National Oilwell Varco Provides Operational Update for the First Quarter 2018
- Reduced progress on new offshore rig construction and customer-delayed deliveries of drilling, well servicing, and stimulation equipment, causing revenue to slip into later periods, and;
- Lower sequential shipments of subsea production equipment at quarter-end.
“Following an unusually protracted 2018 budgeting cycle, we’ve seen
certain customers defer deliveries for existing capital equipment orders
into the second quarter and delay making new order commitments until
late into the first quarter,” commented
“Nevertheless, industry fundamentals continue to improve, and we remain optimistic regarding the second quarter and the remainder of the year. With oil prices continuing to trend upward, and the U.S. rig count topping one thousand, we expect demand for NOV’s critical products and services to resume growth as the year progresses.”
The Company is finalizing its financial close process for the first
quarter 2018 and will provide complete results in a press release issued
after the market closes on
About NOV
Adjusted EBITDA is operating loss of approximately
Cautionary Statement for the Purpose of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995
Statements made in this press release that are forward-looking in nature
are intended to be “forward-looking statements” within the meaning of
Section 21E of the Securities Exchange Act of 1934 and may involve risks
and uncertainties. These statements may differ materially from the
actual future events or results. Readers are referred to documents filed
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Source:
National Oilwell Varco, Inc.
Loren Singletary, 713-346-7807