US oilfield services firm National Oilwell Varco has narrowed its losses after surviving the “significant disruption” of Hurricane Harvey.
The Houston based company saw total revenue climb and bottomline losses shrink despite the tropical storm bringing devastation to the Texas oil capital at the end of August.
Refineries along the Gulf coast were particularly badly hit by the bad weather.
National Oilwell Varco (NOV) managed to overcome this and boost its total revenue figures for the three months to the end of September to $1.8billion, up from 2016’s Q3 figure of $1.6billion.
Losses before taxes amounted to $30million, a significant decrease on last third quarter’s reported loss of $1.2billion.
Both the rig systems and the rig aftermarket segments saw shrinking revenues but wellbore technologies and completion and production solutions saw increases.
Clay Williams, chairman, president and chief executive, said: “Despite weak commodity prices through the quarter, and the significant disruption of Hurricane Harvey along the Gulf Coast, NOV delivered 18% more adjusted EBITDA as compared to the prior quarter, due in part to the company’s pivot into new products that are gaining traction globally.
“We continue to pioneer new, safer and more efficient ways to develop and produce oil and gas in a low commodity price world.”
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