National Oilwell varco pivots to higher-growth areas as US land market struggles

摘要

Houston-Oilfield equipment and services provider National Oilwell Varco is changing its business mix with a focus on international and offshore markets, as North American land markets continue to decline due to curtailed spending and slowing activity, company executives said Tuesday. The Houston-based company reported a net loss of $5.39 billion for the second quarter, attributed to a $5.37-billion write-down after the company re-evaluated the carrying value of its long-lived assets due to a difficult market for oilfield services. Oilfield services make up National Oilwell Varco’s largest business.