NOV — Company directory

Texan maker of rig machinery, drill pipe, pumps and valves for well construction and production work, quoted in New York, with second-quarter 2026 revenue of USD 2.13 billion.

NOV Inc. is a Houston-based supplier of equipment and technology to the oil and gas industry whose shares trade on the New York Stock Exchange under the ticker NOV. Its portfolio runs from land and offshore drilling rig equipment, drill pipe and downhole tools to production processing equipment, fibre-reinforced piping and digital monitoring systems, and the company states that it has been in business for more than 160 years. Jose Bayardo is chairman, president and chief executive.

Two reportable segments

Energy Equipment builds capital equipment for drilling and offshore production. The line-up includes complete rig systems and components, pressure control equipment, production processing and seawater treatment packages, gas dehydration units, fibreglass Bondstrand piping, Tuboscope pipeline services and drill pipe with proprietary connections. Energy Products and Services covers the shorter-cycle side of the business: drill bits, artificial lift, wired drill pipe and downhole broadband data services, the Max digital platform, ATOM RTX robotics packages and NOVOS automation systems for rig floors, plus a worldwide service and training network. Both segments sell into the same operator base, and a large part of Energy Equipment revenue is delivered from a capital equipment backlog that takes years to convert.

Second-quarter 2026 results

In results published on 28 July 2026, NOV reported revenue of USD 2.13 billion, four per cent higher than the first quarter and two per cent lower than a year earlier. Net income was USD 112 million, or USD 0.31 per diluted share, and operating profit USD 193 million, equal to nine per cent of sales and 35 per cent above the prior-year quarter. Adjusted EBITDA was USD 283 million, a 13.3 per cent margin, and included about USD 40 million of tariff refunds. Energy Equipment revenue was USD 1.22 billion with operating profit of USD 177 million and adjusted EBITDA of USD 200 million; Energy Products and Services revenue was USD 974 million with operating profit of USD 85 million and adjusted EBITDA of USD 144 million, held back by lower capital equipment sales even as drill bit and artificial lift operations gained share. New orders totalled USD 474 million against USD 420 million a year earlier, and USD 638 million was shipped from backlog, a book-to-bill ratio of 74 per cent. Capital equipment backlog stood at USD 4.08 billion on 30 June 2026, USD 220 million below the year-earlier figure. The company returned USD 127 million to shareholders during the quarter through the repurchase of about 3.2 million shares for USD 63 million and USD 64 million of dividends, and held USD 1,164 million of cash against USD 1,706 million of total debt. For the third quarter it guided to revenue flat to two per cent higher year on year and adjusted EBITDA of USD 240 million to USD 270 million.

Doubling flexible pipe capacity in Brazil

On 25 March 2026 NOV announced a USD 200 million investment to roughly double the capacity of its subsea flexible pipe plant at Açu in Brazil over three years, with new capacity due online in late 2029. The company said the existing plant had been running at or near full utilisation with a backlog stretching well into 2028, and that the expansion would also allow it to introduce a CO2-resistant flexible pipe for high-CO2 applications. The plan added about USD 50 million to NOV's 2026 capital expenditure budget, and Brazil's Petrobras, described by NOV as the world's largest user of subsea flexible pipe, publicly supported the investment.

Offshore orders and field work during 2026

Production processing and seawater treatment systems for a newbuild FPSO to be used in West Africa, plus FPSO topside modules and subsea structures for an offshore gas field in Indonesia.
More than 3,000 metres of Bondstrand fibreglass piping, in diameters from 2 to 40 inches, for an FPSO serving a deepwater development in Suriname.
Drill pipe awards for offshore projects in Brazil and Suriname using NOV's Delta connection technology.
Tuboscope Zap-Lok mechanical interference connection technology for subsea gas pipelines in West Africa and South-East Asia, including the first deployment of the technology in Nigeria and a repeat award in Malaysia.
An XLC-S offshore conductor casing connector contract with a regional operator in Egypt.
A large order for underground composite fuel storage tanks supporting a retail fuelling expansion across the Upper Midwest and North-East United States.

Digital, automation and small acquisitions

NOV secured additional ATOM RTX robotics packages to extend hands-free pipe handling on onshore rigs after deployments in the Permian Basin, and NOVOS automation orders for several offshore and land rigs. It signed an agreement with a major operator to deploy Downhole Broadband Solutions, carried on proprietary wired drill pipe, for a North Sea drilling campaign starting in 2027, and supplied a remote service rig monitoring package through Max Completions to a supermajor for central oversight of workover operations. In Norway an AI-enabled system that integrates real-time diagnostics into a sulphate removal unit was implemented, with NOV's agent exchanging recommendations with the operator's own agent on the Max platform, and a Latin American operator signed a multiyear real-time data acquisition and visualisation contract. During the quarter NOV acquired Rigsmart and Cranesmart, adding wireless monitoring, safety and data acquisition technology, and its PosiTrack torsional vibration tool was deployed offshore in Norway, Brazil and West Africa, where it helped drill an 8.5-inch section more than two and a half days ahead of plan.

Ownership and shareholder returns

NOV's board declared a regular quarterly dividend on 19 August 2026 and, on 21 May 2026, both a regular quarterly and a supplemental dividend. During the second quarter the company recorded USD 17 million of pre-tax charges, mainly severance and facility closures tied to streamlining operations, and on 17 March 2026 it appointed Sanjay Chowbey, president and chief executive of Kennametal, as a non-executive director. Results for the third quarter of 2026 were scheduled for release after a conference call announced on 16 September 2026.