NOV to roughly double the capacity of its manufacturing facility in Brazil over the next three years to support anticipated demand$200 million capital expansion positions NOV to capture expected growth in offshore

NOV Announces Expansion of Subsea Flexible Pipe Manufacturing Capacity to Support Growing Demand

NOV Announces Major Capacity Expansion in Brazil Amid Rising Offshore Demand

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  <section data-block="information">
    <h3>Information</h3>
    <p>NOV to roughly double the capacity of its manufacturing facility in Brazil over the next three years to support anticipated demand$200 million capital expansion positions NOV to capture expected growth in offshore</p>
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  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>NOV is investing $200 million to double its subsea flexible pipe manufacturing capacity in Brazil, responding to increased offshore development demand and a strong backlog extending into 2028. This expansion also opens doors for new technology introductions, including solutions for high-CO₂ applications, positioning NOV favorably for future growth.</p>
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  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>NOV plans to double manufacturing capacity in Brazil over three years.</li><li>The $200 million investment targets offshore development and high-CO₂ solutions.</li><li>Current facilities face high utilization and backlog extending to 2028.</li><li>Market demand for deepwater resources and replacements is rising significantly.</li><li>NOV expands opportunities for CO₂-resistant technology in subsea applications.</li></ul>
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  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Petrobras (PBR)</strong>: Supports NOV&#039;s expansion, enhancing local manufacturing capabilities critical for offshore targets.</li></ul>
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  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>This news fits the &#039;Corporate Developments&#039; category as it details a significant capital investment aimed at expanding operational capacity. Such growth initiatives are vital for sustaining competitiveness in the energy sector and aligning with market demand trends.</p>
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  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>The $200 million investment indicates strong commitment to future growth in offshore production.</li><li>High utilization rates suggest NOV is well-positioned to capitalize on upcoming market demands.</li><li>Partnership with Petrobras may enhance NOV&#039;s market share in subsea flexible pipes.</li><li>Innovations in CO₂ resistance could attract new customers in environmentally stringent markets.</li></ul>
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  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>Investment will double capacity at the Açu facility by late 2029.</li><li>The expansion includes an increase of $50 million to the 2026 capital expenditure plan.</li><li>Backlog at current facilities stretches into 2028, highlighting strong demand.</li><li>Petrobras supports NOV&#039;s investment as the largest consumer of flexible pipe.</li><li>Expansion aligns with anticipated offshore resource development increases.</li></ul>
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  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Consider buying NOV shares as expansion may drive significant revenue growth in coming years.</p>
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<link type="text/css" rel="stylesheet" href="https://www.globenewswire.com/styles/gnw_nitf.css"></link><ul type="disc"><li style="margin-bottom:10pt; text-align:justify;">NOV to roughly double the capacity of its manufacturing facility in Brazil over the next three years to support anticipated demand</li><li style="margin-bottom:10pt; text-align:justify;">$200 million capital expansion positions NOV to capture expected growth in offshore development activity and advance solutions for high-CO₂ applications</li><li style="margin-bottom:10pt; text-align:justify;">Sustained high utilization and strong backlog across existing facilities support the need for additional capacity<br></br><br></br></li></ul>  <p align="justify">HOUSTON, March  25, 2026  (GLOBE NEWSWIRE) -- NOV Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/quote/NOV">NOV</a>) today announced plans to roughly double the capacity of its subsea flexible pipe manufacturing facility in Açu, Brazil, through a $200 million investment over the next three years.</p>  <p align="justify">"We are expanding our subsea flexible pipe manufacturing facility in Açu, Brazil to support what we see as sustained, long-term demand," said Jose Bayardo, Chairman, President and Chief Executive Officer of NOV. "Along with our key customers, we believe this investment is critical to meeting growing demand driven by deepwater developments and an expected replacement cycle for flexible pipe installations.</p>  <p align="justify">"Our current manufacturing capacity has been operating at or near full utilization and has a backlog that stretches well into 2028. With the anticipated increase in the development of offshore resources, we believe that the industry's current capacity will be insufficient to meet demand at the end of this decade and into the 2030s without the additional capacity we plan to bring online in late 2029.</p>  <p align="justify">"This expansion also positions NOV to introduce new technologies, including our CO₂-resistant subsea flexible pipe designed for high-CO₂ applications, which has the potential to expand the market for flexible pipe.</p>  <p align="justify">"NOV is uniquely positioned to lean into this compelling growth opportunity as our facility in Açu was originally designed to be able to complete this type of expansion at a fraction of the cost of building a greenfield plant with comparable capacity."</p>  <p align="justify">Flavio Bretanha, Executive Manager for Subsea Systems at Petrobras, stated, "As the world's largest consumer of subsea flexible pipe, we support NOV's investment in Brazil, which expands local manufacturing capacity. Subsea flexible pipe is a critical component in enabling Petrobras to achieve its offshore production targets, consistent with our broader production strategy. NOV has long served as a trusted partner for Petrobras, and we look forward to continuing our collaboration to advance technologies that enhance reliability, safety, and operational performance."</p>  <p align="justify">The $200 million investment plan will result in an approximately $50 million increase to the Company's 2026 capital expenditure plan.</p>  <p align="justify"><strong>About NOV</strong></p>  <p align="justify">NOV delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely and efficiently produce abundant energy while minimizing environmental impact. NOV powers the industry that powers the world.</p>  <p align="justify"><strong>Cautionary Statement for the Purpose of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act of 1995</strong></p>  <p align="justify">Statements made in this press release that are forward-looking in nature are intended to be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from the actual future events or results. Readers are referred to documents filed by NOV with the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements. These statements speak only as of the date of this document, and we undertake no obligation to update or revise the statements, except as may be required by law.</p>  <p align="justify">Visit <a href="https://www.globenewswire.com/Tracker?data=iWMc7EzokoHd2wdUMltxwlC2T4-hriTBYYr0RFh-fgaXcg1IkXnzbHSi5T6pMCHECF6_ziB30L62TbZF-WruwA==" rel="nofollow" target="_blank">www.nov.com</a> for more information.</p>  <p align="justify">Source: NOV Inc.</p>  <p><strong>CONTACT:<br></br></strong>Amie D'Ambrosio<br></br>Director, Investor Relations<br></br>(713) 375-3826<br></br>amie.dambrosio@nov.com</p> <img alt="" class="__GNW8366DE3E__IMG" src="https://www.globenewswire.com/newsroom/ti?nf=OTY3ODIwNiM3NTAyNDYzIzIwMDk4MTA="></img> <br></br><img alt="" src="https://ml.globenewswire.com/media/MGExZWE2NmUtZGVmNi00NGY1LTllNWItZWIzZGQ0YzBlYTY5LTEwMjEzODMtMjAyNi0wMy0yNS1lbg==/tiny/National-Oilwell-Varco-L-P-.png" referrerpolicy="no-referrer-when-downgrade"></img><p><a href="https://www.globenewswire.com/NewsRoom/AttachmentNg/16e37aba-5893-4717-9aef-d858fd8872bf"><img src="https://ml.globenewswire.com/media/16e37aba-5893-4717-9aef-d858fd8872bf/small/nov-logo-rgb-full-color-png.png" border="0" width="150" height="55" alt="Primary Logo"></img></a></p>

NOV is investing $200 million to double its subsea flexible pipe manufacturing capacity in Brazil, responding to increased offshore development demand and a strong backlog extending into 2028. This expansion also opens doors for new technology introductions, including solutions for high-CO₂ applications, positioning NOV favorably for future growth.

NOV Announces Expansion of Subsea Flexible Pipe Manufacturing Capacity to Support Growing Demand

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