NOV booms in Q2

Eoin O'Cinneide

 26 July 2012 11:13 GMT

National Oilwell Varco’s net profit boomed in the second quarter as the services player boosted revenues.

The company piled on net profit in the three months to the end of June from $480 million a year ago to $602 million this time around.

Revenues soared from $3.51 billion to $4.73 billion as all company segments reported strong growth.

Cost increases were also kept relatively low with general, selling and administrative expenses rising from $375 million to $414 million.

Rig technology revenues went from $1.89 billion last year to $2.41 billion this time out with petroleum services & supplies rising from $1.36 billion to $1.78 billion.

President and chief executive Pete Miller said: The company continues to expand…

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