Careers at National Oilwell Varco

Mission

NOV provides a range of products and services, with a view to supporting the oil and gas drilling operations of its customers around the world.

Business segments

NOV organises its operations into four reportable business segments:

  • Rig Systems, which makes and supports the capital equipment and integrated systems needed to drill oil and gas wells on land and offshore, designing, manufacturing, and selling land rigs, offshore drilling equipment packages, including installation and commissioning services, and drilling rig components that mechanise and automate the drilling process and rig functionality.
  • Rig Aftermarket, which provides aftermarket products and services to support land and offshore rigs, and drilling rig components manufactured by the Company’s Rig Systems segment;
  • Wellbore Technologies, which designs, manufactures, rents, and sells equipment and technologies used to perform drilling operations, and offers services that optimise their performance, including solids control and waste management equipment and services, drilling fluids, portable power generation, and drilling optimisation and automation services; and
  • Completion and Production Solutions, which integrates technologies for well completions and oil and gas production, designing, manufacturing and selling equipment and technologies needed for hydraulic fracture stimulation, well intervention, onshore production, and offshore production.

History

NOV was created in its current form in 2005, by way of a merger between National-Oilwell and Varco, both of which trace their histories back more than 100 years. National-Oilwell was developed out of Oilwell Supply and National Supply, founded in 1862 and 1893 respectively, while Varco was founded as Abegg and Reinhold Company by Walter Abegg and Baldwin Reinhold in 1908.

Throughout the 20th Century both National-Oilwell and Varco established themselves as leading oilfield service providers and product manufacturers. Since the merger in 2005, NOV has established itself as one of the leading designers and manufacturers of drilling and oilfield-related equipment, operating in approximately 835 locations across six continents. The Company trades its shares on the New York Stock Exchange and has a current market capitalisation of $12.32 billion.

Business model of National Oilwell Varco

Customer Segments

NOV provides a broad range of services to customers across the oil and gas industry. The Company’s customers can be organised into groups according to the Company’s operating segments and services provided. This includes:

  • Rig Systems and Rig Aftermarket Customers, which principally comprise multinational, national, and independent oil and gas companies that are engaged in land and offshore drilling operations;
  • Wellbore Technologies Customers, which principally comprises full-service oil and gas companies, drilling contractors, oilfield service companies, and oilfield equipment rental companies; and
  • Completion and Production Solutions Customers, which comprises oilfield service companies, and full-service oil and gas companies.

NOV serves an international customer base. It largest market remains the US, which account for the largest portion of its sales, followed by South Korea, China, Singapore, the UK, Brazil, Norway, and Canada. The Company serves customers in other markets across the Americas, Asia Pacific, the Middle East, and Africa.

Value Propositions

NOV provides value to its customers in the following ways:

  • Its industry standing and reputation, with the Company recognised as a reliable and effective provider of products to the oil and gas sector, having established a positive track record over many years in operations;
  • Its international operational reach, with the Company providing abroad range of products and services to customers across the Americas, Europe, Asia Pacific, the Middle East, and Africa;
  • Its commitment to innovation, with the Company dedicating significant fund to research and development activity, and having a tradition of pioneering innovations which improve the cost-effectiveness, efficiency, safety and environmental impact of oil and gas operations;
  • Its extensive manufacturing infrastructure, with the Company owning and operating a network of manufacturing, machining, welding and fabrication, heat treating, and assembly facilities across the world, enabling it to serve customers quickly and efficiently; and
  • Its industry expertise and experience, with the Company employing specialist personnel across its four operating segments, as well as a team of experienced industry executives.

Channels

NOV operates a website at www.nov.com, through which it provides information on its various products, services, and locations. The Company also operates an online customer portal under the name MyNOV, which allows customers to access technical information, tools, and production specific applications.

NOV’s Rig Systems capital equipment and Rig Aftermarket spare parts sales, and a large portion of its smaller pumps and parts sales, are made through the Company’s own in-house direct sales force, which operates out of the Company’s offices across its various operating regions. The Company’s Wellbore Technologies and Completion and Production Solutions segments rent and sell products and services worldwide through their own dedicated sales force and through commissioned representatives. The Company’s sales in and to foreign jurisdictions are often made through joint ventures, license arrangements, and other business agreements with local nationals.

NOV also operates its own manufacturing and distribution infrastructure. This includes a network of machining, welding and fabrication, heat treating, assembly, testing, and distribution and service centre facilities, based principally in the US, South Korea, the UK, Singapore, Dubai, Mexico, Brazil, and Malaysia.

Customer Relationships

NOV provides a range of tools and resources to its customers on a self-service basis through its MyNOV customer portal. This channel enables customers to use various applications, and access technical information and tools without interacting with members of NOV’s sales and service teams.

NOV’s sales teams, which are organised by segment and geographic region, work closely with customers to ascertain their specific individual needs and circumstances. The Company seeks to establish long-term relationship with its customers, providing support through dedicated customer relationship and support personnel.

NOV provides ongoing customer support to its customers, who are able to access personalised assistance over the phone and online. The Company also provides various online resources, such as news articles, as well as information on its upcoming events, where it can interact with customers in-person. Additionally, NOV operates social media accounts with Facebook, LinkedIn, Twitter, YouTube, and Instagram, through which it is able to interact with clients directly.

Key Activities

NOV is engaged in the design, manufacture and sale of equipment and components used in oil and gas drilling, completion and production operations.

The Company aligns its activities into four business segments: Rig Systems, which manufactures and maintains equipment and integrated systems used in drilling oil and gas wells on land and offshore; Rig Aftermarket, which provides a range of aftermarket products and services to support land and offshore rigs; Wellbore Technologies, which sells and rents solids control equipment, and provides solids control, waste management and drilling fluids services; and Completion and Production Solutions, which provides technologies for well completions and oil and gas production.

