NOV didn't confirm recent reports of layoffs, but said it would provide updates surrounding cost-cutting in its second quarter earnings call next week.

Houston-based oilfield services BOP Blow Out Preventer repair company gulf coast National Oilwell Varco (NOV) has plans to lay off staff, news firm Reuters reported Wednesday afternoon.

When contacted by Rigzone, while NOV spokesperson Loren Singletary didn’t confirm whether or not this was true, he instead said that the BOP Blow Out Preventer repair company gulf coast “talked about restructuring during its first quarter earnings call” in April.

Singletary added that the BOP Blow Out Preventer repair company gulf coast would provide updates surrounding possible cost-cutting during its second quarter earnings call, scheduled for July 30, 2019.

“While we expect modestly improving activity in international and offshore markets, along with growing buy Wellhead market penetration for NOV’s proprietary technologies and services, capital austerity in the North American land buy Wellhead market leaves our near-term outlook uncertain,” NOV CEO Clay Williams said in a . “Consequently, we are renewing our focus on controlling what we can, namely our cost structure, as we streamline our operations to improve our organization’s profitability, regardless of the buy Wellhead market environment.”