Latest news with #NOV
Yahoo
21-05-2025
- Business
- Yahoo
NOV Declares Regular Quarterly Dividend and Supplemental Dividend
HOUSTON, May 21, 2025--(BUSINESS WIRE)--NOV Inc. (NYSE: NOV) announced today that its Board of Directors declared a regular quarterly cash dividend of $0.075 per share of common stock, payable on June 27, 2025 to each stockholder of record on June 13, 2025. NOV also announced today that its Board of Directors declared a supplemental cash dividend of $0.21 per share of common stock as part of the Company's 2024 return of capital plan. The supplemental dividend is payable on June 13, 2025 to each stockholder of record on June 2, 2025. About NOV NOV delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV's deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world. Cautionary Statement for the Purpose of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995 Statements made in this press release that are forward-looking in nature are intended to be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from the actual future events or results. Readers are referred to documents filed by NOV with the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements. These statements speak only as of the date of this document, and we undertake no obligation to update or revise the statements, except as may be required by law. Visit for more information. View source version on Contacts Amie D'AmbrosioDirector, Investor Relations(713) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
21-05-2025
- Business
- Business Wire
NOV Declares Regular Quarterly Dividend and Supplemental Dividend
HOUSTON--(BUSINESS WIRE)--NOV Inc. (NYSE: NOV) announced today that its Board of Directors declared a regular quarterly cash dividend of $0.075 per share of common stock, payable on June 27, 2025 to each stockholder of record on June 13, 2025. NOV also announced today that its Board of Directors declared a supplemental cash dividend of $0.21 per share of common stock as part of the Company's 2024 return of capital plan. The supplemental dividend is payable on June 13, 2025 to each stockholder of record on June 2, 2025. About NOV NOV delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV's deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world. Cautionary Statement for the Purpose of the 'Safe Harbor' Provisions of the Private Securities Litigation Reform Act of 1995 Statements made in this press release that are forward-looking in nature are intended to be 'forward-looking statements' within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from the actual future events or results. Readers are referred to documents filed by NOV with the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements. These statements speak only as of the date of this document, and we undertake no obligation to update or revise the statements, except as may be required by law. Visit for more information.
Business Wire
14-05-2025
- Business
- Business Wire
Former Executives Admitted NOV Underpaid Commissions Owed to Enhanced Industrial Technologies
HOUSTON--(BUSINESS WIRE)--New admissions from National Oilwell Varco's (NYSE:NOV) former senior executives reveal that the company reported costs instead of sales revenues when calculating commissions owed to Enhanced Industrial Technologies, LLC ('EIT') under a consulting agreement that helped launch NOV's oil & gas separations business. The admissions are central to the fraud and breach-of-contract lawsuit pending in Harris County District Court (Cause No. 2021-12076), in which EIT seeks $62 million in actual damages, plus punitive damages. "All we ever asked was to be paid what we earned. NOV's own leaders have confirmed we were shortchanged — and yet they continue to stonewall." - John Ettere, President of EIT Share In sworn deposition testimony, Larry Engel, former President of NOV's Process & Flow Technologies division, confirmed that EIT was to be paid commissions based on the sales price of equipment, not its costs. Mr. Engel further admitted that he had no idea what the sales prices of the equipment were and never investigated whether NOV was paying EIT properly, despite personally reassuring EIT multiple times orally and in writing that it had been paid in full. Similarly, Lionel Boudreaux, former VP of Process Equipment at NOV, and Mark Neuman, a former NOV Engineering Team Leader, each acknowledged that NOV was required to report the 'sales value' of equipment sold—but instead reported only internal costs. As a result, commissions owed to EIT were significantly and systematically underpaid. Despite these admissions, NOV has still not paid EIT its full commissions, more than a decade after the contract was signed and more than two years after confirming the underpayments. When asked about the testimony, John Ettere, the Founder of Enhanced Industrial Technologies, said: "All we ever asked was to be paid what we earned. NOV's own leaders have confirmed we were shortchanged — and yet they continue to stonewall." Tom Schmidt of Schmidt Law Firm, counsel for EIT in the case, said: 'NOV had a choice — honor their word, or enrich themselves at the little guy's expense.' He added: 'They chose the latter. Large companies should not behave that way. This lawsuit seeks to hold NOV accountable." The lawsuit alleges that NOV breached its contractual obligations, misrepresented sales data, and committed fraud over the past decade. No findings have yet been made by the Court. A copy of the Petition is available here.
