• HOUSTON--(BUSINESS WIRE)--Jul. 27, 2017--National Oilwell Varco, Inc. (NYSE: NOV) today reported a second quarter 2017 net loss of $75 million, or $0.20 per share. Excluding other items, net loss for the quarter was $54 million, or $0.14 per share. Other items totaled $30 million, pretax, and primarily consisted of charges related to severance and facility closures.

    NOV had several notable achievements this quarter.

    ● NOV Rig Systems developed a 1,200-horsepower, high-torque top drive, the TDS-11HD, to enable drilling contractors to drill longer laterals faster and more efficiently.
    ● The Process and Flow Technologies business unit introduced a remote monitoring and analytics platform, called GoConnect, for its production, process, and fluid transfer technologies.
    ● The ReedHycalog business unit introduced the IQ™ Monitoring System, the industry’s first wear and vibration monitoring product for underreamers, and helped an operator in the North Sea avoid a potential packoff using BlackStream™ ASM tools, IntelliServ™ wired drill pipe, and real-time equivalent fluid density software.
    ● NOV won a significant thru-tubing tools order for 60 TerraMax™ milling systems, which total over 260 tools, from an independent service company.

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

    Published Date: 2017-07-28
    Source: National Oilwell Varco