NATIONAL OILWELL VARCO UK LIMITED
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Next accounts due
2026-09-30 (in 4mo)
Last filed for 2024-12-31
Confirmation statement due
2026-09-13 (in 4mo)
Last made up 2025-08-30
Watchouts
None on the register
Cash
£148M
+251.5% highest in 3 filed years
Net assets
£318M
-0.4% vs 2023
Employees
1,980
+7.7% highest in 3 filed years
Profit before tax
-£6M
-155.9% vs 2023
Net assets
5-year trend · vs Energy median
Accounts
5-year trend · latest reflected 2024-12-31
| Metric | Trend | 2022-01-01 | 2022-12-31 | 2023-01-01 | 2023-12-31 | 2024-12-31 |
|---|---|---|---|---|---|---|
| Turnover | — | £302,138,000 | — | £374,554,000 | £374,128,000 | |
| Operating profit | — | £18,323,000 | — | £2,109,000 | -£1,472,000 | |
| Profit before tax | — | -£9,733,000 | — | £10,140,000 | -£5,671,000 | |
| Net profit | — | -£13,119,000 | — | £17,431,000 | -£1,448,000 | |
| Cash | — | £49,925,000 | — | £42,211,000 | £148,362,000 | |
| Total assets less current liabilities | — | £822,078,000 | — | £837,370,000 | £837,245,000 | |
| Net assets | — | £302,886,000 | — | £319,664,000 | £318,290,000 | |
| Equity | £316,978,000 | £302,886,000 | £302,886,000 | £319,664,000 | £318,290,000 | |
| Average employees | — | 1,866 | — | 1,838 | 1,980 | |
| Wages | — | £73,293,000 | — | £74,429,000 | £76,671,000 | |
| Directors' remuneration | — | £259,000 | — | £615,000 | £573,000 |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers
Year-on-year
FY2023 → FY2024 · period ending 2024-12-31 vs 2023-12-31
-
Turnover
-0.1%
£374,554,000 £374,128,000
-
Cash
+251.5%
£42,211,000 £148,362,000
highest in 3 filed years
-
Net assets
-0.4%
£319,664,000 £318,290,000
-
Employees
+7.7%
1,838 1,980
highest in 3 filed years
-
Operating profit
-169.8%
£2,109,000 -£1,472,000
lowest in 3 filed years
-
Profit before tax
-155.9%
£10,140,000 -£5,671,000
-
Wages
+3%
£74,429,000 £76,671,000
highest in 3 filed years
Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2022-01-01 | 2022-12-31 | 2023-01-01 | 2023-12-31 | 2024-12-31 |
|---|---|---|---|---|---|---|
| Operating margin | — | 6.1% | — | 0.6% | -0.4% | |
| Net margin | — | -4.3% | — | 4.7% | -0.4% | |
| Return on capital employed | — | 2.2% | — | 0.3% | -0.2% | |
| Gearing (liabilities / total assets) | — | — | — | 67.1% | 68.6% | |
| Current ratio | — | — | — | 3.44x | 2.88x | |
| Interest cover | — | 0.83x | — | 0.10x | -0.07x |
Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.
Name history
Renamed 3 times since incorporation
- NATIONAL OILWELL VARCO UK LIMITED 2006-07-28 → present
- VARCO LIMITED 2002-01-02 → 2006-07-28
- TUBOSCOPE (UK) LIMITED 1998-01-07 → 2002-01-02
- DREXEL EQUIPMENT(U.K.)LIMITED 1966-03-04 → 1998-01-07
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Standalone (parent only)
- Auditor
- Ernst & Young LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“Based on the results of the going concern assessment, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and have no reason to believe that a material uncertainty exists that may cast significant doubt over the ability of the Company to continue as a going concern. In an unlikely event that the Company requires assistance to meet its financial obligations, the ultimate parent undertaking would be able to provide support to the Company. The Directors have received a letter of support from the ultimate parent undertaking, confirming it will provide financial support to the Company if needed, for a period of 12 months from the date of approval of the balance sheet. The Directors have assessed the ability of the ultimate parent undertaking to provide financial support and are confident that the ultimate parent has adequate cash resources to assist the Company in meeting its liabilities as and when they fall due, if necessary. Accordingly, the Directors continue to adopt the going concern basis in preparing the financial statements.”
