WASHINGTON, April 30. /TASS/. National Oilwell Varco (NOV) halted new investments and limited their operations in Russia in view of developments around Ukraine, the US-based company specializing in oil and gas drilling and production equipment said in its quarterly report.
"In response to additional sanctions enacted by governments in the European Union, the United States, the United Kingdom, Switzerland, and other countries as a result of active armed conflict in Ukraine, we ceased new investments in Russia and have curtailed our activities in Russia," NOV said. "We are actively examining our alternatives, including the potential to further curtail our activities, sell some or all of our businesses, or wind down our remaining operations in Russia and Belarus," the company noted.
"We also may incur severance costs as a result of conditions in Russia and Belarus," NOV said. The company said. NOV recognized impairment and other charges of $41 million for the quarter ending March 31, 2022 as a consequence of the conflict in Ukraine and related sanctions on Russia and Belarus. "The Company has approximately $30 million in remaining assets and $67 million in currency translation losses related to Russia and Belarus recorded in accumulated other comprehensive loss as of March 31, 2022," NOV added.