National Oilwell Varco 2009 Annual Report Download - page 125
Download and view the complete annual report
Please find page 125 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.,8&)-ZX%&)3'XYVJ'*YV'*YI\KVJ'*YVJ'%YV'%?,8&)-ZX0.''.6XYV'*YV*&?('48"ZX6,%)&-8"2'+<K'"<'&-*"-'
+<XY"#"&?,08"(VJ*&?YVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*,8&)-ZX%&)3'XYVJ'*YV'*YI\KVJ'*YVJ'%YV'%
?,8&)-ZX0.''.6X('48"ZX0,#5)%.$-*\##""22XYV'*YV*&?('48"ZX6,%)&-8"2'+<K'"<'&-*"-'+<XY(("'(3"8*2.%(,8"9-"'
VJ*&?YVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*,8&)-ZX%&)3'XYVJ'*YV'*YI\KVJ'*YVJ'%YV'%?,8&)-ZX0.''.6XYV'*Y
V*&?('48"ZX6,%)&-8"2'+<K'"<'&-*"-'+<XY-?"-'.%&"(VJ*&?YVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*
,8&)-ZX%&)3'XYVJ'*YV'*YI\KVJ'*YVJ'%YV'%?,8&)-ZX0.''.6X('48"ZX0,#5)%.$-*\##""22XYV'*YV*&?('48"ZX6,%)&-
8"2'+<K'"<'&-*"-'+<XY!%"+,&*,-*.'3"%#$%%"-',(("'(VJ*&?YVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*
,8&)-ZX%&)3'XYVJ'*YV'*YI\KVJ'*YVJ'%YV'%?,8&)-ZX0.''.6XYV'*YV*&?('48"ZX6,%)&-8"2'+<K'"<'&-*"-'
+<XY!%.+"%'49+8,-',-*";$&+6"-'VJ*&?YVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*,8&)-ZX%&)3'XYVJ'*Y
V'*YI\KVJ'*YVJ'%YV'%?,8&)-ZX0.''.6X('48"ZX0,#5)%.$-*\##""22XYV'*YV*&?('48"ZX6,%)&-8"2'+<K'"<'&-*"-'
+<XYF..*7&88VJ*&?YVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*,8&)-ZX%&)3'XY9VJ'*YV'*YI\KVJ'*YVJ'%YV'%
?,8&)-ZX0.''.6XYV'*YV*&?('48"ZX6,%)&-8"2'+<K'"<'&-*"-'+<XY-',-)&08"(VJ*&?YVJ'*YV'*YI\KVJ'*Y
V'*YI\KVJ'*YV'*,8&)-ZX%&)3'XY9VJ'*YV'*YI\KVJ'*YVJ'%YV'%?,8&)-ZX0.''.6X('48"ZX0,#5)%.$-*\##""22XYV'*Y
V*&?('48"ZX6,%)&-8"2'+<K'"<'&-*"-'+<XY-?"('6"-'&-$-#.-(.8&*,'"*,22&8&,'"VJ*&?YVJ'*YV'*YI\KVJ'*Y
V'*YI\KVJ'*YV'*,8&)-ZX%&)3'XYVJ'*YV'*YI\KVJ'*YVJ'%YV'%?,8&)-ZX0.''.6XYV'*YV*&?('48"ZX6,%)&-8"2'+<K'"<'
&-*"-'+<XY'3"%,(("'(VJ*&?YVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*,8&)-ZX%&)3'XYVJ'*YV'*YI\KVJ'*YVJ'%YV'%
