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NOV employees from across the company met in 2020 at the GustoMSC office in Schiedam, the Netherlands, to take part in a discussion about the future of the energy supply and how we can make a positive contribution to the energy transition. Where do we stand nowadays, and how can the collaboration of the various NOV disciplines create new sustainable solutions? Assaad Mohanna (NOV Director Business Strategy) and Nils van Nood (GustoMSC Managing Director and VP Business Development for NOV Marine & Construction) reflected together with Michael Gaines (NOV Interviewer) on the discussions held and discussed the future of the energy market. Watch the video to get a glimpse of what the day looked like

Starting Point for a Tipping Point

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June 2020 Reading time: 2 min

When the teams came together at the GustoMSC office, what did you find most interesting, insightful, or inspiring? Assaad Mohanna: My most inspiring takeaway from the event was how self-motivated participants in that meeting were. Everyone acted as an ambassador of the energy transition for their business or segment. Participants volunteered and chose to take time away from their jobs to participate. Nils van Nood: I arrived at a much better understanding of the depth and the volume of NOV’s competency across all the topics we discussed. And, especially for me, the insight into the technology of geothermal hydrogen and carbon capture made me realize that there is a lot more to be gained in the NOV organization. As you talk to some of the customers that NOV has, what trends do they experience in their businesses? AM: It’s important to explore what our capabilities are in developing technology, but more importantly, to address what our customers and energy are doing and asking for. We’ve identified areas in which our customers are active and that are interesting to us, as well as areas where our existing technology can add value. We do see that our current customers are active in a wide range of areas. For example, some oil companies are already invested heavily in the broader field of clean energy through wind and solar farms. NvN: Alignment is key between NOV technology and the demands from new markets. When we understand the demands, we can anticipate the developments. A lot can be gained this way. I’m a strong believer that NOV can develop any solution that the market wants. It’s about finding the right problem to solve and the right topic to address. That is why we closely monitor the markets to see how they are developing and work in close cooperation with our clients. Which opportunities can NOV develop in the field of the energy transition? AM: NOV has always been a large player in oil and gas, but that is not because we’re an oil and gas company, but because our expertise lies in building large and complex machines that can move with very high precision and consistency, whilst delivering high-quality performance. This requires a unique set of skills that is transportable from the oil and gas industry into clean energy harvesting. However, the oil and gas industry is where our focus has traditionally been. Capital intensity is one parallel that can be drawn in the renewable industry with oil and gas, and that is where NOV offers added value. NvN: The energy transition is heavily supported by smart technology and equipment. A challenge in which NOV can make a positive impact. We aim to create the ideas and innovations that our clients need to move forward as the global energy transition takes hold. We need to create solutions to produce energy as efficiently as possible while minimizing the impact on the environment. The key piece here is the alignment between NOV technology and the demands from the newer markets. We are experienced in offshore wind; we know what we are doing, and we see the potential. We are here to extend our offshore efforts, together with our NOV colleagues and our clients, to a global scale. What stood out for you from bringing teams together to collaborate, talking about the future, and the horizon for NOV? AM: As an enabler in the oil and gas industry, NOV evolved over the years, and that has shaped and reshaped effective ways to develop an oil field. What makes NOV effective in the clean energy world is the permeability of the boundaries between disciplines at NOV. The ability of businesses to tap into the company-wide resources and develop technology jointly, no matter how far disciplines are apart. NvN: We found it challenging to develop the right business model for floating wind for NOV: how to develop a business model for NOV as a whole, to benefit most. What I found interesting is that participants enthusiastically took on that challenge and offered their help and assistance. My takeaway is that there’s so much competency, quality, and insight within the organization. It’s encouraging to see people joining forces and trying to determine the best way to support new markets. For the energy transition, we all agree; it’s not about completely replacing oil and gas; it’s a transition. It’s not a question of whether we must change; it’s a great opportunity for us to capitalize on and apply our advanced technologies in supporting the energy transition to everybody’s benefit.

Torgeir Ramstad EVP Vessels & Offshore Resources | Seaway7