NOV NEWS

NOV’s Grant Prideco business unit recently launched a line of drill pipe grades to help mitigate sour service failures related to sulfide stress cracking (SSC) in complex wells and acid gas-bearing formations. The new H2Shield grades were designed to provide strength and durability in harsh, sour drilling environments, delivering maximum mechanical performance without sacrificing H2S resistance. Offered as a smaller portfolio, the H2Shield line will simplify customers’ drill string selection, allowing them to select the right grade to achieve optimum performance in their sour service application.

NOV, a leading manufacturer of directional drilling technologies, has launched its new Tolteq Hellfire measurement-while-drilling (MWD) configuration, which is specifically designed for harsh, vibration-prone, and high-temperature conditions in North America wellbores. The Hellfire MWD configuration includes real-time pressure-while-drilling (PWD) measurements, providing operators with access to advanced drilling optimization capabilities on every run. The modules are rated to 347°F (175°C) and 20,000 psi (1379 bar) to ensure performance in challenging applications.

NOV’s electric fracturing system- Ideal eFrac fleet, will be field-tested collaboratively by NexTier Oilfield Solutions and National Oilwell Varco under their newly signed contract. The Ideal eFrac fleet is meant to reduce complexity and increase efficiency at the well sites. Within the agreement, both the companies will collaborate to test the operational capability and different operating conditions of the prototype.

National Oilwell Varco today reported second-quarter 2020 revenues of $1.50 billion, a decrease of 21% compared to the first quarter of 2020 and a decrease of 30% compared to the second quarter of 2019. Net loss for the second quarter of 2020 was $93 million. Adjusted EBITDA decreased $94 million sequentially to $84 million, or 5.6% of sales.

Oilfield services giant, NOV yesterday reported first-quarter 2020 revenues of $1.88 billion, compared to $1.94 billion from the same quarter last year. Net loss attributed to NOV was $2.05 billion, which included non-cash, pre-tax charges and other items of $2.25 billion. Clay Williams, Chairman, President, and CEO, said, “NOV is persevering through a pandemic that is presenting historic and extraordinary challenges to the oil and gas industry on several fronts,”.