5 workers (no admin staff) laid off at the NOV Duncan Oklahoma NOV Hydra Rig plant a few days ago. Every plant in the U.S. should prepare to see numerous layoffs in the coming week is my gut feeling. I’m guessing we will start to see a more rapid sweep of these layoffs come through because NOV sure doesn’t want to pay for people to be off of work in quarantine through the Covid-19 crisis when they can get the government to foot the bill. Stocks closed at $8.70 on Friday March 13th, and they are going to tank even further tomorrow (3/16/20). If history holds true with the foolish decisions NOV leadership has made thus far in previous months/years stock drops, they will again layoff all the workers that know how to build the equipment and keep all the admin/management/executive staff employed and allow them to work at home through this crisis allowing them to draw a full paycheck while watching this once great company further crumble into ruin.
5 replies (most recent on top)
The end is coming for NOV soon!
@1viv I hope you're right about the change in direction. It's about f—ing time this company got on the bandwagon, considering renewables was a four letter word 6 months ago.
NOV is changing the business and brand name. The manufacturing facilities owned by NOV will be liquidated while establishing facilities in partnership. There is no hope in O&G. As energy sector and investors move towards renewable, NOV is also steering in that direction. In this dynamic market, carrying expensive assets with low/negative ROI is burdensome.
It's sad the talent is let go. It's hard to find a job in this time of madness. Even worse, NOV in your Resume is not as attractive to the recruiters in other industries.
Finally someone who speaks the truth!
Correction, stocks were $8.70 Thursday and $10.18 on Friday. Still overall on a downward trend and likely to continue to fall on Monday.