UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 12, 2014
NATIONAL OILWELL VARCO, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 1-12317 | 76-0475815 | ||
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
| 7909 Parkwood Circle Dr. Houston, Texas |
77036 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: 713-346-7500
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01. Other Events.
On March 12, 2014, National Oilwell Varco, Inc. issued a press release announcing financial reporting segment changes. A copy of the release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.
The information contained in this Current Report shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into a filing under the Securities Act of 1933, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
The following exhibit is provided as part of the information furnished under Item 8.01 of this Current Report on Form 8-K:
| 99.1 | National Oilwell Varco, Inc. press release dated March 12, 2014 announcing financial reporting segment changes. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: March 12, 2014 | NATIONAL OILWELL VARCO, INC. | |||
| /s/ Brigitte Hunt | ||||
| Brigitte Hunt | ||||
| Vice President | ||||
Index to Exhibits
| 99.1 | National Oilwell Varco, Inc. press release dated March 12, 2014 announcing financial reporting segment changes. |
Exhibit 99.1
| NEWS | Contact: Jeremy Thigpen | |||
| (713) 346-7301 |
FOR IMMEDIATE RELEASE
NATIONAL OILWELL VARCO ANNOUNCES
REPORTING SEGMENT CHANGES
HOUSTON, TX, March 12, 2014 — National Oilwell Varco, Inc. (NYSE: NOV) announced today that it will reorganize into four financial reporting segments. The new segments will be Rig Systems, Rig Aftermarket, Completion & Production Solutions, and Wellbore Technologies. This reorganization will be effective April 1, 2014.
The Company’s Rig Systems group will continue to focus on designing and manufacturing discrete drilling equipment components, as well as building complete integrated drilling equipment packages for both land and offshore applications. The Company’s Rig Aftermarket group will consist of the consumables, spares and service required to maintain the equipment components and packages for the useful lives of the assets. Mr. Joe Rovig has been promoted to President of both the Rig Systems and Rig Aftermarket segments. Mr. Rovig has over 34 years of experience in the oilfield, where he started out as a roughneck. Joe joined the Company in 2002 and has had several positions over the years, most recently as Senior Vice President, Offshore Drilling Equipment.
The Completion & Production Solutions group will focus on improving wellbore completions, and oil and gas production technologies. This group will primarily serve well intervention service providers and oil and gas producers, and pursue opportunities around hydraulic fracture stimulation, wellbore intervention equipment, composite tubulars, pumps, floating production systems and subsea production technologies. Mr. Kirk Shelton has been promoted to President of Completion & Production Solutions. Kirk began his oil and gas career in 1980 with TRW Mission and has been the President of NOV Mission since 2007.
The Company’s Wellbore Technologies business group will direct its attention to enhancing drilling performance at the rig, both land and offshore, through category-leading downhole tools, bits, premium drill pipe, waste management services, solids control, drilling fluids, instrumentation, tubular inspection and tubular coating services. Mr. Fadi Michael Matta has been promoted to this group’s President. Fadi joined the Company in 1991 as an engineer, later starting the Company’s Middle East rig equipment business. Mr. Matta has been the President of NOV Downhole Tools for the last four years.
The Company intends to issue historical financial results for these four new reporting segments during the second quarter of 2014, sometime after it makes its previously announced first quarter earnings release. The Company will also continue to report the results of its Distribution business group until the completion of the previously announced spinoff of that business as a separately traded public company.
National Oilwell Varco is a worldwide leader in the design, manufacture and sale of equipment and components used in oil and gas drilling and production operations, the provision of oilfield services, and supply chain integration services to the upstream oil and gas industry.
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 actual future events or results. Readers are referred to documents filed by National Oilwell Varco with the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.
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