?,8&)-ZX0.''.6X('48"ZX0,#5)%.$-*\##""22XYV'*YV*&?('48"ZX6,%)&-8"2'+<K'"<'&-*"-'+<XY##.$-'(+,4,08",-*
,##%$"*8&,0&8&'&"(VJ*&?YVJ'*YV'*YI\KVJ'*YV'*-.7%,+ZX-.7%,+X,8&)-ZX8"2'XYI\KVJ'*YV'*,8&)-ZX%&)3'XY/VJ'*YV'*
-.7%,+ZX-.7%,+XY1VJ'*YVJ'%YV'%?,8&)-ZX0.''.6XYV'*YV*&?('48"ZX6,%)&-8"2'+<K'"<'&-*"-'+<XY##%$"*&-#.6"',<"(
VJ*&?YVJ'*YV'*YI\KVJ'*YV'*-.7%,+ZX-.7%,+X,8&)-ZX8"2'XYI\KVJ'*YV'*,8&)-ZX%&)3'XY/VJ'*YV'*
-.7%,+ZX-.7%,+XY1VJ'*YVJ'%YV'%?,8&)-ZX0.''.6X('48"ZX0,#5)%.$-*\##""22XYV'*YV*&?('48"ZX6,%)&-8"2'+<K'"<'&-*"-'
+<XY.-)'"%6*"0'VJ*&?YVJ'*YV'*YI\KVJ'*YV'*-.7%,+ZX-.7%,+X,8&)-ZX8"2'XYI\KVJ'*YV'*,8&)-ZX%&)3'XY/VJ'*Y
V'*-.7%,+ZX-.7%,+XY1VJ'*YVJ'%YV'%?,8&)-ZX0.''.6XYV'*YV*&?('48"ZX6,%)&-8"2'+<K'"<'&-*"-'+<XY"2"%%"*&-#.6"
',<"(VJ*&?YVJ'*YV'*YI\KVJ'*YV'*-.7%,+ZX-.7%,+X,8&)-ZX8"2'XYI\KVJ'*YV'*,8&)-ZX%&)3'XY/9VJ'*YV'*
-.7%,+ZX-.7%,+XY1VJ'*YVJ'%YV'%?,8&)-ZX0.''.6X('48"ZX0,#5)%.$-*\##""22XYV'*YV*&?('48"ZX6,%)&-8"2'+<K'"<'&-*"-'
+<XY&-.%&'4&-'"%"('VJ*&?YVJ'*YV'*YI\KVJ'*YV'*-.7%,+ZX-.7%,+X,8&)-ZX8"2'XYI\KVJ'*YV'*,8&)-ZX%&)3'XY/VJ'*Y
V'*-.7%,+ZX-.7%,+XY1VJ'*YVJ'%YV'%?,8&)-ZX0.''.6XYV'*YV*&?('48"ZX6,%)&-8"2'+<K'"<'&-*"-'+<XY'3"%8&,0&8&'&"(
VJ*&?YVJ'*YV'*YI\KVJ'*YV'*-.7%,+ZX-.7%,+X,8&)-ZX8"2'XYI\KVJ'*YV'*,8&)-ZX%&)3'XY/VJ'*YV'*
-.7%,+ZX-.7%,+XY1VJ'*YVJ'%YV'%('48"ZX2.-'(&L"+<XYV'*YV*&?('48"ZX6,%)&-8"2'+<K'"<'&-*"-'+<XYI\K
VJ*&?YVJ'*YV'*YI\KVJ'*YV'*-.7%,+ZX-.7%,+X#.8(+,-ZXX,8&)-ZX%&)3'X('48"ZX0.%*"%'.++<(.8&*
\XYI\KVJ'*YV'*YI\KVJ'*YVJ'%YV'%?,8&)-ZX0.''.6X('48"ZX0,#5)%.$-*\##""22XYV'*YV*&?('48"ZX6,%)&-
8"2'+<K'"<'&-*"-'+<XY.',8+$%#3,("+%&#"VJ*&?YVJ'*YV'*YI\KVJ'*YV'*,8&)-ZX8"2'XYDVJ'*YV'*
,8&)-ZX%&)3'XY9VJ'*YV'*YI\KVJ'*YVJ'%YV'%('48"ZX2.-'(&L"+<XYV'*YV*&?('48"ZX6,%)&-8"2'+<K'"<'&-*"-'
+<XYI\KVJ*&?YVJ'*YV'*YI\KVJ'*YV'*-.7%,+ZX-.7%,+X#.8(+,-ZXX,8&)-ZX%&)3'X('48"ZX0.%*"%'.++<*.$08"
