NOV books 'record' year

Eoin O'Cinneide

 01 February 2013 12:56 GMT

National Oilwell Varco ran up a "record-breaking" year as a strong fourth quarter helped send full-year earnings soaring.

The services giant warned, however, of looming challenges in the US land drilling segment but remains positive about the overall market with rig upgrades and continued expansion into technology-heavy sectors likely to bring orders.

Net profit for the year to the end of December was $2.49 billion as against $1.99 billion a year earlier.

Revenues shot from $14.66 billion to $20.04 billion with rig technology revenues in particular booming, from $7.79 billion to $10.11 billion.

Revenues for the petroleum services & supplies division climbed from $5.65 billion to $6.97 billion while those for distribution…

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