NOV Rig Systems & Aftermarket©2014 NOV Vertical Integration (slide 1 here) Drilling Rig Supply Chain Vertical Integration NOV Rig Systems & Aftermarket | 21 ©2014 NOV 22 CONSISTENTLY

©2014 NOV

JOE ROVIG President, NOV Rig Systems & Aftermarket Joe previously served in various global leadership positions in Offshore and Aftermarket. Prior to joining NOV in 2002, he worked for two drilling contractors both domestically and internationally.

1 NOV Rig Systems & Aftermarket |

NOV Rig Systems & Aftermarket NOV Analyst Day Joe Rovig President, NOV Rig Systems & Aftermarket NOVEMBER 19, 2014

Statements made in the course of this presentation that state the Company’s or management’s intentions, hopes, beliefs, expectations or predictions of the future are forward-looking statements. It is important to note that the Company’s actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements, including risk factors, is contained from time-to-time in the Company’s filings with the U.S. Securities and Exchange Commission. Any decision regarding the Company or its securities should be made upon careful consideration of not only the information here presented, but also other available information, including the information filed by the Company with the SEC. Copies of these filings may be obtained by contacting the Company or the SEC or through the Company’s web-site

©2014 NOV

Who We Are


People Technology Global Vertically Integrated Execution Sense of Urgency

©2014 NOV

Leadership


©2014 NOV

NOV Rig Systems and Aftermarket

$8.45B OFFSHORE

FY13 $2.69B

FY13

AFTERMARKET LAND

5 NOV Rig Systems & Aftermarket | ©2014 NOV 6

Building Leadership the NOV Way

Acquisitions of premium product companies

Coalescing drilling packages

Expansion of manufacturing

Aftermarket global infrastructure

Valu

e to

Cus

tom

ers

1990 2000 NOV Rig Systems & Aftermarket |

©2014 NOV

Building Leadership

7 NOV Rig Systems & Aftermarket | ©2014 NOV NOV Rig Systems & Aftermarket | 8

REVENUE GROWTH OP GROWTH MARGIN IMPROVEMENT

30% 70% 500bps

KEY ASSUMPTIONS

CONTINUED BUILD-OUT OF

HIGH-SPEC LAND RIGS

RESUMPTION OF FLOATER AND JACKUP

ORDERS IN ‘16

MARGIN BENEFIT FROM HIGHER-PRICED

BACKLOG AND PROCESS EFFICIENCIES

Expectations from 12/31/2013 through 2019 NOV Rig Systems

©2014 NOV NOV Rig Systems & Aftermarket | 9


115% 130% 200bps

KEY ASSUMPTIONS

GROWING INSTALLED BASE

200% GROWTH IN NUMBER OF SPS

Expectations from 12/31/2013 through 2019 NOV Rig Aftermarket

620,000 RISER (FT)

670 OFFSHORE DRILLING CRANES

750 CONTROL SYSTEMS

2,460 IRON ROUGHNECKS

6,220 BLOWOUT PREVENTERS

(RAM OR ANNULAR)

2,940 TOP DRIVES

550 AC DRAWWORKS

500 OFFSHORE COLUMN RACKERS

6,050 MUDPUMPS

©2014 NOV

Capital Equipment Installed Base


©2014 NOV 11 NOV Rig Systems & Aftermarket |

Source: RigLogix, Baker Hughes (BHI Rig Count excludes Russia and China)

CURRENT GLOBAL MARKET FLOATERS JACKUPS

447 281 INDUSTRY-WIDE

LAND RIGS

3,267

©2014 NOV

GLOBAL FAMILY


©2014 NOV

Global Family

20,000 PEOPLE

30+ NATIONALITIES MANTRA

OUR

13 NOV Rig Systems & Aftermarket | ©2014 NOV

PURPOSEFUL INNOVATION


13 test bays (PCG) 3,220 engineers

University relationships Test rig

©2014 NOV

Purposeful Innovation

Delivering a top drive every day

Pioneer in Cellular and Lean Manufacturing Processes


Purposeful Innovation

Projecting delivery of 30 subsea stacks in 2014

Modular BOP Design – Reduced Lead Times


©2014 NOV

Purposeful Innovation Rig Construction - $10M Saved in Each Phase


45 PHASE I

DAYS SAVED 45

PHASE II

DAYS SAVED

©2014 NOV

SERVICE ABOVE ALL


©2014 NOV

Service Above All Worldwide Installation & Commissioning Teams

950+ I&C PERSONNEL

23 SHIPYARDS

54 ACTIVE PROJECTS


Drilling Rig Supply Chain Old Business Model


©2014 NOV

Vertical Integration (slide 1 here)

Drilling Rig Supply Chain Vertical Integration

21 NOV Rig Systems & Aftermarket | ©2014 NOV 22

CONSISTENTLY ON TIME, ON BUDGET

NOV Rig Systems & Aftermarket |

226 offshore rigs delivered 2005 to today, 2015 will be biggest delivery year yet