\XYI\KVJ'*YV'*YI\KVJ'*YVJ'%YVW-*,08" .*4YVJ',08"YVJ*&?YV*&?,8&)-ZX8"2'X('48"ZX2.-'(&L"+'K
6,%)&-'.++'XY-*"%+$%#3,(",##.$-'&-)9,2,&%?,8$"('"+$+,*=$('6"-'.2DI\K6&88&.-7,(6,*"'.&-?"-'.%4,-*7,(
#3,%)"*'.I\K.('.2(,8"(I\K,('3",++8&#,08"&-?"-'.%4(.8*.('.2(,8"(&-#8$*"*DI\K6&88&.-.2'3"("
&-?"-'.%4#3,%)"(2.%'3"4",%"-*"*"#"60"%I\K9VJ*&?YV*&?,8&)-ZX8"2'X('48"ZX2.-'(&L"+'K6,%)&-'.+
+'XY**&'&.-,8849'3".6+,-4&*"-'&2&"*.'3"%&-',-)&08",(("'(,((.#&,'"*7&'3'%,*"-,6"(9+,'"-'(9,-*#$('.6"%%"8,'&.-(3&+(9
,-*'3"2,&%?,8$"(,((&)-"*7"%"DI\K0&88&.-9DI\K0&88&.-9,-*D0&88&.-9%"(+"#'&?"843"&-&'&,8%,-)".2$("2$8
8&?"(,((.#&,'"*7&'3'%,*"-,6"(9+,'"-'(9,-*#$('.6"%%"8,'&.-(3&+(7"%"I\K4",%('.,-&-*"2&-&'"8&2"9'.I\K4",%(
,-*'.I\K4",%(9%"(+"#'&?"842'3"DI\K0&88&.-,((.#&,'"*7&'3'%,*"-,6"(9DI\K0&88&.-7,(&-&'&,884
&*"-'&2&"*,(3,?&-),-&-*"2&-&'"8&2"VJ*&?YV*&?,8&)-ZX8"2'X('48"ZX2.-'(&L"+'K6,%)&-'.++'XYV&Y&(+.(&'&.-.2"%',&-
F%,-'!%&*"#. $(&-"(("(VJ&YVJ*&?YV*&?,8&)-ZX8"2'X('48"ZX2.-'(&L"+'K6,%)&-'.++'XY!%&.%'.'3""%)"%9F%,-'!%&*"#.
3,*"-'"%"*&-'.,*"2&-&'&?"!$%#3,(",-*,8")%""6"-'7&'3E,88.$%"#,-*E,88.$%"#I\K,--"(6,-.8*&-)(9-#
/#.88"#'&?"84%"2"%%"*'.,(I\KE,88.$%"#I\K1'.("882.$%.2&'('$0$8,%0$(&-"(("(2.%,++%.<&6,'"84DI\K6&88&.-&-
#,(39($0="#''.2&-,87.%5&-)#,+&',8,*=$('6"-'(,-*(',-*,%*#8.(&-)#.-*&'&.-(/&-#8$*&-)%")$8,'.%4,++%.?,813"'%,-(,#'&.-
#8.("*,4I\K93",6.$-'&-#8$*"*&-I\K(("'(3"8*2.%(,8"9-"'I\K&-#8$*"*&-'3"+%"8&6&-,%4+$%#3,("
+%&#",88.#,'&.-,0.?"9%"8,'"('.'3&(*&(+.(&'&.-**&'&.-,8849D6&88&.-&(&-#8$*"*,0.?"&-I\K##%$"*&-#.6"
',<"(I\K2.%',<"(%"8,'"*'.'3"*&(+.(&'&.-VJ*&?YVW.8&.YVWJ.8&.YVJ*&?YVW!F YV*&?
('48"ZX2.-'2,6&84[&6"("7.6,-[9&6"(9("%&2XYV*&?,8&)-ZX8"2'X('48"ZX2.-'(&L"+'K6,%)&-'.++'XYV&Y-,$*&'"*
!%..%6,&-,-#&,8-2.%6,'&.-VJ&YVJ*&?YV*&?,8&)-ZX8"2'X('48"ZX2.-'(&L"+'K6,%)&-'.++'XY3"$-,$*&'"*2&-,-#&,8
&-2.%6,'&.-&-'3"',08"0"8.7($66,%&L"('3"#.60&-"*%"($8'(.2.+"%,'&.-(.2,'&.-,8&87"88E,%#.,-*F%,-'!%&*"#.9.-,+%.
