Has NOV in the last 20 years made any company they bought more or even as successful as when they bought them? From where I sit, they buy profitable companies and then run them into the red.
16 replies (most recent on top)
Does Gateshead do stators and pumps?
Would take WFT’s “Completions”, but leave MPD.
Gatesheads clock is ticking down to closure it’s been a slow painful death since we were bought in 2009 by Mr Mission. If I remember correctly a Dutch wireline company was in the same acquisition announcement and I can’t see anything left of them so comparatively we have lasted well.
Times up lads let’s just gather up our things and wait for the nod. Don’t go on the rob.
Gateshead are so in upper managements sights for closure. Those who think differently are delusional
So Hitec and Hydralift did not grow after being aquired, is that what you are saying?
Lets see, how many drillships were build at SHI with Hydralift drilling package and knuckle boom cranes? All products designed and engineered befor the aquisition.
@Hsah 2010 they did $53M op went up to 20% and 2011 they did $64M and OP went up to 30% increases in OP were due to administration costs (finance, HR etc etc) being absorbed by corporate and the directors no longer being paid etc etc
I also know that by 2014 the segment president was so p-ss-d off with the product line he wanted to close it as they were NOT making any money out of Gateshead operation and it was a source of huge embarrassment to him and his VP
@The Lord of the Vital now tell me what they did 2010-2014? I'll wait
When NOI bought hydralift in 2001 for $300M they were making $12M a year OP or 12% on $109M revenue so using those numbers they should just about have paid off the initial investment not including any interest if the money was left in the bank.
When NOI bought Hitec in 1999 for $125M they were making less than $8M OP for the first 3 quarters prior to sale or less than 7% on $115M revenue.
Hardly BIllions !!! Without NOI purchasing an investing and marketing the product. How much profit they making now lol
You stupid mo–n. What about Hydralift and Hitec in Norway. Not proditable you say?? They made more billions to NOV than any else. And...they were aquired in down times at favourabke cost
@Hsah surely you jest Mr Anderson took his company from a turnover of 23.5M to 49M in 2008 and 52M in 2009 whilst increasing operating profit from 8% to 20% numbers that were never to be seen again and the. It was merger into Mission UK
Selling lots of equipment inter company at Hughes margins does not count especially when most of that stock was later sc-apped due to the delivery being so late as to miss the market window
Now that may be a hard pill for you to swallow but it’s all facts at companies house !
NOV has operated like a pyramid scheme. Keep buying companies who are successful, live off their revenue and pay off the debt in the future. That works if you have continued growth and you don’t destroy the heart of an acquisition that made it successful in the first place. They make very few things and when they do, they want customers to pay twice what it is worth and release the product before it is fully developed. It’s an never ending cycle of “Don’t confuse me with the facts....” Anyone know the story about the scorpion and the frog? NOV can’t change its nature. Sad for all the hard working people there.
Anson sold more and were more profitable after being taken over. It might not fit your agenda but it’s a fact.
Anson as in NOV Gateshead ?? They have done nothing to make us better either in product line, turnover or profit. They have tried to shut us once and now we are merged and under the control of wireline. One day we will disappear.
NOV has managed to, like a f—ing parasite, buy companies that kept NOV alive. I don't think that's what you meant though.
That's generally what big Corps do to survive, calling themselves "Sustainable". Take GE for example. Baker Hughues had the guts to spit on their failure though.
Anson/Techdrill