National Oilwell Varco Announces Reporting Segment Changes
The Company’s Rig Systems group will continue to focus on designing and
manufacturing discrete drilling equipment components, as well as
building complete integrated drilling equipment packages for both land
and offshore applications. The Company’s Rig Aftermarket group will
consist of the consumables, spares and service required to maintain the
equipment components and packages for the useful lives of the assets.
Mr.
The Completion & Production Solutions group will focus on improving
wellbore completions, and oil and gas production technologies. This
group will primarily serve well intervention service providers and oil
and gas producers, and pursue opportunities around hydraulic fracture
stimulation, wellbore intervention equipment, composite tubulars, pumps,
floating production systems and subsea production technologies. Mr.
The Company’s Wellbore Technologies business group will direct its
attention to 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. Mr.
The Company intends to issue historical financial results for these four new reporting segments during the second quarter of 2014, sometime after it makes its previously announced first quarter earnings release. The Company will also continue to report the results of its Distribution business group until the completion of the previously announced spinoff of that business as a separately traded public company.
Statements made in this press release that are forward-looking in nature
are intended to be "forward-looking statements" within the meaning of
Section 21E of the Securities Exchange Act of 1934 and may involve risks
and uncertainties. These statements may differ materially from actual
future events or results. Readers are referred to documents filed by
Source:
National Oilwell Varco, Inc.
Jeremy Thigpen, 713-346-7301