NOV (National Oilwell Varco) said it has terminated its contract with Estaleiro Atlantic Sul in Brazil to deliver seven deepwater drilling equipment packages.
National Oilwell Varco (NOV) said it will reduce its headcount by up to 900 positions as it looks to reduce costs amid the continued low oil price. The decision by the company means the number of job cuts it has made this year total around 2,400.
NOV (National Oilwell Varco) said one of its directors has resigned from the company. Robert Beauchamp will be replace din his role by William Thomas who has been serving as chief executive of EOG Resources. He previously held other leadership positions with the company including senior executive vice president.
National Oilwell Varco posted better than expected third quarter results, recording earnings of $155million, compared to $289million in the previous three-month period, whilst stating it expected to take advantage of investment opportunities in the continued downturn.