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NOY NEWS FOR IMMEDIATE RELEASE NOV REPORTS THIRD QUARTER 2021 RESULTS Exhibit 99.1 Contact : Blake McCarthy ( 713 ) 815-3535 HOUSTON , TX , October 26 , 2021- - NOV Inc. ( NYSE : NOV ) today reported third quarter 2021 revenues of $ 1.34 billion , a decrease of 5 percent compared to the second quarter of 2021 and a decrease of 3 percent compared to the third quarter of 2020. Net loss for the third quarter of 2021 was $ 69 million , or 5.1 percent of sales , which included $ 12 million in pre - tax charges related to COVID - 19 operational disruptions on a project in a Southeast Asian shipyard and $ 24 million in Other Items ( see Corporate Information for additional details ) . Adjusted EBITDA ( operating profit excluding depreciation , amortization , and Other Items ) decreased sequentially to $ 56 million , or 4.2 percent of sales . " Rising oil and gas prices continue to drive higher demand for NOV , as our orders again exceeded our shipments in the third quarter , " stated Clay Williams , Chairman , President , and CEO . " While pandemic - related supply chain issues challenged certain projects , we nevertheless saw sequential improvement in many of our oilfield businesses , along with our strong order levels . Rising economic activity and higher backlogs continue to underpin our improving outlook for 2022. " " We continue investing in technologies to both improve our offerings to oil and gas operators and grow our portfolio of renewable energy technologies . We were particularly pleased to again see offshore wind power related projects drive more than half of our Rig Technology segment's orders in the third quarter , and we made steady progress in other low - carbon solutions under development . As global economies emerge from pandemic lockdowns , supply chains normalize , and energy demand grows , NOV is well positioned to generate much stronger financial returns from the coming multi - year up - cycle in both the conventional and renewable energy markets . " Wellbore Technologies Wellbore Technologies generated revenues of $ 507 million in the third quarter of 2021 , an increase of 10 percent from the second quarter of 2021 and an increase of 40 percent from the third quarter of 2020. The increase in revenues was driven by oil and gas drilling activity levels that improved in every major region of the world , market share gains in certain markets , and higher prices . Operating profit was $ 32 million , or 6.3 percent of sales , and included $ 7 million of Other Items . Adjusted EBITDA increased $ 14 million sequentially to $ 77 million , or 15.2 percent of sales . -1 Completion & Production Solutions Completion & Production Solutions generated revenues of $ 478 million in the third quarter of 2021 , a decrease of 4 percent from the second quarter of 2021 and a decrease of 20 percent from the third quarter of 2020 . COVID - 19 operational disruptions and supply chain issues negatively impacted the conversion of revenue from backlog during the quarter . Operating loss was $ 26 million , or 5.4 percent of sales , and included $ 6 million in Other Items . Adjusted EBITDA decreased $ 9 million sequentially to - $ 5 million , or 1.0 percent of sales . Third