National Oilwell Varco 2009 Annual Report Download - page 149

Download and view the complete annual report

Please find page 149 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

VJ*&?YVJ'*YV'*YI\KVJ'*YV'*,8&)-ZX8"2'XYDVJ'*YV'*,8&)-ZX%&)3'XYVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*
,8&)-ZX8"2'XYDVJ'*YV'*,8&)-ZX%&)3'XYVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*,8&)-ZX8"2'XYDVJ'*YV'*
,8&)-ZX%&)3'XYVJ'*YV'*YI\KVJ'*YVJ'%YV'%?,8&)-ZX0.''.6XYVW 8,-5+,#"YV'*YV*&?('48"ZX6,%)&-8"2'+<K'"<'
&-*"-'+<XYI\KVJ*&?YVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*Y
V'*YI\KVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*Y
VJ'%YV'%?,8&)-ZX0.''.6XYV'*YV*&?('48"ZX6,%)&-8"2'+<K'"<'&-*"-'+<XY**&'&.-(0,("*.-',<+.(&'&.-(%"8,'"*'.'3"
#$%%"-'4",%VJ*&?YVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*,8&)-ZX%&)3'XYVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*Y
V'*YI\KVJ'*YV'*,8&)-ZX%&)3'XYVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*,8&)-ZX%&)3'XYVJ'*Y
V'*YI\KVJ'*YVJ'%YV'%?,8&)-ZX0.''.6X('48"ZX0,#5)%.$-*\##""22XYV'*YV*&?('48"ZX6,%)&-8"2'+<K'"<'&-*"-'
+<XY**&'&.-(2.%',<+.(&'&.-(.2+%&.%4",%(VJ*&?YVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*,8&)-ZX%&)3'XYI\KVJ'*Y
V'*YI\KVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*,8&)-ZX%&)3'XYVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*Y
V'*YI\KVJ'*YV'*,8&)-ZX%&)3'XYVJ'*YV'*YI\KVJ'*YVJ'%YV'%?,8&)-ZX0.''.6XYV'*YV*&?('48"ZX6,%)&-8"2'+<K'"<'
&-*"-'+<XY"*$#'&.-(2.%',<+.(&'&.-(.2+%&.%4",%(VJ*&?YVJ'*YV'*YI\KVJ'*YV'*-.7%,+ZX-.7%,+X
,8&)-ZX8"2'XYI\KVJ'*YV'*,8&)-ZX%&)3'XY/VJ'*YV'*-.7%,+ZX-.7%,+XY1VJ'*YV'*YI\KVJ'*YV'*-.7%,+ZX-.7%,+X
,8&)-ZX8"2'XYI\KVJ'*YV'*,8&)-ZX%&)3'XY/VJ'*YV'*-.7%,+ZX-.7%,+XY1VJ'*YV'*YI\KVJ'*YV'*-.7%,+ZX-.7%,+X
,8&)-ZX8"2'XYI\KVJ'*YV'*,8&)-ZX%&)3'XY/VJ'*YV'*-.7%,+ZX-.7%,+XY1VJ'*YVJ'%YV'%?,8&)-ZX0.''.6X('48"ZX0,#5)%.$-*
\##""22XYV'*YV*&?('48"ZX6,%)&-8"2'+<K'"<'&-*"-'+<XY"''8"6"-'(VJ*&?YVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*
,8&)-ZX%&)3'XYI\KVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*,8&)-ZX%&)3'XYI\KVJ'*Y
V'*YI\KVJ'*YV'*YI\KVJ'*YV'*-.7%,+ZX-.7%,+X,8&)-ZX8"2'XYI\KVJ'*YV'*,8&)-ZX%&)3'XY/VJ'*YV'*
-.7%,+ZX-.7%,+XY1VJ'*YVJ'%YV'%?,8&)-ZX0.''.6XYV'*YV*&?('48"ZX6,%)&-8"2'+<K'"<'&-*"-'+<XY"*$#'&.-(2.%8,+(".2
,++8&#,08"(','$'"(.28&6&','&.-(VJ*&?YVJ'*YV'*YI\KVJ'*YV'*-.7%,+ZX-.7%,+X,8&)-ZX8"2'XYI\KVJ'*YV'*
,8&)-ZX%&)3'XY/VJ'*YV'*-.7%,+ZX-.7%,+XY1VJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*,8&)-ZX%&)3'XYI\KVJ'*Y
