National Oilwell Varco, Inc. will reorganize into four financial reporting segments. The new segments will be Rig Systems, Rig Aftermarket, Completion & Production Solutions, and Wellbore Technologies. This reorganization will be effective April 1, 2014.
The Company's Rig Systems group will continue to focus on designing and manufacturing discrete drilling equipment components, as well as building complete integrated drilling equipment packages for both land and offshore applications.
The Company's Rig Aftermarket group will consist of the consumables, spares and service required to maintain the equipment components and packages for the useful lives of the assets. Mr. Joe Rovig has been promoted to President of both the Rig Systems and Rig Aftermarket segments.