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In The News:

NOV Reorganizes Reporting Segments

National Oilwell Varco, Inc. (NYSE: NOV), Houston, TX, announced that it will reorganize into four financial reporting segments: rig systems, rig aftermarket, completion & production solutions, and wellbore technologies. This reorganization will take effect April 1, 2014.

The 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. Joe Rovig has been promoted to president of both the rig systems and rig aftermarket segments.

The completion & production solutions group will focus on improving wellbore completions and oil and gas production technologies. Kirk Shelton has been promoted to president of completion & production solutions.

The wellbore technologies business group will focus on enhancing drilling performance at the rig, both land and offshore. Fadi Michael Matta has been promoted to this group’s president.

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