NOV additionally provides certain oilfield services to customers in the upstream oil and gas industry. The Company operates globally, serving customers primarily across the Americas, Asia Pacific, and Europe.

Key Partners

NOV works closely with a network of partner companies and organisations across its manufacturing and distribution operations. These partnerships can be categorised broadly as:

  • Supplier and Procurement Partners, comprising suppliers of raw materials, tools, and equipment that support the Company’s manufacturing operations, as well as suppliers of services and technologies that are utilised more broadly across the Company’s four operating segments;
  • Channel and Distribution Partners, comprising the Company’s network of license partners, distributors, and independent sales representatives that extend the Company’s sales and marketing reach, and facilitate business in foreign jurisdictions;
  • Joint Venture Partners, comprising various manufacturing and distribution companies within the oil and gas sector, with which the Company jointly produces and distributes products through mutually owned entities; and
  • Strategic and Alliance Partners, comprising companies from multiple business sectors, with which the Company shares resources and collaborates on joint projects.

NOV has a number of partnerships in place. This includes a tie-up with GE Oil and Gas to provide integrated solutions for floating production storage and offloading projects, and a deal with Global Industrial Water to market innovative technology products.

Key Resources

NOV’s key resources are its technologies and intellectual properties, its materials and supply chain, its manufacturing and other industrial facilities, its IT and communications infrastructure, its sales and distribution networks, its partnerships, and its personnel.

NOV owns a number owns a substantial number of US and foreign patents that are utilised in the manufacture of its products. Searches of records published by the US Patent and Trademark Office identified numerous patent applications filed in NOV’s name, including applications entitled ‘Radial valves and pumps including radial valves’, ‘System and method for controlling a downhole tool’ and ‘Rotary steerable push-the-bit drilling apparatus with self-cleaning fluid filter’.

NOV owns and or leases approximately 835 facilities worldwide, including its key manufacturing, service, distribution and administrative facilities across the US, South Korea, Singapore, the UK, Mexico, the United Arab Emirates, Denmark, Brazil, and Malaysia.

Cost Structure

NOV incurs costs in relation to the development of its products and technologies, the procurement of supplies and materials, the operation of its manufacturing facilities, the maintenance of its IT and communications infrastructure, the operation of its sales and distribution channels, the implementation of advertising and marketing campaigns, the management of its partnerships, and the retention of its employees.

In 2015 NOV recorded total cost of revenue in the amount of $11.69 billion, comprising $9.36 billion in cost of sales and $2.33 in cost of services. The Company accrued selling, general, and administrative costs – including the payment of salaries and benefits to its international workforce of 50,197 employees – totalling $1.76 billion for the year.

Revenue Streams

NOV generates revenue through the manufacture, marketing, and sale of various products and services related to oil and gas drilling projects around the world. The Company’s products include pressure pumping trucks and pumps, blenders, sanders, hydration units, injection units, flowline, and manifolds and wellheads.

In 2015 NOV generated annual total revenue of $14.76 billion, down considerably on the $21.44 billion recorded by the Company in 2014. This 31% drop in revenue was attributed to declining oil and gas prices resulting in reduced drilling activity and demand for oilfield equipment and services. The Company’s largest revenue generator was its Rig Systems segment, which alone recorded revenue for the year of $6.96 billion. This Company’s Wellbore Technologies, Completion and Production Solutions, and Rig Aftermarket segments recorded revenue of $3.72 billion, $3.37 billion, and $2.52 billion respectively.

Our team

Clay Williams,
Chairman, President, and Chief Executive Officer

info: Clay Williams (“Williams”) has served as Chairman of the Board and Chief Executive Officer of NOV since 2014, and has served as the Company’s President since 2012. He is responsible for overseeing the Company’s general strategic direction. Williams also serves as a member the Board of Directors at electronics company Benchmark Electronics. Williams has been with NOV for a number of years. He has held a number of senior leadership positions at the Company since 1997, taking on roles of increasing responsibility, including spells as from Vice President of Corporate Development, Senior Vice President and Chief Financial Officer, and Chief Operating Officer.

Jose Bayardo,
Senior Vice President Chief Financial Officer

info: Jose Bayardo (“Bayardo”) has served as Senior Vice President and Chief Financial Officer at NOV since joining the Company in 2015. He oversees the financial operations of the Company, including its treasury, accounting, and tax departments. Bayardo has held senior roles across a number of companies, with particular experience of the oil and gas sector. He, however, began his career at JP Morgan, where he worked as an investment banker. He went on to join Complete Production Services, where he held a number of roles including spells as Senior Vice President, Chief Financial Officer, and Treasurer Prior to joining NOV, Bayardo served as Senior Vice President of Resource and Business Development at Continental Resources.

Isaac Joseph,
President of Wellbore Technologies

info: Isaac Joseph (“Joseph”) has serves as President of Wellbore Technologies at NOV. He also sits on the Company’s Board of Directors. Joseph began his career in the oilfield services industry with Tennessee Gas Pipeline in 1980. He moved to Plastic Applicators and Tuboscope Vetco International in 1982, where he held various sales, operations and sales management roles over the course of 13 years. In 1995 Joseph joined ICO Worldwide as Regional Operations Manager for the Gulf Coast, going on to serve as Senior Vice President of Sales, and later as President. In 2002, ICO Worldwide was acquired by Varco, with Joseph taking on the role of Vice President of the Western Hemisphere for Tuboscope. Following the merger between National-Oilwell and Varco in 2005, Joseph was named President of NOV Tuboscope.

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