Yahoo
13-05-2025
- Business
- Yahoo
Oilfield Communication Market is Poised to Reach Valuation of US$ 6.16 billion By 2033
Oilfield communication market pivots to fiber-microwave hybrids, satellite-LEO resilience, managed edge analytics services, and cybersecurity-centric private 5G, with North America and Middle East spearheading demand under strict ESG, methane-monitoring, and low-latency automation mandates. Chicago, May 13, 2025 (GLOBE NEWSWIRE) -- The global oilfield communication market was valued at US$ 3.82 billion in 2024 and is expected to reach US$ 6.16 billion by 2033, growing at a CAGR of 5.50% during the forecast period 2025–2033. Fiber-optic backbones and point-to-point microwave links have become the undisputed workhorses of the oilfield communication market, especially across data-intensive, sensor-rich unconventional plays. Deployers value fiber's near-unlimited bandwidth, symmetrical throughput and latency consistently below 5 ms—critical for real-time drilling automation and high-definition downhole video. Independent research by NOV and the University of Oklahoma shows that rigs equipped with fiber feeders transmit 2.3 terabytes of telemetry per 24-hour shift, a seven-fold increase over 2019. Yet trenching fiber to each wellpad is not always practical; consequently, operators are pairing hardened microwave radios operating in the 6–23 GHz bands to bridge the 'last 20 miles' and deliver aggregate capacities above 1 Gbps. Deployment costs have consequently dropped by 18% since 2021. Download Sample Pages: Advanced modulation schemes further strengthen this twin technology stack in the oilfield communication market. Coherent 400G DWDM is already lighting up trunk lines between central production facilities and regional data centers in West Texas, permitting seamless replication of historian databases. Meanwhile, microwave vendors such as Aviat and Cambium are integrating MIMO, adaptive coding and 256-QAM to squeeze 30% additional spectral efficiency without requesting new spectrum from the FCC. Importantly, both media types now support Time-Sensitive Networking profiles defined by IEEE 802.1, making them interoperable with latency-critical control loops. Collectively, these enhancements are accelerating the shift from store-and-forward data handling toward true edge-to-cloud orchestration, a prerequisite for autonomous drilling ambitions articulated by supermajors such as BP and Chevron globally. Key Findings in Oilfield Communication Market Market Forecast (2033) US$ 6.16 billion CAGR 5.50% Largest Region (2024) North America (40%) By Communication Technology Very Small Aperture Terminal (VSAT) Communication (30%) By Communication Solution Data Communication (28.30%) By Services Managed Services (32%) By Application Upstream (57%) Top Drivers Surge in real-time drilling data analytics requires high-bandwidth connectivity capabilities. Growing unmanned wellhead deployments demand remote monitoring and control infrastructure. Stricter methane-emission regulations accelerate adoption of sensor-rich communications networks globally. Top Trends Hybrid LEO-satellite and private 5G architectures deliver sub-100ms latency links. Edge-based digital twins integrating OT data improving production decision speed. Cybersecurity moving toward zero-trust frameworks with continuous threat quantification models. Top Challenges Harsh environments complicate deployment and maintenance of field communications infrastructure. Spectrum licensing uncertainties delay private LTE rollouts in producing regions. Capital expenditure constraints amid volatile oil prices hinder modernization timelines. Satellite Links Underpin Remote Shale And Offshore Asset Connectivity Demand Despite the march of terrestrial bandwidth, satellite remains indispensable wherever terrain, ice or deep water isolates assets from fiber corridors in the oilfield communication market. In 2024, more than 3,500 offshore platforms and 14% of North American shale pads still rely primarily on geostationary or medium-earth-orbit (MEO) links, according to Euroconsult. The cost equation has changed profoundly: average capacity pricing for energy-focused Very Small Aperture Terminal (VSAT) services has fallen below US$300 per megabit per month, a 42% decline since 2020. This reduction stems from high-throughput satellites such as Intelsat Galaxy-37 and SES-17, which deliver Ka-band spot beams offering 400 MHz of contiguous spectrum per cell. Lower latency MEO constellations are