Oil & Gas - Energy - Commodities - Resources (OILBRENT)

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$NOV National Oilwell Varco (NYSE:NOV) says it combined its Rig Systems and Rig Aftermarket reporting segments into a single segment called Rig Technologies during Q4, which will result in $120M-$140M in pre-tax restructuring charges.

NOV says the restructuring "better aligns operations with the current and anticipated market environments, reduces administrative burden, and eliminates reported intercompany transactions."

NOV expects consolidated Q4 results to come in at or above prior expectations; it sees Rig Technologies exceeding previous guidance, Wellbore Technologies in-line with expectations, and Completion and Production Solutions falling short of guidance.