National Oilwell Varco Inc. (NYSE: NOV), Houston, TX, reported sales for the second quarter of $1.7 billion, a decrease of 56 percent compared to the same period a year ago. The company reported a loss of $217 million, compared to a profit of $289 million in the prior-year period.
Second quarter sales for the rig systems segment were $564 million, a decrease of 71 percent year-over-year. Sales for the rig aftermarket segment decreased 45 percent to $364 million.
“Our second quarter results reflect further declines, as global oilfield spending again fell sharply following the crude oil price bottom we saw in February,” said President and CEO Clay Williams. “We are responding by aggressively reducing costs and restructuring our operations to match this market reality."
For the first six months, sales were $3.9 billion, down 55.2 percent over the prior-year period. The company reported a loss of $336 million, compared to a profit of $599 million in the prior-year period.