, and a major operator in Argentina awarded us several multi-million dollar, multi-year contracts to provide drilling fluids, solids control, and drilled cuttings drying services.

    To learn more about the quarter’s results and read the full list of notable achievements, read the news release here.

    Published Date: 2017-10-27
    Source: National Oilwell Varco