The LeadersIn Maritime Law

National Oilwell Varco

7909 Parkwood Circle Dr.
Houston, TX 77036
Phone: (888) 346-5024

National Oilwell Varco is an international oilfield services company headquartered in Houston, Texas. National Oilwell Varco supplies equipment to the oil and gas industry, providing equipment and components used in oil and natural gas drilling and production operations, oilfield services, and supply chain integration services. The company conducts operations in over 800 locations across six continents.

National Oilwell Varco specializes in the hardware needed for oil and gas exploration and production in offshore environments. The company generates revenue by selling hardware components to drill rig manufacturers and leasing drilling rigs to oil and gas companies such as ExxonMobil, ConocoPhillips, and Transocean Ltd.

National Oilwell Varco operates through three business segments: Rig Technology, Petroleum Services & Supplies, and Distribution Services. The Rig Technology segment designs, manufactures, sells, and services complete systems for the drilling, completion, and servicing of oil and gas wells. The Petroleum Services & Supplies segment provides a variety of consumable goods and services used to drill, complete, remediate, and work-over oil and gas wells. The Distribution Services segment provides maintenance, repair, operating supplies, and spare parts to drill-site and production locations worldwide.

As the world’s leading supplier of equipment to the oil and gas industry, National Oilwell Varco’s revenues increase when the demand for drilling rigs and equipment rises. After the BP Deepwater Horizon oil spill, the six-month moratorium on drilling in the Gulf of Mexico will severely restrict drilling activity in the Gulf of Mexico and will reduce National Oilwell Varco’s sales in the region.

National Oilwell Varco is a public company listed on the New York Stock Exchange under the symbol “NOV”. The company reported 13.4 billion USD in revenue in 2008, with a net income of 1.95 billion USD.

In 2008, National Oilwell Varco was ranked the number one company in Houston, Texas, by the Houston Chronicle, who called the company “the self-styled Wal-Mart of the oil patch.” The ranking was based on National Oilwell Varco’s solid revenue growth and an outstanding market return.

National Oilwell Varco competes with Smith International, Cameron Corporation, and FMC Technologies in the oil rig equipment market for offshore drilling companies.

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