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Key people at National Oilwell / Hitec.
National Oilwell Varco (NOV) provides essential equipment and components for global oil and gas drilling and production. It designs and manufactures a broad spectrum of products, from drilling rigs to advanced completion equipment. NOV's technical strategy emphasizes integrated solutions and technologies for enhanced operational efficiency and safety.
National Oilwell's history dates to 1862. As National Oilwell, Inc., it acquired Hitec ASA in 2000, significantly bolstering its advanced drilling technology. This merger integrated Hitec's innovative, cooperatively designed solutions into National Oilwell’s product portfolio, enhancing its market position. The strategic insight was to combine National Oilwell’s scale with Hitec's specialized technological advancements.
NOV serves global oil and gas exploration, production, drilling, and well service companies; its offerings are fundamental to upstream operations. The company envisions empowering the industry to safely and efficiently produce abundant energy, adapting to evolving demands and supporting future energy transitions.
National Oilwell (now part of NOV Inc., formerly National Oilwell Varco) acquired Hitec ASA's drilling technology business in 1999 for $125 million in a stock transaction, integrating Hitec's advanced control systems into its portfolio of oil and gas drilling equipment.[1][2][3] This formed "National Oilwell / Hitec" as a key milestone, enhancing National Oilwell's capabilities in automated drilling rigs, control systems like Cyberbase (replacing gauges with software, keypads, and joysticks), and pipe handling automation for offshore and land-based operations.[1][3] The company serves global oilfield operators by designing, manufacturing, refurbishing, and repairing major equipment such as drawworks, mud pumps, power swivels, and solids control systems, addressing challenges in harsh environments like deserts and arctic conditions.[1][3][4]
Post-acquisition, Hitec's drilling tech bolstered National Oilwell's leadership in integrated systems, contributing to innovations like fully automated drilling equipment operational by 2001 and horizontal-to-vertical pipe handling for jackup rigs.[1][3] NOV Inc. today operates through segments like Rig Technologies, providing drilling rigs, top drives, blowout preventers, and marine construction equipment across 500+ locations on six continents.[4][5]
National Oilwell traces roots to predecessors Oilwell Supply (1862) and National Supply (1893), which made pumps and derricks; U.S. Steel acquired Oilwell in 1930, Armco merged with National Supply in 1958, and they formed National Oilwell as a joint venture in 1987.[1][4] An investor group bought it in 1995, taking it public, then launched acquisitions from 1997 to build comprehensive products.[1]
Hitec AS, founded in 1985 as a supplier of control systems and instrumentation for drilling, grew rapidly; Ole Ertvaag joined as CFO in 1989, led its 1994 IPO, and oversaw acquisitions and expansion in oil service tech.[2] In 1999-2000, National Oilwell acquired Hitec's drilling business (after divesting unrelated units), valued at $125 million; the remaining Hitec portfolio was taken private, later evolving into HitecVision private equity in 2005 under Ertvaag.[1][2][3]
National Oilwell / Hitec stood out through Hitec's integration, delivering:
These features positioned it as the worldwide leader in drilling equipment by 2002, with $1.52B sales and 6,900 employees.[1][3]
National Oilwell / Hitec rode the late-1990s oil industry shift toward automation and deepwater/unconventional drilling, where timing aligned with rising offshore exploration and tech needs for harsh environments.[1][4][5] Market forces like global energy demand favored integrated systems reducing costs, enhancing safety, and enabling frontier resources—Hitec's controls pioneered efficiencies that made such operations viable.[5]
It influenced the ecosystem by setting standards in rig automation, contributing to NOV's 156-year legacy of transforming oilfield ops through proprietary tech like closed-loop drilling and marine systems, supporting upstream services worldwide.[4][5]
NOV, building on National Oilwell / Hitec's foundation, will likely advance automation in energy transition, integrating AI-driven controls and sustainable tech for hybrid oil/gas/renewables rigs. Trends like deepwater revival, energy infrastructure, and decarbonization (e.g., electrification of rigs) shape its path, evolving influence toward resilient, tech-enabled energy equipment amid volatile oil markets.[4][5] This cements its role from 1999 acquisition to enduring upstream leadership.
Key people at National Oilwell / Hitec.
