Nov Inc

XMUN:NO8

Business Description

Sector

Energy

Industry

Energy

Headquarters

United States of America US

Employees

31 605

IPO date

Oct 29, 1996

NOV makes equipment and parts used to drill, lift, and move oil and gas. It sells drilling rigs, pumps, pipes, valves, and related replacement parts, and it also offers repair, maintenance, and field support for that equipment. Its customers are mainly oil and gas producers, drilling contractors, and service companies that need reliable hardware to work in harsh industrial settings.

The company makes money by selling large pieces of equipment up front and by supplying the consumable parts, spare parts, and service work that keep that equipment running. A big part of NOV’s role is being a supplier to the upstream energy chain, where customers need specialized machines and components rather than consumer products. That means demand tends to follow drilling activity, equipment replacement needs, and the long life of oilfield assets.

What makes NOV different is that it sits close to the “tools and hardware” side of energy production, not the commodity side itself. It is known for engineering-heavy products that have to withstand pressure, heat, and constant use in oilfields and on offshore rigs. Because many of its products are mission-critical and customized to the job, NOV often builds long customer relationships around installed equipment, replacement parts, and service support.