NOV booms in Q2

by on July 26, 2012 11:13 am BST

The company piled on net profit in the three months to the
end of June from $480 million a year ago to $602 million this time around.

Revenues soared from $3.51 billion to $4.73 billion as all
company segments reported strong growth.

Cost increases were also kept relatively low with general,
selling and administrative expenses rising from $375 million to $414 million.

Rig technology revenues went from $1.89 billion last year to
$2.41 billion this time out with petroleum services & supplies rising from
$1.36 billion to $1.78 billion.

President and chief executive Pete Miller said: The company
continues to expand organically as well as through acquisitions. We closed six
transactions during the quarter for total consideration of $2.0 billion, to
strengthen the technology, product and service offerings we provide our oil and
gas customers around the globe.

“Most markets we serve have remained buoyant, despite lower
commodity prices, and we therefore expect solid results for the second half of
the year.”