National Oilwell Varco, Inc. announced revenue of $5.32 billion at the end of the third quarter, a 12% sequential increase or a 42% increase year-on-year.
The Houston-based company provides equipment and components for oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry.
Revenue from the company’s Rig Technology segment rose 29% from the third quarter of 2011 or 6% sequentially to a record $2.55 billion. The company also booked $2.29 billion in new orders during the third quarter of 2012 and backlog for capital equipment orders for the segment at the end of the quarter was $11.66 billion, a 3% increase from the end of the second quarter of 2012.
Outstanding execution enabled the Company to achieve solid earnings again this quarter,” said Pete Miller, Chairman, President and CEO of National Oilwell Varco. “We are pleased by the level of bookings into our capital equipment backlog for the Rig Technology segment during the third quarter. We continue to see steady activity around new orders, and expect high demand for deepwater rigs to drive solid orders again in the fourth quarter. Demand for other NOV products and services continued to grow in international markets, but softening demand in North America partly offset this trend during the third quarter.
The company’s Petroleum Services & Supplies business saw revenue rise 18% from the previous year to $1.72 billion, a decline of 3% sequentially while its Distribution & Transmission sector reported revenue of $1.32 billion, a 69% sequential increase, or a 174% increase for the period. The gains were mostly due to previously disclosed mergers completed during the second and third quarters of this year.
The company announced that it would acquire Robbins & Myers, an Ohio-based supplied of engineering equipment, in a deal valued at $2.5 billion, expected to close in the fourth quarter of this year.