Depending on your department can be a great place to develop as an engineer.
Pros
NOV has a lot of very independent departments. The department I work is really good at recognizing, developing, and rewarding engineering talent. We produce some of the best equipment in the world and everyone in the industry recognizes the name and usually says 'oh, that's a really good company' when I tell them where I work. Work life balance is OK The work is very interesting. In 2009 when everybody was in a downturn NOV had the money to develop new products so when in 2010 the market picked back up we were in a great position. There is always money to develop very cool expensive products. Benefits are great. For salaried employees bonus plan is great, although overtime pay would be better.
Cons
NOV has a lot of very independent departments. I can be hard to know what is going on in the rest of the company if you don't try to meet others. There are some politics that have to be played but it is not nearly as bad as some large companies.