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National Oilwell Varco posts strong Q2 earnings

Industry

National Oilwell Varco reported strong second quarter profits of US$481mn with all divisions seeing revenues rising in Q2.

The Company's revenues for the second quarter of 2011 were US$3.51 billion, which was an improvemnet of 12 per cent from the first quarter of 2011 and 19 percent from the second quarter of 2010.

All three segments saw revenue rise in the quarter with the petroleum services & supplies segment leading the quarter with a 32 per cent increase to $1.4 billion over the second quarter of 2010.

The rig technology segment also had a strong quarter with a revenue increase of 13 per cent to US$1.9 billion compared to a year ago. The distribution services segment climbed 16 per cent to US$423mn from a year ago

Pete Miller, Chairman, President and CEO of National Oilwell Varco, remarked, " All three segments posted higher sequential and year-over-year revenues, and we were pleased by the record level of bookings into our capital equipment backlog, which increased again this quarter for both land and offshore rigs. The Company continues to expand organically and pursue promising acquisition opportunities, supported by its substantial financial resources and strong technology portfolio."

On July 27, National Oilwell Varco announced it would acquire Ameron International (AMN) in an all cash deal for US$772mn, Ameron manufactures highly-engineered products and materials for the chemical, industrial, energy and transportation markets. It produces fiberglass-composiste pipe for transporting oil, chemicals and corrosive fluids. It also provides water transmission lines and fabricated steel products like wind towers. It has 25 manufacturing facilities. The deal is expected to close by the fourth quarter of this year.

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