National Oilwell Varco (NOV) is an American multinational corporation based in Greater Sharpstown, Houston, Texas. It is a leading worldwide provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry. The company conducts operations in more than 1,200 locations across six continents. The company operates through four reporting segments that were reorganized in 2014: Rig Systems, Rig Aftermarket, Completion and Production Solutions, and Wellbore Technologies. Products include heavy hardware for oil well drilling such as topdrives, rotarys, drawworks, derricks, BOPs (blowout preventers), mud pumps, riser equipment, drilling instrumentation, power generation and controls, and complete drilling rigs.
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History
National Oilwell's two main predecessors, Oilwell Supply and National Supply, were founded in 1862 and 1893, respectively. These two companies manufactured and distributed pumps and derricks. In 1930, United States Steel acquired Oilwell Supply. In 1958, Armco Steel merged with National Supply. In 1987, National Supply merged with USS Oilwell to become "National Oilwell". In 2000, National Oilwell merged with IRI International Corp., founded and managed by Hushang Ansary, which manufactures and sells drilling rigs and specialty steel products.
Varco was founded as Abegg and Reinhold Company by Walter Abegg and Baldwin Reinhold in 1908. "VARCO" is an acronym for: Vuilleumiere, Abegg and Reinhold Company after Edgar Vuilleumiere became a partner in 1915, and Varco International in 1973.
In 2005, National Oilwell and Varco merged to become National Oilwell Varco. In 2014, Clay Williams took over as CEO, succeeding former CEO Pete Miller, who served as NOV's CEO for nearly 13 years. Miller will become Executive Chairman of the National Oilwell Varco spinoff company, DistributionNow. The company employs nearly 64,000 people and has over 1,200 facilities across six continents worldwide. In February 2012 NOV acquired a Russian coring company Interval Ltd.
In 2008, the Houston Chronicle ranked National Oilwell Varco as the best company in Greater Houston. In 2007, the newspaper ranked National Oilwell Varco number 15.
The Company's common stock is traded on the New York Stock Exchange under the symbol "NOV".
NOV is the Houston area's largest energy employer, with more than 14,500 workers in the region, according to Houston Business Journal research.
Maps National Oilwell Varco
Brands and products
- Rolligon
See also
- List of oilfield service companies
References
NOV branches.
External links
- Official National Oilwell Varco Home Page
Source of the article : Wikipedia
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