further eroding traditional GEO dominance today too. Latency has likewise improved in the oilfield communication market. OneWeb's fully deployed polar coverage and SES's O3b mPOWER yield round-trip delays of 130–150 ms, comfortably supporting VoIP and cloud-based E&P applications such as Schlumberger's Delfi interpreter. Operators increasingly deploy hybrid modems that can switch between GEO, MEO and 4G/5G terrestrial backhauls without manual intervention, ensuring application-aware Quality of Service. Nokia's MXIE and Speedcast's SIGMA gateways are prominent examples already live on Equinor's Johan Sverdrup FPSO. In parallel, flat-panel electronically steered antennas—Kymeta u8 and Intellian OW11—are simplifying installation on dynamic positioning vessels by eliminating mechanical gimbals. As bandwidth becomes abundant, satellite links are evolving from mere fail-safe pipes into primary data highways for offshore edge-to-cloud analytics and camera-driven safety monitoring. Integrated SCADA, IoT Platforms Lead Oilfield Communication Solution Portfolios Today Solution vendors have moved beyond point products to deliver integrated, cloud-ready communication suites that natively ingest SCADA, Industrial IoT and video payloads. Halliburton's iEnergy Stack, Baker Hughes' Leucipa and Emerson's Ovation Green all bundle MQTT brokers, OPC UA support and cyber-secure transport protocols in a single orchestration layer. This convergence in the oilfield communication market is vital because an average unconventional pad now carries 1 400 distinct sensors, up 28% from 2021, according to Westwood Global. Legacy Modbus polling created excessive chatter; switching to publish-subscribe architectures has reduced network overhead by 60% while enabling sub-second alarm propagation. These efficiencies translate directly into lower satellite airtime and battery consumption across remote chemical injection skids and vapor recovery units worldwide. Equally noteworthy is the packaging of analytics and communication as a managed lifecycle service. Vendors embed zero-touch provisioning so that field technicians simply scan a QR code to activate a pre-configured LTE or LoRaWAN gateway. Once online, machine-learning models hosted in AWS or Azure automatically detect sensor drift and push firmware updates over the air. Chevron reports that this capability shortened commissioning of its Permian autonomous rod-pump pilot from eight days to 36 hours. Furthermore, open APIs allow third-party apps—corrosion monitoring, methane quantification, rig video—to share the same secure data bus, eliminating costly 'truck rolls' to install additional radios. This holistic approach is fast becoming the default blueprint for digitally mature operators worldwide. Managed Services, Edge Analytics Emerge As Top Oilfield Communication Offerings The oilfield communication market is increasingly service-centric, with operators outsourcing network design, monitoring and optimization to specialist managed service providers (MSPs). According to ABI Research, MSP-managed links accounted for 63% of new deployments in 2023, up from 49% two years ago. This shift frees E&P firms from grappling with spectrum licensing, firmware patching and cybersecurity audits. Leading players—Speedcast, RigNet (now Viasat Energy) and Marlink—run 24/7 network operation centers that aggregate telemetry from satellites, microwave rings and private LTE cells, applying AI-driven predictive maintenance. For instance, Marlink's smart ticketing system cut unplanned downtime on Equinor's North Sea backbone by 27% last year and improved technician dispatch accuracy across 120 vessels and platforms globally. Edge analytics is the second growth engine in the oilfield communication market. Astute Analytica estimates that 45% of upstream companies now run machine-learning inference at field gateways rather than in centralized clouds, primarily to minimize backhaul costs and latency. Vendors such as Cognite, WAGO and Red Hat offer containerized data historians that run on Intel Atom or ARM-based rugged PCs drawing less than 15 W. These appliances pre-filter, compress and encrypt data before forwarding only insights—like pump-off percentage or gas-lift valve wear—over constrained links. BP's Thunder Horse platform, for example, reduced daily bandwidth consumption by 390 GB after deploying an edge-based flare optimization model. This dual trend of managed connectivity plus edge intelligence is redefining vendor value propositions