Inside talks of Bankruptcy. No capital coming in and service is struggling to bring is profits.
5 replies (most recent on top)
If all NOV units are managed like Cheltenham UK unit there is no hope. People not valued, lean and 5s was always first. Process improvement was the final nail in the coffin.
They should have cut off some of the dying limbs a long time ago, although they are the ones that left them to rot.
But they're more interested in keeping their golf buddy VP's and Presidents who make no money for the company, so just endlessly cut off the bottom.
NOV as a corporation will survive well beyond next quarter… the question is how much importance it will lose in the industry.
Now, some business units may very well cease to exist pretty soon because of how much value they destroy (losses, difficulty to turn around) if we can’t fire-sell them, operations will have to shutter and be liquidated.
However, I don’t think the executives have the minerals to take those big hits to the balance sheet and accept defeat with investors… they may just manage the BU into nothingness and redeploy assets to another business.
Karma is real...
The talks I hear is they will start spinning off and selling or dissolving the business units that are no longer profitable.
Doing away with service and Repair and using approved contractors is also talks I have been hearing again.