Oilfield equipment and service provider National Oilwell Varco has begun trimming its workforce for the second time this year, two people familiar with the matter said this week, as oil producers cut spending budgets.
https://www.reuters.com/article/us-national-oilwell-varco-layoffs/national-oilwell-varco-cuts-staff-for-second-time-this-year-sources-idUSKCN1VA1VK
NOV corporate is hardcore seeking seeking cost saving and reduction measures where ever and however they can. Beyond VERP's and layoffs, they are trashing mountains of inventory at multiple manufacturing facility to clear up this tied up capital to write it off the books. It only makes sense to throw millions and millions of dollars of inventory into the garbage instead of actually trying to sell it.
According to the article above, cuts are already underway. I heard 3 in Administration last week was transferred and another 18 was let go. I also heard today that more cuts for Tuboscope is coming and there is talk of another VERP happening. Not enough people took the first VERP and now it is said that it will be in their best interest to take it this time. Out of 1800 people last time, just under 700 took it.
But what do i know, all of this is just hear say for the moment :)
They've been looking at divestitures, which is ironic cause there's also acquisitions in the works...
Has a data room been opened in hopes of divesting certain divisions?
Great news, I hope a few Presidents and VPs are in line for a kick out the door.
Realign the senior management structure in line with turnover and headcount changes please.