for the industry. North America, Middle East Present Most Lucrative Oilfield Connectivity Opportunities North America continues to spearhead adoption in the oilfield communication market, driven by the density of unconventional wells and aggressive digital budgets. In the United States alone, the number of private LTE cells deployed across oilfields rose 52% year-over-year in 2023, reaching over 4 200 active eNodeBs, according to CTIA's spectrum utilization survey. Canada follows closely, with Alberta's Area F support for unlicensed 900 MHz wireless SCADA easing rollouts across harsh prairie environments. Crucially, North American regulators offer comparatively flexible licensing frameworks; the FCC's Part 90 and CBRS initiatives have slashed entry timelines from 18 months to under six weeks, allowing operators to iterate communication architectures rapidly and deploy pilot projects for methane monitoring at unprecedented commercial velocity worldwide. The Middle East is the second hotbed in the oilfield communication market, propelled by national visions that embed digital oilfield commitments. Saudi Aramco expanded its 60 GHz Terragraph mesh to 85 remote wellheads in 2023, enabling gigabit links that withstand 55 °C ambient temperatures. ADNOC, meanwhile, partnered with Etisalat to build a 5G SA network covering 11 000 km² of desert, delivering 20 ms latency for drilling robots at Bab and Bu Hasa. Governments further sweeten the environment through localization incentives: Qatar mandates 20% local content in communication equipment, spurring joint ventures with NEC and Huawei. Together, these dynamics create an unmatched pipeline of large-scale RFPs, particularly for private 5G core software and rugged microwave backhaul across onshore and offshore assets in 2024. Ruggedized Routers, VSAT Terminals, Sensors Compose Core Oilfield Hardware Stack Hardware reliability remains non-negotiable in the oilfield communication market because installations must endure vibration, hydrogen sulfide and desert sandstorms. The latest generation of ruggedized routers—Cisco IR-1101, Cradlepoint R1900 and Redline SNM-4G—carry IECEx Zone 2 and ATEX certifications, allowing placement within 10 meters of wellheads. These devices integrate dual LTE modems, Wi-Fi 6 and serial ports in a 160 × 120 × 50 mm chassis weighing under 1 kg. Field testing by TotalEnergies showed mean time between failures exceeding 180 000 hours, a 35% improvement over previous models. In satellite hardware, 1-meter class VSAT terminals now feature graphene-coated radomes that shed dust and reduce maintenance visits by 22%, according to Schlumberger asset audits. This enhancement translates into annual OPEX savings of roughly US$8 000 per remote location on average globally. Sensing technology is equally dynamic in the oilfield communication market. Fiber-optic Distributed Acoustic Sensing (DAS) interrogators are shrinking to 3U rack units while extending listening ranges beyond 70 km, enabling single-string coverage of multi-well pads. On the wireless front, intrinsically safe LoRaWAN pressure sensors from ABB now boast a five-year battery life at 10-minute reporting intervals. Edge AI chips inside these sensors implement on-device outlier detection, forwarding only anomalies and preserving scarce spectrum. Additionally, radar-based level gauges operating at 80 GHz are replacing mechanical floats in corrosive separators, offering 1-mm accuracy regardless of foam or vapor. Together, these hardware advancements deliver the high-fidelity data streams that justify investment in bandwidth-rich communication backbones and cloud analytics ecosystems for smarter oilfield operations. Request Report Customization: Cybersecurity, Low-Latency Push Redefining Competitive Landscape Among Key Vendors Globally Competitive differentiation is shifting from raw bandwidth to security posture and deterministic performance in the oilfield communication market. Following the 2023 ransomware attack on a Gulf Coast pipeline SCADA network, procurement scorecards now assign up to 25% weight to cybersecurity credentials. Vendors respond by embedding zero-trust frameworks: Fortinet's OT Security Fabric and Palo Alto Networks' Prisma SASE integrate deep-packet inspection for Modbus, DNP3 and IEC-104, blocking 97% of intrusion attempts in third-party red-team evaluations. Simultaneously, SLAs are tightening; operators increasingly demand sub-50 ms round-trip latency to support closed-loop drilling control. Nokia