They spent a decade chasing offshore new builds and made a lot of money but they neglected day to day rig operations and their place within those operations. This is especially true with land rigs. They put a lot of companies in business to replace them on repair, spare parts and more. You can't put that toothpaste back into the bottle.
Now, eventually enough rigs will go back to work and they can't cannibalize rigs, drill pipe and more because the DC's have used up all of their excess equipment. When that happens NOV will be needed again to build new equipment or sub-assemblies. That is not enough to keep that gargantuan organization afloat though.
NOV as a business no longer reflects what they need to look like to properly support what is left for them. So, yes by and large you are right. The industry has moved on from them but there's still a small corner of the room where they can fit and make sense. Might make sense to sell off or spin off chunks . .let Varco and/or Grant Prideco go back to being their own company and go back to being NOI? Join forces with Halliburton? Sell PCG/Shaffer to someone that's not Schlumberger?
Originally posted by @1ohu+1fk5FyM5.