Last week we announced NOV’s second quarter financial results. Considering the global working rig count is down 40% from this time last year, I want to congratulate all of you on a difficult job well done. I also want to thank you for the hard work it took to accomplish these results in such a challenging market.
With lower revenues and less work to do, we have made some difficult decisions this year to reduce costs. It is hard to do more with less, and I appreciate the focus you have placed on improving our efficiency across the company.
While the downturn persists now, it will be followed by an up cycle, and our future will be bright. It will take some time, but when it happens NOV will have even better products, technologies and services for our customers, thanks to all of you.
I am grateful to you all for remaining focused on taking care of our customers, our Company and each other.