This is going on for too long, people are applying at other o&g companies that have overtime. Do we need Offshore to pick up??
7 replies (most recent on top)
Just waiting for those stocks to go back up, then I'm pulling all of my money out of that company. That's if the company doesn't fold first.
Sadly, to see the newer generation go to this stage. Back in 1988 to 1996 “ALL” oil business
went through a very hardship economy oil stage, stocks , in-coming orders , business & etc. Were very scary that working hours were cut down to 32hrs & some layoff. It took nine years for oil companies to
slowly recover & come back. I know & my family as well after 38yrs employed with NOV! I had to get a 2nd employment. “IT WAS VERY HARD”. If you believe & have patience, give this stage time.
My NOV facility was closed 01/27/2016 under the ACT-WARN
Most of the land companies have mimicked H&P and become nearly completely self sufficient. They make their own rigs and in some cases make their own equipment like drawworks. The other drilling contractors have copied this method where day rates are decent. Elsewhere in the world China dominates because of the price and NOV has no chance of competing there even if they were 100% performing on all cylinders. You just can't compete with those prices, but of course you sacrifice the quality but Vietnam, Venenzuela, etc. don't much care about that.
Sadly, this has been the ideaology for a while now, but it is similar to many other supplier and service companies at the moment. Whenever you cut headcount and rely on your remaining workforce to account for the reduction in staff, this is the result. Decreased moral all around and stacked responsiblilities to account for the difference? My question is what happens when the markets truly do rebound? Will NOV be able to capitalize or will they remain stagnant. The neglect of current employees and and alienation of previous employees leads one to believe that the latter will occur. I can't say I blame them. Furthermore, if another opportunity presented itself that proved to be higher paying and overall a more supportive environment, what would your response be?
No pay rise for U.K. Service engineers speaks volumes
What companies supply land rigs? If anyone knows
Investors are long on oil/crude right now so it won't get "better" any time real soon. NOV is in worse shape than a lot of others because they are a behemoth (high costs and labor) that hitched their revenue wagon to the offshore projects and made a lot of money when the going was good. They also ignored all other business and even found ways to push customers away with either NOV/US arrogance or NOV/Norway product ignorance. The land market just doesn't want or need NOV anyway and with so little offshore activity (not improving in 2017) NOV will continue to struggle for a while. Management team all around seems more concerned with what's best for them and their buddies than the longterm livelihood of the company.