Rig Technologies post 2017 financial results adjusting all other quarter figures posted for Q1, Q2 and Q3 for rig systems and rig offshore? Rig Technologies did not exist as a segment until 1/19/2018? Q3 results showed rig and aftermarket at 310 EBITDA but now full year results for rig Technologies, that did not exist in 2017, at 203? Each quarter results have been adjusted from previous reports? Will this impact ICP? convenient how it's now below target where as before it was on target. How can this be justified? 6 years no pay rise and final insult, will be gone end of the month. Look at the figures. Will we receive new target letter based on rig Technologies target when in the office today? Good luck and God bless y'all.
23 replies (most recent on top)
Need new leadership at Rig group. The National guys had it right.
any ideas on what happens next?
The bonuses were only given to certain people and we were not supposed to say anything, but, since the cats out of the bag, 9% will sure help the selected, worthy out.
Bonus bonus bonus!!!
Companies are always evolving in industry. NOV has slowly evolved and is not producing revenue it once did so they pivot to re-org after reorg after reorg. It is only within time the giant will trip and fall into the hands of the SEC investigations bureau.
Some of you people are dumb. Everyone who qualified in Rig got a bonus. The reason why they are upset is that NOV used Rig technologies when it didn’t exist. It was announced on January 19th. So instead of hitting almost max it was under target. You can see what your bonus is and pretty much double it. That is what you would have received if they didn’t mess with the numbers.
I got a bonus too - pretty sweet! NEW CAR HERE I COME!
Funny numbers.... glad I left when I did.
NOV has started playing with the numbers to make the company look ok to the shareholders. They then readjust the same numbers to keep from giving raises and all bonuses.
Figures never lie buy liers will always figure.
Bonus for me s---ers!!!! Eat it! Go AM/RIG!!!!
Make sure I understand this correct: Rig Solutions with everything under one umbrella then became Rig Technology or something like that with a split in Offshore and Onshore. Then a few months later they added Aftermarket to that so there was Rig Offshore, Rig Onshore and Rig Aftermarket. Then the same people still in charge finally realized there was some redundancy so it became Rig Something with onshore/offshore in the same group and kept Rig Aftermarket separate. And now after all that time wasted reorganizing and frustrating customers and internal people alike it is back to where it started, all under one business unit/umbrella again?
You don't have to Master CPA to realize that just adds up to a ton of incompetence and wasted money.
All BS scare monger idiots. NOV will recognise the hard work put in. Some people will have humble pie to eat soon enough, hope your still planning to leave as true colours have been revealed.
Chill people, we have not even been informed officially we have been done up the brown eye for another year and everyone's an accountant? Wait for your thanks for all the hard work letter and your bonus figure is $0 before diving in. A-- monkeys for another year.
Wow. How the hell as it came to this. Pulled the company up and each quarter getting better, q3 figures showed we were going to be above target. At last something to be positive about, no way they could take this away. It was in black and white and financial report. Who ever thought they would make a new segment and adjust full years figures. How and why would a company do this to employees who have stuck by them. Hope the people who say they are going do walk as only way to show you can not do this to people. God bless America.
Ebitda for total Nov has not changed because the elimations and corporate costs have also been changed. Reduced for each quarter if you review Q3 results and the results we received recently. Lots of changes to figures going on to stop ICP for rig systems and aftermarket. S--- it up buttercup.
Let's wait and see what comes out today, they can not knock us down again after the past 12 months. The 100 million is a bit odd but how come overall EBITDA has not been impacted by the lower rig figures? Good luck y'all.
Agree with the most comments but anyone explain items excluded from Rig Technologies EBITDA and just the random 100 million for Q4. Any chance this would have made you get near target? 12, 17, 0, then boom 100 mill. CAPS for me and waiting for my 10% but looks like you guys have been done over. But don't forget "you are part of the best team in the business" because words pay your bills and feed your kids.
Okay so I have read the figures and agree it does not add up. Why would they change things last quarter? Will corporate compensation team be sending new letter or mail with target for Rig Technologies as it appears the full financial report now has no rig systems and aftermarket so they are obsolete as nothing to measure against. Poor and misguided management to change this last minute. Interesting day in the Tower ahead.
Shafted......
Looks like the people who actually make the company money have been screwed again. Do not forget that our corporate colleagues sitting next to us in the US have the ICP based 100% on NOV target that I hear has been hit. Full payout for top guys, just remember that while working all the hours for same salary you got in 2012.
How is it possible to not only adjust previously reported revenue but also EBITDA? The revenue for rig systems and aftermarket does not add up using previous financial reports ? If the new segment was not created prior to financial quarterly results how can they be adjusted at year end? The whole thing stinks, end of the month? I will be out the door this week, false promises and being told salary rise is near won't pay my rent and bills. Used to be good place to work but now moral at all time low and leaders need to step up and make big changes at the top and middle management. Good luck all who remain, you are going to need it.
The segment change solves no underlying issues. Simply shuffling the top people around who are all pals. Directors who go on vacation with senior management can not be impartial when cuts are made. Quick look on social media. Mangers at Tower who spend all day in meetings are adding zero value to the company and stealing a living. ICP has been snatched from hard working people yet again, well rig staff. I will also be leaving this month, even for less salary as nothing to motivate anyone to stay any longer. God bless you all, big world out there that does not end when you leave Nov.
Do not believe this is a coincidence, just another way to screw people who have worked another year with no salary increase and less resources. Basically all of the previous quarter earnings released that gave people hope have been rewritten. EBITDA Q1 was 104, now 47. Q2 was 109 now 46, Q3 was 97 now 40. How? Less than half reported EBITDA under rig Technologies than under rig system and aftermarket? Time to go folks, picking up in Houston and many companies offering more. Good company without retention plan for good people and now just sticking it up them.