NOV Appoints Patricia Melcher to the Board of Directors

Rhea-AI Summary

NOV Inc. (NYSE: NOV) announced the appointment of Patricia B. Melcher to its Board of Directors, effective January 17, 2024. Ms. Melcher, a Managing Partner of EIV Capital, brings decades of energy-focused private equity experience. With her extensive background in the energy industry, she is expected to provide valuable insights in capital allocation and governance to empower the energy industry to create value for NOV shareholders.

HOUSTON--(BUSINESS WIRE)-- NOV Inc. (NYSE: NOV) announced today that Patricia B. "Patti" Melcher has been appointed to the Company’s Board of Directors, effective January 17, 2024. Ms. Melcher is currently a Managing Partner of EIV Capital, an energy-focused private equity firm she co-founded in 2009.

“We are pleased to welcome Patti to our board of directors and look forward to her contributions and insights in capital allocation and governance,” said Clay Williams, Chairman, President, and Chief Executive Officer. “Patti is an outstanding business leader who brings decades of oilfield service and sustainable energy investing experience to our board, who will help guide our innovations to empower the energy industry to create value for NOV shareholders.”

Prior to co-founding EIV Capital, Ms. Melcher founded Allegro Capital Management in 1997, an investment firm which made equity investments in energy companies and provided consulting services. During her tenure at Allegro, she served as interim chief executive officer for Petrocom Energy Group from 2003 to 2004. Ms. Melcher joined SCF Partners at its formation to focus on private equity investments in the oilfield services sector and held positions of increasing responsibility from 1989 to 1994. Ms. Melcher has over 35 years of energy business experience, beginning her career as an investment banker for Simmons & Company International in 1986. Ms. Melcher received a Bachelor of Science in Systems Engineering from the University of Virginia and a Master of Business Administration from Harvard University.

With the appointment of Ms. Melcher, NOV Inc.’s board of directors is now composed of nine directors, eight of whom are independent members.

About NOV

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 produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world.

Visit www.nov.com for more information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240116585559/en/

Amie D’Ambrosio

Director, Investor Relations

(713) 375-3826

amie.dambrosio@nov.com

Source: NOV Inc.

FAQ

Who has been appointed to NOV Inc.'s Board of Directors?

Patricia B. 'Patti' Melcher has been appointed to NOV Inc.'s Board of Directors.

What is the effective date of the appointment?

The effective date of the appointment is January 17, 2024.

What is the ticker symbol for NOV Inc.?

The ticker symbol for NOV Inc. is NYSE: NOV.

What is the role of Patricia B. Melcher at EIV Capital?

Patricia B. Melcher is currently a Managing Partner of EIV Capital, an energy-focused private equity firm she co-founded in 2009.

What is the educational background of Patricia B. Melcher?

Patricia B. Melcher received a Bachelor of Science in Systems Engineering from the University of Virginia and a Master of Business Administration from Harvard University.

How many directors are on NOV Inc.'s board?

NOV Inc.’s board of directors is composed of nine directors, eight of whom are independent members.