National Oilwell Varco to Change Name


Oilfield services provider National Oilwell Varco said Monday it would change its corporate name to “NOV Inc.”, effective January 1, 2021. The company’s ticker symbol, “NOV”, will remain unchanged.

Clay Williams, Chairman, President, and CEO said: "Our company has a long and proud legacy of innovation and technology dating back to the earliest days of the oilfield. We are committed to continuously improving the drilling and production operations of our customers.”

“As the world looks to expand its energy portfolio to lower-carbon sources, we find our core engineering, manufacturing, and project management expertise is providing new and exciting opportunities within this transition. The corporate name change reflects the Company’s broadening mission within energy to continue to drive economic efficiency and safety, as we have done for decades within traditional oil and gas.”

There has been a change in how the Houston-based company describes its services as well. In a press release announcing the name change, NOV describes itself as a broader energy services company. See below:

"NOV delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world."

And this is, for example, the company's description from May 2020: "National Oilwell Varco s a leading provider of technology, equipment, and services to the global oil and gas industry that supports customers’ full-field drilling, completion, and production needs. Since 1862, NOV has pioneered innovations that improve the cost-effectiveness, efficiency, safety, and environmental impact of oil and gas operations. NOV powers the industry that powers the world."

It is worth noting, the company, which has traditionally delivered services and equipment to the oil and gas producers and drilling contractors, has recently won deals in the offshore wind space.

Namely, National Oilwell Varco a few days ago signed a contract to deliver a new crane on Cadeler's wind turbine installation vessel Wind Orca, to make it ready for the installation of larger next-generation wind turbines with capacity ratings exceeding 14MW.

Also, via its subsidiary GustoMSC, the company has won new contracts with Keppel AmFELS to design and deliver equipment for GustoMSC NG-16000X-SJ offshore wind turbine installation jack-up vessel design for Dominion Energy. Keppel AmFELS started the construction of the vessel - the first Jones Act-compliant vessel of its kind - last week.

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