UK Payoffs???

National Oilwell Varco posts $217 million loss in 2nd quarter

July 28, 2016

National Oilwell Varco's bottom line took a 180-degree turn in the second quarter of 2016.

National Oilwell Varco, the Houston-based oil equipment manufacturer, lost $217 million, or 58 cents per share in the second quarter, the company said Thursday, a 180-degree turn from a profit of $286 million, or 75 cents per share, in the same period in 2015.

Company revenue dropped 56 percent to $1.72 billion.

"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 Clay Williams, Varco's chairman, president and chief executive. "We are responding by aggressively reducing costs and restructuring our operations to match this market reality

Comment! It's anonymous!

5 replies (most recent on top)

To many plants loosing money, & top heavy with to much mgt. with fat to cut. When you have plants with more mgt. than workers your in trouble!

Has the automation groups even done anything other than talk about what could happen, what the future could hold? Seems to be a lot of money is spent on ideas and possibilities but nothing has really been sold or generated real solid interest. What about Intelliserve? That has never made any money! Have a product that no one seems able to market or rather is unable to be marketed by their unqualified managers. Dumb dumb and dumber everyday.....

I would think the uk will be hit hard again with redundancies I heard ages ago that the service engineers are going to be hit hard this time around because there isn't enough work. I heard it from a good source. It's a shame But these things have to be done.

Bet the OP has got a hard on about this.

We are responding by aggressively reducing costs and restructuring our operations to match this market reality

Thread regarding National Oilwell Varco Inc. layoffs

UK Payoffs???

5 replies (most recent on top)

Post a reply