National Oilwell Varco 2009 Annual Report Download - page 12

Download and view the complete annual report

Please find page 12 of the 2009 National Oilwell Varco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 163

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163


%%3"&)"#3-.8.)4(")6"-'("88(*&%"#'84'.*%&88&-)#.-'%,#'.%(9.'3"%%&)2,0%&#,'.%(97"88("%?&#&-)#.6+,-&"(9+%"(($%"
+$6+&-)#.6+,-&"(9-,'&.-,8.&8#.6+,-&"(96,=.%,-*&-*"+"-*"-'.&8,-*),(#.6+,-&"(9($++84('.%"(9,-*+&+"%$--&-)("%?&#"+%.?&*"%("6,-*2.%&'(
+%.*$#'(&(('%.-)84*"+"-*"-'$+.-#,+&',8(+"-*&-)+8,-(04.&8,-*),(#.6+,-&"(,-**%&88&-)#.-'%,#'.%(9,-*'3"8"?"8.2.&8,-*),(7"88*%&88&-)
,#'&?&'4
3"+%.*$#'(.2'3"&)"#3-.8.)4)%.$+,%"(.8*&-3&)384#.6+"'&'&?"6,%5"'(,-*&'((,8"(,-*",%-&-)(#,-0",22"#'"*04#.6+"'&'&?",#'&.-(($#3,(
+%&#"#3,-)"(9-"7+%.*$#'*"?"8.+6"-'9.%&6+%.?"*,?,&8,0&8&'4,-**"8&?"%43")%.$+@(+%&6,%4#.6+"'&'.%(,%"##"((&8..8(K5"%.8$'&.-(K
6"%&#,- 8.#5K .6#.K,-%&)/,*&?&(&.-.2,0.%(-*$('%&"(1K,?&-(&8..8(K,6"%.-K"-.-&8..8(K.%$6&82&"8*"#3-.8.)&"(KF"-"%,8
8"#'%&#K&'"#%&88&-)!%.*$#'(K.-)$,K$&(6,-KK/,*&?&(&.-.2.7,-.6+,-&"(1KI8"#'%&#K"(#..%+.%,'&.-K>&%'3I F60K
'"7,%'I'"?"-(.-9-#K%.7--"%)4"#3-.8.)&"(K$-'&-)(9'*KE,-.&8K!,%?""--*$('%&"(K,-*>",'3"%2.%*-'"%-,'&.-,89-#,-,)"6"-'
0"8&"?"('3,''3"+%&-#&+,8#.6+"'&'&?"2,#'.%(,22"#'&-)&'(&)"#3-.8.)40$(&-"((,%"+"%2.%6,-#"9;$,8&'49%"+$','&.-9#$('.6"%("%?&#"9,?,&8,0&8&'4.2
+%.*$#'(9(+,%"+,%'(9,-*#.-($6,08"(90%",*'3.2+%.*$#'8&-",-*+%&#"
/+54+;A5==
3".6+,-4+%.?&*"(,0%.,*%,-)".2($++.%'";$&+6"-'9(+,%"+,%'(9#.-($6,08"(,-*("%?&#"('3%.$)3'3"!"'%.8"$6"%?&#"(I$++8&"((")6"-'3"
!"'%.8"$6"%?&#"(I$++8&"()%.$+("88(*&%"#'84,-*+%.?&*"(,?,%&"'4.2'$0$8,%("%?&#"(9#.6+.(&'"'$0&-)9,-*#.&8"*'$0&-)'..&8,-*),(+%.*$#"%(9
-,'&.-,8.&8#.6+,-&"(9*%&88&-)#.-'%,#'.%(97"88("%?&#&-)#.6+,-&"(9,-*'$0$8,%+%.#"((.%(96,-$2,#'$%"%(,-**&('%&0$'.%(3"("&-#8$*"&-(+"#'&.-,-*
%"#8,6,'&.-("%?&#"(2.%*%&88+&+"9#,(&-)9+%.*$#'&.-'$0&-)9($#5"%%.*(,-*8&-"+&+",'*%&88&-),-*7.%5.?"%%&)8.#,'&.-(9,'4,%*(.7-"*04&'(
#$('.6"%(9,'('""86&88(,-*+%.#"((&-)2,#&8&'&"('3,'6,-$2,#'$%"'$0$8,%)..*(9,-*,'2,#&8&'&"(73&#3&'.7-(3")%.$+,8(.+%.?&*"(&-'"%-,8#.,'&-).2
'$0$8,%)..*(,'("?"%,8#.,'&-)+8,-'(7.%8*7&*",-*'3%.$)38&#"-(""(&-#"%',&-8.#,'&.-(**&'&.-,8849'3".6+,-4*"(&)-(96,-$2,#'$%"(,-*("88(3&)3
+%"(($%"2&0"%)8,((,-*#.6+.(&'"'$0$8,%(2.%$("&-#.%%.(&?",++8&#,'&.-(,-*#.&8"*'$0&-)2.%$("&-7"88("%?&#&-),++8&#,'&.-(,-*#.--"#'&.-(2.%8,%)"
*&,6"'"%#.-*$#'.%+&+"
3".6+,-4@(#$('.6"%(%"84.-'$0$8,%&-(+"#'&.-("%?&#"('.,?.&*2,&8$%".2'$0&-)9#,(&-)928.78&-"(9+&+"8&-"(,-**%&88+&+"$#3'$0$8,%2,&8$%"(,%"
