• HOUSTON--(BUSINESS WIRE)--Jul. 27, 2017

    “Our team executed exceptionally well during the second quarter, driving substantial sequential improvements in adjusted EBITDA and free cash flow, as we continue to navigate a challenging market,” commented Clay Williams, Chairman, President, and CEO. “Efficiency gains from our investments in operations through the last two years and rising demand support our drive to return the company to acceptable levels of financial performance. The second quarter results reflect our steady progress.”

    Revenues for the second quarter of 2017 were $1.76 billion, an increase of one percent compared to the first quarter of 2017 and an increase of two percent from the second quarter of 2016. Operating loss for the second quarter was $62 million, or 3.5 percent of sales. Excluding other items, operating loss was $32 million, or 1.8 percent of sales. Adjusted EBITDA (operating profit excluding other items before depreciation and amortization) for the second quarter was $142 million, or 8.1 percent of sales, an increase of $37 million from the first quarter of 2017. Cash flow from operations for the second quarter was $168 million.

    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