met this target on Petrobras's pre-salt FPSO by deploying a private 5G SA core on edge servers onboard, achieving deterministic jitter below 3 ms during peak operations. Mergers and alliances reflect these priorities in the oilfield communication market. Viasat's 2024 purchase of Inmarsat created the largest dedicated energy VSAT fleet, pairing Ka capabilities with elite cyber accreditation (ISO 27001, NIST 800-207). Likewise, Honeywell partnered with Aramco's Prosperity7 fund to integrate Forge Cyber Digital Twin with Aramco's OT testbeds, promising faster patch validation across 12 000 field devices. Start-ups remain disruptive: latency-optimized LEO operator LatConnect 60 secured multi-year contracts with Woodside for drone video backhaul, while cyber-focused Xona Space Systems validated quantum-resistant GNSS signals over Chevron's San Joaquin assets. The upshot is a more stratified vendor map where ability to certify end-to-end security and deliver SLA-bound low-latency links outranks mere price competitiveness in the oilfield communication market. Global Oilfield Communication Market Major Players: Huawei Technologies Co., Ltd. Siemens, Inmarsat Global Limited Tait Communications Baker Hughes Company ALE International ALE USA Inc. RigNet, Inc. and Viasat Inc. Ceragon, RAD Hughes Network Systems, LLC Airspan Networks. Commtel Networks. ITC GLOBAL Halliburton Energy Services, Inc. L3Harris Technologies, Inc. ERF Wireless, Inc. Other Prominent Players Key Segmentation: By Communication Solution M2M Communication (Machine-to-Machine) Data Communication Voice Communication Video Conferencing Unified Communication Wired/Wireless Intercom Others By Communication Technology Cellular Communication Fiber Optic-based Communication Microwave Communication Very Small Aperture Terminal (VSAT) Communication TETRA (Terrestrial Trunked Radio) Wi-Fi/WiMAX By Services Managed Services Professional Services Cloud Services Maintenance & Support Services By Deployment Offshore Onshore By Application Upstream Midstream Downstream By Region North America Europe Asia Pacific Middle East & Africa South America Have Questions? Reach Out Before Buying: About Astute Analytica Astute Analytica is a global market research and advisory firm providing data-driven insights across industries such as technology, healthcare, chemicals, semiconductors, FMCG, and more. We publish multiple reports daily, equipping businesses with the intelligence they need to navigate market trends, emerging opportunities, competitive landscapes, and technological advancements. With a team of experienced business analysts, economists, and industry experts, we deliver accurate, in-depth, and actionable research tailored to meet the strategic needs of our clients. At Astute Analytica, our clients come first, and we are committed to delivering cost-effective, high-value research solutions that drive success in an evolving marketplace. Contact Us:Astute AnalyticaPhone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World)For Sales Enquiries: sales@ Follow us on: LinkedIn | Twitter | YouTube CONTACT: Contact Us: Astute Analytica Phone: +1-888 429 6757 (US Toll Free); +91-0120- 4483891 (Rest of the World) For Sales Enquiries: sales@ Website: in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-05-2025
- Business
- Yahoo
Local industrial facility closing; over 100 employees impacted
A local industrial facility is closing, according to a newly filed WARN notice. [DOWNLOAD: Free WHIO-TV News app for alerts as news breaks] National Oilwell Varco (NOV) will close its facility in the 5800 block of Poe Avenue. In a WARN notice sent to Dayton Mayor Jeffrey Mims, Jr., NOV confirmed roughly 127 employees at the facility would be laid off. TRENDING STORIES: Local middle school student arrested after school threat High school senior shot, killed during possible prank before graduation 'Troubling social media trend' has students forcing objects into Chromebooks Employee separations could start as early as Monday, May 12, according to Alan Hutchison, NOV's Vice President of Manufacturing and Supply Chain. The discontinuation of operations at the facility is expected to be finalized by the end of the year. The Poe Avenue facility is listed on NOV's website as the 'Dayton Chemineer HQ.' 'The Chemineer brand is recognized for innovation in designing and manufacturing standards and customized fluid agitation equipment and systems,' NOV's website states. [SIGN UP: WHIO-TV Daily Headlines Newsletter]
