NOV options, page-4

Thanks for the summary on all the current NOV options - as there is obviously quite a few different options that have been issued over the past few years!!

As a long term NOV holder that is (and remains) bullish on this business, I have generally been OK with the high number of different options that have been issued over the years.

Except for the last 15 million x 20 cent options that were issued a month or so ago - which have now decreased to 13 million x 20 cent options with Abigails resignation from the NOV board.

Whilst they have done a good job to this point, I felt that NOV management (& Peter Cook) have taken advantage of some extreme negative macro conditions around the world - to issue themselves a massive amount of low priced (20 cent) options.

IMO this was really opportunistic & greedy (as they are already being remunerated well for a company with a market cap of only around $70m), and it certainly dented some of the confidence that I have in this management team.

Whilst these options will put some further funds into the NOV account, IMO there is no way that a 20 cent strike price can be justified by PC & his team?

Especially as they must have known at the time just how close the RADI was to being issued.

Still think NOV will be a cash flow positive & highly profitable & much bigger market cap company at some point, but was definitely not happy with this massive amount of low priced options being issued to management a month or so ago

Hopefully this quarterly shows the resumption of strong revenue growth, and I am really hoping that it also continues with the progress towards this business being cash flow positive.

Taking the approximately $3m in annual costs of the "banking team / business" out of the quarterly expenses should definitely assist this business to get to cash flow positive sooner.

Hope 2023 is a great year for everyone