2.%6,0,(&(9,('3.$)3'3"#.6+,-&"(3,*0""-#.60&-"*,(.2'3"0")&--&-).23"+%.2.%6,2&-,-#&,8&-2.%6,'&.-&(
+%"("-'"*2.%&-2.%6,'&.-,8+$%+.("(.-84,-*6,4-.'0"&-*&#,'&?".2'3"%"($8'(.2.+"%,'&.-('3,'7.$8*3,?"0""-,#3&"?"*&2'3"
6"%)"%3,*',5"-+8,#",''3"0")&--&-).23"+%.2.%6,2&-,-#&,8&-2.%6,'&.-2.%'3"4",%"-*"*"#"60"%I\K9
&-#8$*"('3"0$(&-"((#.60&-,'&.-,##.$-'&-)"22"#'.-3&('.%&#,8F%,-'!%&*"#.%"?"-$"(9,*=$('6"-'('.*"+%"#&,'&.-.-,#;$&%"*
+%.+"%'49,6.%'&L,'&.-#3,%)"(2%.6,#;$&%"*&-',-)&08",(("'(92&-,-#&-)#.('(.--"7*"0'&-#.--"#'&.-7&'3'3"6"%)"%,-*%"8,'"*
',<"22"#'(2.%'3"4",%"-*"*"#"60"%I\K9/&-6&88&.-(9"<#"+'+"%(3,%"*,',1VJ*&?YV*&?,8&)-ZX#"-'"%XYV',08"
('48"ZX2.-'(&L"+'K'"<',8&)-8"2'X#"88(+,#&-)ZXX0.%*"%ZXX#"88+,**&-)ZXX7&*'3ZXHXYVW ")&-,08"",*YV'%
?,8&)-ZX0.''.6XYV'*7&*'3ZXHXYI\KVJ'*YV'*7&*'3ZXHXYI\KVJ'*YV'*7&*'3ZXHXYI\KVJ'*YV'*
7&*'3ZXHXYI\KVJ'*YV'*7&*'3ZXHXYI\KVJ'*YVJ'%YVW-*,08"",*YVW ")&-,08" .*4YV'%
?,8&)-ZX0.''.6X('48"ZX0,#5)%.$-*\##""22XYV'*YV*&?('48"ZX6,%)&-8"2'+<K'"<'&-*"-'+<XY.',8%"?"-$"(VJ*&?YVJ'*Y
V'*YI\KVJ'*YV'*,8&)-ZX8"2'XYDVJ'*YV'*,8&)-ZX%&)3'XY9VJ'*YV'*YI\KVJ'*YVJ'%YV'%('48"ZX2.-'(&L"+<XYV'*Y
V*&?('48"ZX6,%)&-8"2'+<K'"<'&-*"-'+<XYI\KVJ*&?YVJ'*YV'*YI\KVJ'*YV'*-.7%,+ZX-.7%,+X#.8(+,-ZXX
,8&)-ZX%&)3'X('48"ZX0.%*"%'.++<*.$08"\XYI\KVJ'*YV'*YI\KVJ'*YVJ'%YV'%?,8&)-ZX0.''.6XYV'*YV*&?
('48"ZX6,%)&-8"2'+<K'"<'&-*"-'+<XY"'&-#.6",''%&0$',08"'..6+,-4VJ*&?YVJ'*YV'*YI\KVJ'*YV'*
,8&)-ZX8"2'XYDVJ'*YV'*,8&)-ZX%&)3'XY9VJ'*YV'*YI\KVJ'*YVJ'%YV'%('48"ZX2.-'(&L"+<XYV'*YV*&?('48"ZX6,%)&-
8"2'+<K'"<'&-*"-'+<XYI\KVJ*&?YVJ'*YV'*YI\KVJ'*YV'*-.7%,+ZX-.7%,+X#.8(+,-ZXX,8&)-ZX%&)3'X('48"ZX0.%*"%
'.++<*.$08"\XYI\KVJ'*YV'*YI\KVJ'*YVJ'%YV'%?,8&)-ZX0.''.6X('48"ZX0,#5)%.$-*\##""22XYV'*YV*&?
('48"ZX6,%)&-8"2'+<K'"<'&-*"-'+<XY ,(&#-"'&-#.6",''%&0$',08"'..6+,-4+"%(3,%"VJ*&?YVJ'*YV'*YI\KVJ'*YV'*
,8&)-ZX8"2'XYDVJ'*YV'*,8&)-ZX%&)3'XYVJ'*YV'*YI\KVJ'*YVJ'%YV'%('48"ZX2.-'(&L"+<XYV'*YV*&?('48"ZX6,%)&-
8"2'+<K'"<'&-*"-'+<XYI\KVJ*&?YVJ'*YV'*YI\KVJ'*YV'*-.7%,+ZX-.7%,+X#.8(+,-ZXX,8&)-ZX%&)3'X('48"ZX0.%*"%
'.++<*.$08"\XYI\KVJ'*YV'*YI\KVJ'*YVJ'%YV'%?,8&)-ZX0.''.6XYV'*YV*&?('48"ZX6,%)&-8"2'+<K'"<'
&-*"-'+<XY&8$'"*-"'&-#.6",''%&0$',08"'..6+,-4+"%(3,%"VJ*&?YVJ'*YV'*YI\KVJ'*YV'*,8&)-ZX8"2'XYDVJ'*YV'*