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Exhibit 99.1 NOV NEWS FOR IMMEDIATE RELEASE Contact : Blake McCarthy ( 713 ) 815-3535 NOV REPORTS FIRST QUARTER 2021 RESULTS HOUSTON , TX , April 27 , 2021 — · NOV Inc. ( NYSE : NOV ) today reported first quarter 2021 revenues of $ 1.25 billion , a decrease of six percent compared to the fourth quarter of 2020 and a decrease of 34 percent compared to the first quarter of 2020. Net loss for the first quarter of 2021 was $ 115 million , or 9.2 percent of sales , which included non - cash , pre - tax charges ( " other items " , see Other Corporate Items for additional detail ) of $ 9 million . Adjusted EBITDA ( operating profit excluding depreciation , amortization , and other items ) decreased $ 17 million sequentially to $ 0 . " We are encouraged by signs of an emerging global recovery for our industry , " stated Clay Williams , Chairman , President and CEO . " However , NOV's weak first quarter results reflect the extreme austerity that descended on the oilfield following the economic shutdown of 2020 , as our oilfield service customers preserved cash by cannibalizing idle equipment rather than buying new . Severe winter weather in Texas and Oklahoma , additional COVID lockdown measures in Asia , and supply chain disruptions further impacted first quarter results . " Higher rig activity in North America and certain international markets , resulting from stronger oil prices , is leading to tangible improvements . We are seeing better volume and pricing for our products and services tied to activity , including drill bits , downhole tools , oilfield pipe inspection and wellsite services . Additionally , improving tendering activity is expected to drive additional capital equipment orders in the second half of 2021 . " NOV has undertaken extraordinary cost reduction measures over the past several quarters while continuing to invest in its next generation of products , leaving the Company well - positioned for a recovery . Global economic growth , shrinking crude inventories , stronger oil and gas prices , and recovering oilfield activity are expected to provide the foundation for a meaningful improvement in financial results as the year progresses , " concluded Williams . Wellbore Technologies Wellbore Technologies generated revenues of $ 413 million in the first quarter of 2021 , an increase of 11 percent from the fourth quarter of 2020 and a decrease of 40 percent from the first quarter of 2020. The sequential increase in revenue was driven by improving drilling activity in the Western Hemisphere , partially offset by seasonality in the Eastern Hemisphere . Operating loss improved $ 64 million sequentially to $ 14 million , or 3.4 percent of sales , and included $ 6 million of other items . Adjusted EBITDA increased $ 22 million sequentially to $ 34 million , or 8.2 percent of sales . Completion & Production Solutions Completion & Production Solutions generated revenues of $ 439 million in the first quarter of 2021 , a decrease of 20 percent from the fourth quarter of 2020 and a decrease of 35 percent from the first quarter of 2020. The sharp sequential decline in revenue was primarily the result of severe weather disruptions , certain project delays , COVID - 19 shutdowns in Southeast Asia , and raw material shortages for the segment's Fiberglass business - 1 -