Group structure
- NATIONAL OILWELL VARCO UK LIMITED · parent
- AF Global FZE 100%
- Arabian Rig Manufacturing Company 70%
- Big Red Tubulars Limited 100%
- Fjords Processing Limited 100%
- Hebei Huayouyiji Tuboscope Coating Co., Ltd 60%
- Hellenes Limited 100%
- Mono Group Pension Trustees Limited 100%
- Mono Pumps New Zealand Company 100%
- National Oilwell (U.K.) Limited 100%
- National Oilwell Varco Almansoori Services 49%
- NOV Muscat SPC 100%
- NOV Australia Pty Ltd 100%
- NOV Azerbaijan LLC 100%
- NOV Completion and Production Solutions Korea Ltd 100%
- NOV Doha Energy Trading and Services LLC 100%
- NOV Doha Factory for Metal Products LLC 100%
- NOV Downhole Eurasia Limited 100%
- NOV Downhole Kazakhstan, LLP 100%
- NOV Elmar (Middle East) Limited 100%
- NOV Equipment Manufacturing LLC 100%
- NOV Grant Prideco LLC 49%
- NOV Kenya Limited 100%
- NOV Middle East FZE 100%
- NOV Oil & Gas Services Senegal S.A.R.L 100%
- NOV Oil Services Angola Limitada 49%
- NOV Process & Flow Technologies UK Limited 100%
- NOV Products Middle East FZE 100%
- NOV QFZ LLC 100%
- NOV Saudi Arabia Co. Ltd. 100%
- NOV Saudi Arabia Trading Co. Ltd. 100%
- NOV Energy Kuwait for Maintenance of Oil Facilities, Wells, Refineries and Petrochemicals SPC 100%
- NOV Tuboscope Italia S.R.L. 100%
- Pipex Limited 100%
- R&M Singapore Holding LLC 100%
- ReedHycalog UK Limited 100%
- Tuboscope Vetco Capital Limited 100%
- Tubular Coating Solutions Ltd 55%
- Vetco Saudi Arabia Ltd. 100%
Significant events
- “On 12 May 2025 the Company received a dividend of USD $150,000,000 from its subsidiary, NOV Downhole Eurasia Limited. One the same date, the Company declared and paid a dividend of USD $100,000,000 to its sole Shareholder, NOV UK Holdings LLC. There have been no other significant events affecting the Company since the year end.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
3 active · 25 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| QUILTER, Martin John | Secretary | 2024-05-17 | — | — |
| BROUGHTON, Ian | Director | 2023-03-30 | Oct 1969 | British |
| O'NEIL, Christopher Paul | Director | 2020-12-31 | Dec 1973 | British |
Show 25 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| BOYLE, Thomas Douglas | Secretary | 2003-10-16 | 2007-02-28 |
| FLEMING, Alastair James | Secretary | 2011-09-30 | 2013-08-06 |
| LEIGHTON, Katherine Jennifer | Secretary | 2007-02-28 | 2010-10-21 |
| LUMSDEN, Duncan Stordy | Secretary | — | 1996-10-18 |
| MILLETT, Ronald James | Secretary | 1999-10-29 | 2003-10-16 |
| O'NEIL, Christopher Paul | Secretary | 2009-09-11 | 2011-09-30 |
| SLOAN, Alison May | Secretary | 2013-08-06 | 2024-05-17 |
| PAULL & WILLIAMSONS | Corporate Secretary | 1996-10-18 | 2009-04-06 |
| PAULL & WILLIAMSONS LLP | Corporate Secretary | 2009-04-06 | 2011-09-30 |
| BARETT, Dean | Director | — | 1997-07-07 |
| BOYLE, Thomas Douglas | Director | 2003-10-16 | 2011-07-04 |
| FLEMING, Alastair James | Director | 2013-07-31 | 2018-08-31 |
| HARRIMAN, Christopher Donald | Director | — | 1997-07-07 |
| KEENER, David James | Director | 2011-07-04 | 2011-08-03 |
| LOH, Lim Young | Director | — | 1996-05-29 |
| LUMSDEN, Duncan Stordy | Director | 1992-03-05 | 1996-10-18 |
| MC ANALLY, Joe Edwn | Director | — | 1997-07-07 |
| MCCAFFERTY, Francis Bruce | Director | — | 1997-07-07 |
| MILLETT, Ronald James | Director | 1997-07-24 | 2006-02-15 |
| MURRAY, Hector Murdo | Director | — | 1997-07-07 |
| O'NEIL, Christopher Paul | Director | 2011-08-03 | 2015-09-30 |
| OUDENDIJK, Robbert | Director | 2015-09-30 | 2023-03-30 |
| REID, Simon Scott | Director | 2018-07-09 | 2020-12-31 |
| STUART, Peter John | Director | — | 2007-02-28 |
| VALENTINE, Steven Grenville | Director | 2006-02-15 | 2013-08-23 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Nov Inc. | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2021-10-20 | Active |
| Nov Uk Holdings Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2016-04-06 | Ceased 2021-10-20 |
Filing timeline
Last 20 of 234 total filings
Material constitutional events — rename, articles re-file, resolution
- 2025-10-07 RESOLUTIONS Resolution
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2025-10-07 | SH19 | capital | Capital statement capital company with date currency figure | |
| 2025-10-07 | SH20 | capital | Legacy | |
| 2025-10-07 | CAP-SS | insolvency | Legacy | |
| 2025-10-07 | RESOLUTIONS | resolution | Resolution | |
| 2025-09-30 | AA | accounts | Accounts with accounts type full | |
| 2025-09-03 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-01-14 | CH01 | officers | Change person director company with change date | |
| 2024-08-30 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-08-29 | AA | accounts | Accounts with accounts type full | |
| 2024-07-15 | RP04AP03 | officers | Second filing of secretary appointment with name | |
| 2024-06-10 | AP03 | officers | Appoint person secretary company with name date | |
| 2024-06-10 | TM02 | officers | Termination secretary company with name termination date | |
| 2024-04-12 | CH01 | officers | Change person director company with change date | |
| 2023-09-01 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-09-01 | PSC05 | persons-with-significant-control | Change to a person with significant control | |
| 2023-07-17 | AA | accounts | Accounts with accounts type full | |
| 2023-03-31 | AP01 | officers | Appoint person director company with name date | |
| 2023-03-31 | TM01 | officers | Termination director company with name termination date | |
| 2023-01-07 | AA | accounts | Accounts with accounts type full | |
| 2022-09-01 | CS01 | confirmation-statement | Confirmation statement with updates |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 6
- Capital events
- 2
- Officers appointed
- 0
- Officers resigned
- 0
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.