POST WHAT YOU KNOW ABOUT GROUPS BEING SOLD OFF. MANY RUMORS BUT NO INFO.
WHAT COMPANIES ARE BEING SOLD !!!!
BE HONEST FOR THE EMPLOYEES
18 replies (most recent on top)
Let's all be 100% honest with each other. The one single thing that made NOV great in the past was the deal that Pete Miller (no one else) struck with the Korean and Singapore shipyards for turnkey drill ships and jackups. That one move created a captive customer base due to the cost of those ships. If a customer wanted anything other than what SHI, DSME, HHI & Keppel was offering, the price was way too high for the customers to buy it. So they settled on the standard offering. At no time did they buy those ships because NOV was a strategic advantage. It was a brilliant and risky move by Pete, but he was the kind of leader that saw through all the BS. Now that the market is back where it was before drillships, NOV has settled back into it's legitimate place low down on list. How do I know this? Because every customer I worked with told me straight up. The moment the oil companies started cutting their capital budgets back in 2015, it all unraveled and is continuing to do so today. NOV is not at bottom yet, but it will be within 18 months if I had to guess.
Agreed with last comment.
For example, business model for power sections at NOV was focused only on selling to NOV service centers.
It’s a solution (power section, adjustable/bent sub, bearings, drive shaft, agitator, drill bits).
But customers also like to put their own systems together.
We turned our back on them
These are components that make up a system
Fine to offer a total solution if you like, but don’t cut off customers or they will shop elsewhere.
That’s exactly what NOV did, and now the US based power section manufacturing facility is closing due to low drilling demand, but more so because other competitors stepped in and took over our US market share
They should have learned this lesson long ago, but they keep repeating the same mistakes over and over
Fully agree, putting mixing and pumps together was the start of the end, sales are intrinsically linked to application and always should be but the pig headed arrogant NOV culture know better. Who cares about customers anyway, only pay your wages. 40 years in the business but what do we know?
Industrial should never have put pumps and mixing together, they then created huge separation between the different departments, applications and sales run hand in hand for a reason, I have never seen such a disjointed operation in my 35 years in the business, what should take a week now takes a month, you think customers are ok with that.....sort your lead times your order book will return, who am I kidding it won’t happen because the NOV culture won’t let it happen
The employees will have so much a better life being sold to a good company. The only people left here are the ones that can’t get away for some reason.
Wait, people take info on here seriously? Bwahahaha.
Things are not always clear.
Things look to be picking up
Moyno and Mono is being sold to Seepex but the mixing business struggling to find anyone interested, fact
Mission to be bought by Campex, China
Tuboscope is not getting liquidated. Stop spreading these lies you disgruntled twit.
Heard Pampa tx NOV sold out to a wind turbine manufacturer. Don't know if it's true though.
Larry has a lot of questions to answer
Only cheap because NOV doesn’t pay well
Industrial group just created so it can be sold off but the two elements in the group, pumps and mixers proving difficult to sell as one due to the poor image of the mixer business and its weak management.
Assuming they don’t get greedy and over value the business as is often the case with US corporations, the industrial business (pumps) could be sold quite quickly to a serious company who would value employees much higher than NOV could ever imagine.
The VP who helped run the commercial side of the business into the ground should be proud of what he did, been given the task of helping to screw up another part of the business now and I’m sure he will succeed.
Tuboscope is getting liquidated. Turns out those old guys can't lay pipe like they used to.
you don't get honesty from cheap people i rekon all employees at NOV are cheap
you get what you pay for
What are the rumors you hear op?