NOV Inc.

NOV Inc. is a U.S.-based industrial equipment and technology company serving the oilfield and broader energy infrastructure markets. It designs, manufactures, rents, and services equipment used in drilling, well construction, production, and related energy applications through two reporting segments: Energy Products and Services and Energy Equipment.

9,7 %

20,2 %

1,7 %

−1,4 %

2.42

1.67

— NOV Inc.
%
Energy Products and Services48% Consumables, rentals, aftermarket parts, and field services for drilling and well operations.
Energy Equipment52% Capital equipment, engineered systems, and large project deliveries for oilfield customers.
Emerging Energy Applications0% Products and engineering capabilities applied to geothermal, CCS, and nuclear markets.

NOV sells primarily to oil and gas producers, oilfield service companies, drilling contractors, and shipyards...

  • Oil and gas producersprimary

    Buy drilling, completion, and production-related equipment to lower operating cost and improve uptime.

  • Oilfield service companiesprimary

    Purchase tools, systems, and technologies used in field operations and well construction.

  • Drilling contractorsprimary

    Buy rig packages, pipe, and related equipment for land and offshore drilling programs.

  • Shipyards and offshore operatorssecondary

    Use offshore systems such as mooring, turret, and marine handling equipment.

  • Emerging energy developersemerging

    Buy engineering and industrial capabilities for geothermal, CCS, and nuclear applications.

NOV operates globally and reports operations in 57 countries, with sales and service activity spread across North...

  • •Operations span 57 countries across a broad global service network
  • •North America is important for drilling activity and service demand
  • •International markets drive a large share of capital equipment backlog
  • •Offshore projects are a major end market for large equipment deliveries
  • •Global footprint supports local content, distribution, and aftermarket reach

NOV’s strategy centers on developing proprietary technologies that reduce the marginal cost and environmental footprint...

01
Commercialize proprietary technologiesmedium-term

Differentiated products help reduce customer operating cost and support pricing power.

02
Expand across fragmented end marketsmedium-term

Serving many operators and contractors reduces dependence on any single customer group.

03
Support offshore and international growthmedium-term

These markets are important for future incremental oil and gas supply and large project demand.

04
Preserve operational flexibility through cyclesshort-term

The business is exposed to drilling and commodity cycles, so capacity and cost flexibility matter.

NOV is exposed to oil and gas drilling cycles, commodity prices, and customer capital-spending decisions, which...

high

Oil and gas industry cyclicality

Demand depends on rig counts, drilling activity, and customer capex.

Scope
Global drilling and workover markets
Materiality
high
high

Backlog execution and contract risk

Large capital equipment orders can be delayed, repriced, or canceled.

Scope
Energy Equipment backlog
Materiality
high
high

Supply chain, tariffs, and trade restrictions

The company relies on third-party parts and global manufacturing flows.

Scope
International sourcing and delivery
Materiality
high
medium

Cybersecurity and systems disruption

NOV depends on information systems for operations, finance, and customer data.

Scope
Enterprise IT and customer-facing systems
Materiality
medium
medium

Geopolitical and sanctions exposure

Trade restrictions and sanctions can affect sales, collections, and subsidiaries.

Scope
Russia and other restricted markets
Materiality
medium
Revenue recognition on long-term construction contracts
Can shift reported revenue and margin between periods
Backlog conversion timing
Creates quarter-to-quarter volatility in revenue
Goodwill and indefinite-lived intangible impairment
Can materially reduce earnings and equity
Asset impairments and restructuring-type charges
Can distort comparability across periods

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: 29/04/2026