NOV's iNOVaTHERM drilling waste unit brings efficiency to offshore operations in Guyana. NOV has reached a significant milestone in offshore waste management: the commissioning of its iNOVaTHERM(TM) portable treatment unit in Guyana, the first installation of this technology in the Western Hemisphere. The unit arrives as drilling activity continues to grow offshore Guyana, driving demand for solutions that recover more value from spent drilling fluids while reducing the cost and complexity of waste handling. The iNOVaTHERM unit is a compact, indirect thermal treatment system designed to process drilling waste. At its core is an innovative non-frictional heating process that maintains consistent treatment temperatures while reducing energy consumption. Quick startup and shutdown times help minimize nonproductive time, while the unit's modular, plug-and-play design simplifies installation and reduces footprint requirements. Wider processing flexibility at lower costs. Proven in offshore drilling operations in Angola and the North Sea, iNOVaTHERM processes a broad range of waste streams from mud plant operations, including contaminated drill cuttings, oil-based muds, oily sludges, and slops. Its higher throughput capacity, lower maintenance requirements, and reduced manpower needs contribute to lower operating costs and improved reliability. Historically, waste treatment in Guyana faced a significant challenge: legacy systems could not process the large volumes of liquids returning from drilling operations. As a result, much of that material was packed, loaded onto vessels, and shipped to Trinidad for storage - adding considerable cost, time, and logistical risk. Each transport vessel required an estimated three-day turnaround per load. iNOVaTHERM changes that model by enabling more waste to be processed locally. By reducing the need to transport waste between countries, operators can lower logistics and disposal costs, improve operational safety, and reduce emissions associated with marine transport. "iNOVaTHERM follows a 'waste in, no waste out' management philosophy for drilling waste," said Jason Clark, Senior Director, US, NOV Brandt Operations. "Every bit of the solids waste material is recovered and reused, while water is recovered for treatment and discharge back into the country's waterway." The unit consistently delivers less than 0.1% oil-on-cuttings (OOC) while recovering base oil and water from drilling waste streams. Early results show promise. The iNOVaTHERM unit was installed in early 2026 at the quayside waste management facility, onshore in Guyana, and commissioned in April. Following commissioning, the facility has been operated by a 100% Guyanese national workforce, aligning with NOV's commitment to supporting local capability and quality jobs in the regions where Offshore Source operate. Early performance has been promising. The facility currently processes approximately 100 metric tons of drilling waste per day, two to four times the volumes previously processed using legacy equipment, while recovering more than 99% of base oil from drilling waste. The iNOVaTHERM unit produces water, clean base oil that can be reused in drilling operations, and dry inert solids that can be repurposed as weighing agents for offshore, top hole drilling muds - supporting a circular approach to drilling fluid management. Broader onshore applications abound. The iNOVaTHERM unit's initial success in Guyana offers new possibilities for operators looking to lower costs, reduce transportation, and improve environmental performance. "The Guyana operation is proving that iNOVaTHERM's ability to drive greater efficiencies and lower costs offshore translates easily to onshore operations as well," said Cesar Valasco, Sr. VP Global Operations, WellSite Services. "We're confident that iNOVaTHERM can show similar promise on many onshore North American drilling operations." As operators continue seeking technologies that reduce waste movement, recover valuable drilling fluids, and improve safety and environmental outcomes, iNOVaTHERM offers a practical model for the next generation of drilling waste management.

NOV, an oilfield equipment manufacturer, reported second-quarter revenue of $2.13 billion, topping analyst expectations of $2.08 billion despite a 2.5% year-on-year decline. The company's GAAP profit of $0.31 per share significantly exceeded consensus estimates of $0.16 per share. Adjusted EBITDA reached $283 million, beating analyst forecasts of $200.9 million with a 13.3% margin. Operating margin improved to 9%, up from 6.5% in the same quarter last year. However, free cash flow turned negative at -$64 million, down from $108 million in the prior-year quarter. Other production declined 14.9% year on year. Chairman, President, and CEO Jose Bayardo attributed the results to "outstanding execution" amidst improving industry fundamentals. The company has a market capitalisation of $7.35 billion.