"<+"-(&?",-*&-(.6"#,("(#,',('%.+3&#3".6+,-4@(#$('.6"%(%"84.-&-'"%-,8#.,'&-)(.2'$0$8,%)..*('.+%.8.-)'3"$("2$88&?"(.2'$0$8,%(,-*'.
&-#%",("'3"?.8$6"'%&#'3%.$)3+$'.2&-("%?&#"'$0$8,%)..*(3".6+,-4@(#$('.6"%((.6"'&6"($("2&0"%)8,((.%#.6+.(&'"'$0$8,%(&-8&"$.2
#.-?"-'&.-,8('""8'$0$8,%(9*$"'.'3"#.%%.(&.-%"(&(',-'+%.+"%'&"(.22&0"%)8,((,-*.'3"%#.6+.(&'"6,'"%&,8($0$8,%&-(+"#'&.-,-*#.,'&-)("%?&#"(,%"
$("*6.('2%";$"-'84&-.+"%,'&.-(&-3&)3'"6+"%,'$%"9*""+9#.%%.(&?".&8,-*),("-?&%.-6"-'(-("8"#'&-),+%.?&*"%.2'$0$8,%&-(+"#'&.-,-*'$0$8,%
#.,'&-)("%?&#"(9.&8,-*),(.+"%,'.%(#.-(&*"%($#32,#'.%(,(%"+$','&.-9"<+"%&"-#"9'"#3-.8.)4.2+%.*$#'(.22"%"*9%"8&,0&8&'4,-*+%&#"
3".6+,-4@(!"'%.8"$6"%?&#"(I$++8&"()%.$+,8(.+%.?&*"(+%.*$#'(,-*("%?&#"('3,',%"$("*&-'3"#.$%(".2*%&88&-).&8,-*),(7"88(3"
.7-3.8"..8(0$(&-"((("88(,-*%"-'(0&'(9*%&88&-)6.'.%(,-*(+"#&,8&L"**.7-3.8"'..8('3,',%"&-#.%+.%,'"*&-'.'3"*%&88('"6*$%&-)*%&88&-)
.+"%,'&.-(/A.7-3.8"..8(B19,-*,%",8(.$("**$%&-)2&(3&-)97"88&-'"%?"-'&.-9%""-'%49,-*7"88#.6+8"'&.-.+"%,'&.-(3">"88(&'""%?&#"(0$(&-"((
+%.?&*"(+%.*$#'(,-*("%?&#"(($#3,(*%&88&-)28$&*(93&)384"-)&-""%"*(.8&*(#.-'%.8";$&+6"-'97,('"3,-*8&-),-*'%",'6"-'9#.6+8"'&.-28$&*(9+.7"%
)"-"%,'&.-";$&+6"-'9,-*.'3"%,-#&88,%47"88(&'"";$&+6"-',-*("%?&#"(>"88(&'""%?&#"(&(,8(."-),)"*&- ,%&$6$82,'"/A0,%&'"B16&-&-).+"%,'&.-(
&-'3"','".2"?,*, ,%&'"&(,-&-"%'+.7*"%6,'"%&,8$("*,('3"+%&6,%47"&)3'&-),)"-'&-*%&88&-)28$&*(**&'&.-,8849"22&#&"-'("+,%,'&.-.2*%&88
#$''&-)("-,08"('3"%"$(".2.2'"-#.('84*%&88&-)28$&*(3"!$6+(I<+"-*,08"(0$(&-"((+%.?&*"(#"-'%&2$),89%"#&+%.#,'&-)9,-*+%.)%"((&-)#,?&'4
+$6+(,-*+$6+"<+"-*,08"(/A!$6+(I<+"-*,08"(B1&-'.'3")8.0,8.&8,-*),(,-*&-*$('%&,86,%5"'(
%1-3".6+,-4&("-),)"*&-'3"+%.?&(&.-.23&)384"-)&-""%"*";$&+6"-'9+%.*$#'(,-*("%?&#"(73&#3("+,%,'",-*
6,-,)"*%&88#$''&-)(+%.*$#"*04'3"*%&88&-)+%.#"((/A.8&*(.-'%.8B1%&88#$''&-)(,%"$($,884#.-',6&-,'"*7&'3+"'%.8"$6.%*%&88&-)28$&*(9,-*6$('
0"*&(+.("*.2&-,-"-?&%.-6"-',884(.$-*6,--"%
2 3".6+,-4,#;$&%"*'3"+&%&')%.$+.2#.6+,-&"(&-,4/A+&%&'B1,-*60,%&-C,-$,%4 .'3,%""-),)"*&-'3"+%.?&(&.-
.2*%&88&-)28$&*(9#.6+8"'&.-28$&*(,-*.'3"%%"8,'"*("%?&#"(3&(*&?&(&.-&(,8(."-),)"*&-0,%&'"6&-&-).+"%,'&.-(%&88&-)28$&*(,%"*"(&)-"*,-*$("*
'.6,&-',&-7"880.%"(',0&8&'473&8"*%&88&-)9#.-'%.8*.7-3.8"+%"(($%"9*%&880&'8$0%&#,'&.-9,-*,(,*%&88#$''&-)(*&(+8,#"6"-'6"*&$6.6+8"'&.-28$&*(
,%"$("*'.#8",-'3"7"880.%",-*('&6$8,'"+%.*$#'&.-
'"'&3",#;$&(&'&.-.2>"8#3,8"(,-*"%?&#"9-#&-+8,#"*>"88(&'""%?&#"(&-'3"+.7"%)"-"%,'&.-,-*'"6+"%,'$%"#.-'%.80$(&-"((
3"!.%',08"!.7"%*&?&(&.-+%.?&*"(%"-',8";$&+6"-'2.%$("&-'3"$+('%",6.&8,-*),(&-*$('%49%"2&-"%4,-*+"'%.#3"6&#,89#.-('%$#'&.-9"?"-'(9*&(,('"%
%"8&"2,-*.'3"%&-*$('%&"(

