Is it true that the s—er rod facility that was built in Pleasanton will now be disassembled and parts relocated to other facilities? So much time and money was spent (wasted) on that place.
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From what I heard today, Pleasanton suc rod facility is closed already and equipment is being pulled out and relocated. Some of the equipment is being wrote off.
The reason you see the amount of blown money is that the HQ at NOV is vitally concerned with the stock price and giving investors back money on a quarterly basis. So when times are good they invest in things that have no long term pay off like s—er rods. Truth is, they should have kept the lower market share at the time and save that money, but instead they took the short term pay off to make it look like profit in the short term despite the long term costs. There are hundreds of cases like this. Look at the money spent with new training facilities while they had one they couldn't fill on BW8 near Bammel.
Thats what NOV does best, waste money!
Never seen of, worked for, or heard of any other company who blows money on the most ridiculous things. They will blow money to smear it on the floor! Build buildings to tear them down regularly! Thats what happens when you have people in place with nothing else to do. People who are only trying to say they are busy and doing things. Its nuts!