I recently thought about all the poor decisions that have brought the company into the state it is in now. Purely out of curiosity, what would you say were the worst decisions?
20 replies (most recent on top)
The worst decision at Greengate was bringing in bilko who abused his power by bringing in his mates on high salaries and giving them jobs that didn’t even exist. His part time mate and the big guy
At long last, someone finally showing intelligence bring on the PIES and we will all work for PIES who needs money?
Make mine a Steak & Ale.
After you…
NOV has lost its way. In a desperate attempt for control, Houston allowed the the business units to micro-manage the different regions to death. Trying to micromanage the business from Houston has hurt the company immensely. Paco the Bean Counter has no international experience and has managed to convince the Elf On the Shelf that was the way to manage an international business. Meanwhile, everyone can see the resources wasted by having a top heavy management. There is even one Red clown using company resources to manage his personal agenda. This management team needs to be shown the door.
the introduction of performance related pies
The biggest single bad decision was the appointment of the current CEO.
The second worst decision (or lack of decision) is that the CEO never been removed from his post after years of the company never making a profit under his watch.
After that, there are so many bad decisions, you are spoiled for choice to pick one.
For example there are actually finance VP’s who report to another finance VP who reports to another finance VP again. That finance VP then reports to the finance SVP/CFO! You couldn’t make some of this insanity up!
Only a Varco Vaj would say the companies merged. NOI (51%) acquired Varco (49%)...end of story. Although your statement about NOI products losing orders to Varco is cute lol. However, don't feel bad, Varco leadership is running the show now and primarily the reason why the current state of this company is in the sh**ter.
Are you by any chance the inb-RedM-oron himself?
Oh cute ID: @4kkd+1eMVxDF5, you sound like a real pleb, the management are doing a real poor job and these people are only giving their opinion. But of course you know better .... oh no you don’t because your post is pure negative vibes, no suggestions for improvement .... shock horror
And by the way NOI didn’t but Varco they merged primarily because certain NOI product lines were loosing orders to Varco product lines .... if you require I can can cite figures
Oh cute, all the geniuses and arm chair executives are pretending to be more than peon’s again, spewing their opine on a layoff site like big boys. Whatever…
4amu+1eMVxDF5 has a lot of accurate statements but I would go with the real root cause issues with NOV derive from the desire to satisfy Wall Street. Every decision going back to NOI Buying Varco has been driven to fix stock price and dividends. They sacrificed their future and stop building a good foundation and went to quick fix solutions that were short sided and in many cases created a long term problem. Those short term decisions promoted people who did quick fixes and you ended up with a management group that was frankly incompetent and incapable of really fixing anything which ran off anyone who truly cared about the company and long term success.
Now, there isn't anyone there capable of stripping down the organization and truly fixing it for long term success as noted with ignoring of land rigs and small businesses while only chasing the big $$ in shipyards.
To many to sum-up but I will give it a try:
- Top management to heavy
- No strategy other than adjusting cost structure by reducing workforce!
- They focused to long on big projects they lost most of all the smaller business opportunities which were out there!
- More accounting, controllers, finance people employed than actually manufacturing/engineering and knowledge operations people who known something about the products and O&G business.
- Closing of facilities without a good back-up plan
- Too much focus on low cost opportunities instead of looking at the total cost impact therefore short sided decisions.
- Lost touch with the smaller customers
- Hardly any investments in manufacturing expect for the happy few (PCG & Mexicali, India)
- and many more!
CaPs Hydra Rig just completed a new coil tubing reel. It seems fragile and broken, even worse than that 'Genesis'. I told my CT group don't buy it. CT Partner just walked away; we were lucky that didn't pay anything for those Genesis units two years ago. Now they leased those units to KLX. Our CT group are confident that we can earn more business when those Genesis units failed, and we can take over KLX's jobs. El Kaptain Kirkoid may blame his Canadian engineering captain, but actually that engineer will take the last blame.
Manufacturing was the heart of NOv but run by another desk jock at Parkwood.
Manufacturing
Creation of CaPs has got to be the worst decision in Napoleons history including challenging the English. El Kaptain Kirkoid has no intelligence, empathy or management skills. His Mission has been to go where no man has gone before and that is to wreck every good thing his predecessors have built . Anyone disagree ?
I know that closing Orange seems like a bad decision, but NOV has little choice. The costs there, and at many facilities, are simply too high. The people there are amazing, and they’ve had decades of success, but cost is the main driver in land drilling and NOV is having to reposition its costs to compete with Chinese and other lower cost rig equipment makers. Yeah it’s going to be painful and no doubt knowledge and experience will be lost. It sucks. We will survive on innovation and efficiency, and there isn’t enough innovation to overcome the lower costs of competitors at this point, so we have to become more efficient.
Construction of the Caps segment, it’s been a disaster and many good leaders who were passionate have left due to the Presidents skill set (or lack of)
Closing NOV Orange. Good luck trying to build top drives now in timely manner
They need to get out of Oil and Gas business. At least oil and gas should not be their major source of income.
Eating yellow snow.