NOV soars in Q2

National Oilwell Varco (NOV) piled on the profit in the second quarter as the rig systems segment posted a strong period.

The US contractor made a net profit of $620 million in the three months to the end of June, up from $531 million a year earlier.

Revenues shot from $4.68 billion to $5.26 billion, with rig systems revenue up 14% to $2.37 billion.

Wellbore technologies went from $1.22 billion to $1.45 billion, with completion and production solutions up 7% to $1.13 billion.

Rig systems had an order backlog of $15.39 billion at the end of the quarter, while completion and production technologies boasted a backlog of $2.14 billion.

Chief executive Clay Williams termed the quarter's results "historic" for the company, saying: "As we move through the second half of 2014, we look forward to continued demand for our drilling, completion and production equipment, and continued strong results from our four new segments."

NOV revealed earlier this year that it was to spin off its distribution into a separate entity, DistributionNOW. Figures from this segment were treated as discontinued operations in the second quarter.

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