Global Drilling SlowdownThe global drilling slowdown has intensified, leading both offshore and land drillers to reduce capex, which is a clear headwind to NOV.
Offshore Drilling ConcernsNOV called out some concern around offshore heading into 2025 as contract drilling customers are seeing increasing white space, potentially slowing spending plans.
Revenue Guidance4Q guidance reflects an overall yoy decline in revenue of 3-5% with EBITDA of $280-300MM implying a margin of 12.9% at the midpoint, down from the 13.1% reported in 3Q.