NOV has been laying off all their experienced/high paid workers.
They will be filing for bankruptcy by june for creditor protection. It is already being worked on with company lawyers.
25 replies (most recent on top)
Only half of the management team, are you sure?
Greengate next big noys over . And guess what mike ellis is on his jols . Theres a suprise. Him and mark hughes should not be here . And the other one rob from rubner all clueless and doing there jobs . Half the management should go .
Nov has offered early retirement buyouts to long time workers. Yea Nov is trying to sell off some lines but no one wants them.
Standard payment time to vendors is 92 days.
Bring back Pete Miller!
@cmbe+14HCf8Up NOV is not the only company who buys and destroys smaller companies. GE is known for buying the competition and then closing the doors of that company, laying off hundreds of people at a time. Halliburton, Schlumberger all your large companies do it.
That is where NOV should start to cut jibs. All of the management at Cedar Park. They all s—
Unfortunately they won’t go bankrupt, they will keep rolling the dice on what section to crop until the time comes when oil is holding its own again, gotta say it’s a crying shame that this sorry excuse of a multinational ever got their greedy hands on so many good company’s and as per usual NOV protocol stripped them of anyone’s who had useful experience and replaced them with yes men, destroyed many great companies this awful consortium of useless Yanks, one positive comment on NOV though they sure keep hold of some sh–e upper management keeping them from infecting other good companies
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HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!! HAHAHAHAHAHAHAHAHAHAHA!!!!
HaHaHa, screw NOV they are a bag of st. Worked for them cor a short period and realised then I had to get out as it is badly managed by a bunch ck s—ers who cant plan the day ahead
A company run by id–ts hopefully top management will get the come down they deserve. But as usual it will be the everday worker that suffer.
What group is out-sourcing service and repair? Rigs, Wellbore, CAPS ?
It’s a big company with many groups that operate differently.
Let’s see if they go Bankrupt??
NOV will be closing down service and repair. It will all be contracted out
It is not a payment term delay. They literally dont have cash to pay them. They are going to file for bankruptcy protection against those they owe money to.
Its over the company is selling off all non productive lines.
NOV will not go Ch 11. Big cuts coming on Tuesday will be enough to float this boat!
“HIGH PAID WORKERS AT NOV”!!! That’s seriously the funniest thing I’ve ever read on this site. NOV compensates its “worker” employees poorly. Upper management is compensated handsomely... however workers are being cut, not so much as upper management.
Nothing to see here, folks... NOV finance wizards have mandated quick collections from customers and slow payments to suppliers to prop up the balance sheet. They have plenty of cash to burn still, but the board of directors should really be looking for new leadership because this CW B$ is just not cutting it!
Not paying vendors is not necessarily a company going bankrupt. NOV has years of poor data practices so it's no surprise that their Purchase Orders may or may not match the supplier code or Accounts Payable information. This is silly. Smaller suppliers struggle with supplying the proper documentation to support products and sometimes even struggle getting it right so it's no surprise they take longer to get paid.
I guarantee you they won't go bankrupt... at least not in June, anyway. Stop spreading idiocy
It’s not new
NOV has been delaying payments to their vendors for many years
Standard 57 days
They flat won’t pay small mom and pop vendors for Up to 6-8 months
It was embarrassing and also disruptive to business
Poor business practice
Your full of shi+ man. Stop posting this B.S.
Let the air polluters choke on their $11 oil all the way to bankruptcy. It's well deserved.
NOV has really bad cash flow problems right now. They cant pay vendors.