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National Oilwell Varco Announces Fourth Quarter And Full Year 2012 Earnings

Backlog for capital equipment orders for the Company’s Rig Technology segment at December 31, 2012 was a record at $11.86 billion, up two percent from the third quarter of 2012. New orders during the quarter were $2.42 billion, reflecting continued good demand for oilfield equipment.

Pete Miller, Chairman and CEO of National Oilwell Varco, remarked, “The fourth quarter marked a strong finish to a record-breaking year. For the year, the Company’s continued investments in technology, product and service line extensions, facilities and machines, and our people, enabled us to better support our customers and establish new benchmarks in revenues, net income and ending backlog. I would like to thank all of our dedicated employees for their hard work and outstanding execution this year.

As we enter 2013, we recognize that there are some near-term headwinds facing us in the North American land market. However, we are excited to be entering the year with strong financial resources, a solid backlog, a well-constructed and balanced business, and an experienced and capable group at NOV that remains committed to delivering the highest quality of products and services to our customers. We also enter the year with the firm belief that the oil and gas industry will continue to upgrade the world’s aging rig fleet, while simultaneously building out both a deepwater and a worldwide shale infrastructure that are still in the early stages of development, and we look forward to playing a leadership role in those efforts.”

Rig Technology

Fourth quarter revenues for the Rig Technology segment were $2.90 billion, an increase of 14 percent from the third quarter of 2012 and an increase of 25 percent from the fourth quarter of 2011. Operating profit for this segment was $648 million, or 22.4 percent of sales, an increase of six percent from the third quarter of 2012 and an increase of seven percent from the fourth quarter of 2011. Sequential operating profit flow-through was 11 percent. Year-over-year operating profit flow-through was eight percent. Revenue out of backlog for the segment increased 16 percent sequentially and increased 25 percent year-over-year, to $2.21 billion for the fourth quarter of 2012.

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