National Oilwell Varco To Reorganize Into 4 New Reporting Segments - Quick Facts

(RTTNews) - National Oilwell Varco, Inc. (NOV), with effect from April 1, 2014, would reorganize into four new financial reporting segments, which would be Rig Systems, Rig Aftermarket, Completion & Production Solutions, and Wellbore Technologies.

The Rig Systems group would focus on designing and manufacturing discrete drilling equipment components, as well as building complete integrated drilling equipment packages for both land and offshore applications, while the Rig Aftermarket group would include consumables, spares and service required to maintain the equipment components and packages for the useful lives of the assets. Joe Rovig has been promoted to President of both the Rig Systems and Rig Aftermarket units.

On the other hand, the Completion & Production Solutions group would concentrate on improving wellbore completions, and oil and gas production technologies. The company's Wellbore Technologies business group would direct its attention on enhancing drilling performance at the rig, both land and offshore, through category-leading downhole tools, bits, premium drill pipe, waste management services, solids control, drilling fluids, instrumentation, tubular inspection and tubular coating services.

The firm plans to issue historical financial results for these 4 reporting segments in the second quarter of 2014, sometime after it makes its prior announced first-quarter earnings release. Also, National Oilwell Varco would continue to report the results of its Distribution business group until the completion of the prior announced spinoff of that business as a separately traded public company.