©2014 NOV 23

NOV Rig Systems Market View

NOV Rig Systems & Aftermarket | ©2014 NOV 24

NOV Land Rigs Booked

535 2005 - 2014

NOV TIER 1 LAND RIGS ORDERED


Source: NOV Includes complete land rigs, equipment suites, and packages

©2014 NOV 25

AC technology

UNCONVENTIONAL wells

PAD drilling

Increased rig CAPACITY

AUTOMATION

INTERNATIONAL growth

Land Rig Outlook

NOV Rig Systems & Aftermarket | ©2014 NOV 26 NOV Rig Systems & Aftermarket |

LAND RIG ADDITIONS

1,574 NEWBUILDS

2010 - 2014

1,646 PROJECTED NEWBUILDS

2015 - 2019

Source: NOV

INDUSTRY-WIDE

©2014 NOV 27

Land Rig of the Future

The next step from Ideal Prime

Increased ROBOTICS

Improved EFFICIENCY

REDUCED non-productive time

MINIMIZED flat time


NOV Jackups Booked

222 2005 - 2014

NOV JACKUPS ORDERED


Source: NOV

©2014 NOV 29

NEAR-TERM industry concerns on Chinese speculative builds

NATIONAL OIL COMPANY requirements

Harsh ENVIRONMENT needs

Fleet RENEWAL continues at slower pace

Jackup Outlook


OFFSHORE JACKUP MARKET ADDITIONS

195 PAST

2005 - 2014

201 FUTURE

2015 - 2024

Source: IHS, NOV

INDUSTRY-WIDE

©2014 NOV 31

NOV Floaters Booked

162 2005 - 2014

NOV FLOATERS ORDERED

NOV Rig Systems & Aftermarket | Source: NOV

©2014 NOV 33

SHORT TERM capacity issue

Long term DEMAND CONTINUES

MIDWATER replacement

Specific rig designs - ARCTIC, 20K

Floater Outlook



OFFSHORE FLOATER MARKET ADDITIONS

137 PAST

2005 - 2014

207 FUTURE

2015 - 2024

Source: IHS, NOV

INDUSTRY-WIDE

©2014 NOV 35

Drillship of the Future


FUTURE

2014 2015 2016 2017 2018 2019

©2014 NOV 36

NOV Rig Systems Order Outlook

Bookings

IMPROVED OFFSHORE

EXPECTED 2016 LAND

OFFSHORE

CONTINUED LAND GROWTH

OVER NEXT FIVE YEARS


FUTURE

2014 2015 2016 2017 2018 2019

©2014 NOV 37

NOV Rig Systems Revenue Growth

Revenue Growth

LAND

OFFSHORE

REVENUE RECOGNITION

EXPECTED 2016

STEADY LAND GROWTH OVER NEXT FIVE YEARS




30% 70% 500bps

KEY ASSUMPTIONS

CONTINUED BUILD-OUT OF

HIGH-SPEC LAND RIGS

RESUMPTION OF FLOATER AND JACKUP

ORDERS IN ‘16

MARGIN BENEFIT FROM HIGHER-PRICED

BACKLOG AND PROCESS EFFICIENCIES

Expectations from 12/31/2013 through 2019 NOV Rig Systems

©2014 NOV 39

NOV Rig Aftermarket Market View


©2014 NOV 40

NOV Rig Aftermarket

SPARES SERVICES REPAIR TRAINING


Rig Aftermarket Geographical Growth

Global Hub Regional Hub Existing RSA Facility New RSA Facility Drilling Activity – Land Drilling Activity - Offshore

13 NEW FACILITIES


©2014 NOV 42

Special Periodic Survey (SPS)

Five year Offshore Regulatory Upgrade/ New Equipment OEM

What is an SPS?


FUTURE

0

80

160

240

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Proj

ects

©2014 NOV 43

SPS Recertification Projects

Vessels <25 Years of Age


DEDICATED TEAM

OVER NEXT TEN YEARS

PROJECTS TRIPLE

SPS AFTERMARKET OPPORTUNITY

$1M - $40M

©2014 NOV 44

Service Life

Offshore Rig Asset Life

IRON ROUGHNECK

CONTROLS

PIPEHANDLING

TOP DRIVE

BOP

DRAWWORKS

MUD PUMPS

0 Years

5 10 15 20 25

Maj

or C

ompo

nent


CUMULATIVE SPEND OF DRILLING VESSELS

$45M JACKUP REVENUE

AT DELIVERY

$200M FLOATER REVENUE

AT DELIVERY


CUMULATIVE SPEND OF DRILLING VESSELS

$82M JACKUP REVENUE

AFTER 25 YEARS

$371M FLOATER REVENUE

AFTER 25 YEARS

2,550 2,627

3,123

3,895

5,278 5,703

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

0

2000

4000

6000

2009 2010 2011 2012 2013 2014

Billi

ons

©2014 NOV 47

Rig Aftermarket Historical Financials

HEADCOUNT

Rig Aftermarket Growth

REVE

NU

E

OP$


AVERAGE

YEAR OVER YEAR

MID-TEENS REVENUE GROWTH

AVERAGE

27.5% OPERATING

PROFIT ANNUALLY



115% 130% 200bps

KEY ASSUMPTIONS

GROWING INSTALLED BASE

200% GROWTH IN NUMBER OF SPS

Expectations from 12/31/2013 through 2019 NOV Rig Aftermarket

©2014 NOV

Long-term order fundamentals remain STRONG

LAND RIG STRENGTH now and in the future

INSTALLED BASE is strong competitive advantage

Mid-teens REVENUE GROWTH in Aftermarket

Land and Aftermarket OFFSETS Offshore cooling in 2015 - 2016

NOV Rig Systems & Aftermarket



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NOV Rig Systems & Aftermarket©2014 NOV Vertical Integration (slide 1 here) Drilling Rig Supply Chain Vertical Integration NOV Rig Systems & Aftermarket | 21 ©2014 NOV 22 CONSISTENTLY