NOV reports $2.13 billion revenue amid rising international offshore demand

Energy technology provider NOV Inc. reported revenues of $2.13 billion for the second quarter of 2026, marking a 4% sequential increase despite a 2% decline compared to the same period last year. The Houston-based firm, which maintains a significant operational presence across UAE oilfields, saw net income surge to $112 million, or $0.31 per share. The financial results represent a $93 million increase in net income compared to the first quarter of 2026. This sequential growth was driven by improved performance in offshore drilling equipment and international services, offsetting a softer domestic market in North America. Adjusted EBITDA for the quarter reached $264 million, representing 12.4% of total revenue. Global Backlog and Segment Performance The company reported that its Energy Equipment segment saw a 5% increase in revenue, while the Energy Products division grew by 3% sequentially. New orders for the second quarter totaled $482 million, contributing to a total backlog of $4.1 billion. This backlog serves as a critical indicator for future manufacturing activity in the Middle East and other major energy hubs through 2027. The update on Thursday, 30 July follows an official regulatory filing with the U.S. Securities and Exchange Commission earlier today. The timing is critical for UAE-based contractors and energy service providers who rely on NOV for drilling hardware and subsea technology, as it signals a stabilizing international market for energy production…