V'*YI\KVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*,8&)-ZX%&)3'XYI\KVJ'*YV'*YI\KVJ'*YVJ'%YV'%('48"ZX2.-'(&L"
+<XYV'*YV*&?('48"ZX6,%)&-8"2'+<K'"<'&-*"-'+<XYI\KVJ*&?YVJ'*YV'*YI\KVJ'*YV'*-.7%,+ZX-.7%,+X
#.8(+,-ZXX,8&)-ZX%&)3'X('48"ZX0.%*"%'.++<(.8&*\XYI\KVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*
-.7%,+ZX-.7%,+X#.8(+,-ZXX,8&)-ZX%&)3'X('48"ZX0.%*"%'.++<(.8&*\XYI\KVJ'*YV'*YI\KVJ'*Y
V'*YI\KVJ'*YV'*-.7%,+ZX-.7%,+X#.8(+,-ZXX,8&)-ZX%&)3'X('48"ZX0.%*"%'.++<(.8&*\XYI\KVJ'*Y
V'*YI\KVJ'*YVJ'%YV'%?,8&)-ZX0.''.6XYVW 8,-5+,#"YV'*YV*&?('48"ZX6,%)&-8"2'+<K'"<'&-*"-'+<XYI\K
VJ*&?YVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*Y
V'*YI\KVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YVJ'%YV'%
?,8&)-ZX0.''.6X('48"ZX0,#5)%.$-*\##""22XYV'*YV*&?('48"ZX6,%)&-8"2'+<K'"<'&-*"-'+<XY-%"#.)-&L"*',<0"-"2&','
"-*.24",%VJ*&?YVJ'*YV'*YI\KVJ'*YV'*,8&)-ZX8"2'XYDVJ'*YV'*,8&)-ZX%&)3'XYVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*Y
V'*,8&)-ZX8"2'XYDVJ'*YV'*,8&)-ZX%&)3'XYVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*,8&)-ZX8"2'XYDVJ'*YV'*
,8&)-ZX%&)3'XYVJ'*YV'*YI\KVJ'*YVJ'%YV'%('48"ZX2.-'(&L"+<XYV'*YV*&?('48"ZX6,%)&-8"2'+<K'"<'&-*"-'
+<XYI\KVJ*&?YVJ'*YV'*YI\KVJ'*YV'*-.7%,+ZX-.7%,+X#.8(+,-ZXX,8&)-ZX%&)3'X('48"ZX0.%*"%'.++<*.$08"
\XYI\KVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*-.7%,+ZX-.7%,+X#.8(+,-ZXX,8&)-ZX%&)3'X('48"ZX0.%*"%'.+
+<*.$08"\XYI\KVJ'*YV'*YI\KVJ'*YV'*YI\KVJ'*YV'*-.7%,+ZX-.7%,+X#.8(+,-ZXX,8&)-ZX%&)3'X
('48"ZX0.%*"%'.++<*.$08"\XYI\KVJ'*YV'*YI\KVJ'*YVJ'%YVW-*,08" .*4YVJ',08"YVJ*&?YV*&?
,8&)-ZX8"2'X('48"ZX2.-'(&L"+'K6,%)&-'.++'XY3".6+,-4*."(-.',-'&#&+,'"'3,''3"'.',8$-%"#.)-&L"*',<0"-"2&'(7&88
(&)-&2&#,-'84#3,-)"*$"'.'3"("''8"6"-'.2,$*&'(.%'3""<+&%,'&.-.2(','$'"(.28&6&','&.-7&'3&-I\K6.-'3(.2'3&(%"+.%'&-)
*,'"VJ*&?YV*&?,8&)-ZX8"2'X('48"ZX2.-'(&L"+'K6,%)&-'.++'XY.'3""<'"-'+"-,8'&"(,-*&-'"%"('7.$8*0",(("(("*.-,-4
$-*"%+,46"-'.2&-#.6"',<9($#3,##%$"*,6.$-'(3,?"0""-#8,((&2&"*,(,#.6+.-"-'.2&-#.6"',<"<+"-("&-'3"2&-,-#&,8
(','"6"-'(3&(&(,-,##.$-'&-)+.8&#4"8"#'&.-6,*"04'3".6+,-4'3,'&(,#.-'&-$,'&.-.2'3".6+,-4I\K(3&('.%&#,8
+.8&#4,-*7&88#.-'&-$"'.0"#.-(&('"-'84,++8&"*&-'3"2$'$%"$%&-)'3"4",%"-*"*"#"60"%I\K99'3".6+,-4
%"#.)-&L"*DI\K6&88&.-.2,**&'&.-,8&-'"%"(',-*+"-,8'&"(%"8,'"*'.$-#"%',&-',<+.(&'&.-(,(+,%'.2&-#.6"',<"<+"-("(
.2"#"60"%I\K99'3".6+,-43,(,##%$"*,++%.<&6,'"84DI\K6&88&.-.2&-'"%"(',-*+"-,8'&"(%"8,'&-)'.
$-%"#.)-&L"*',<0"-"2&'(3"("&-'"%"(',-*+"-,8'&"(,%"&-#8$*"*&-'3"0,8,-#".2##%$"*-#.6",<"(&-'3"0,8,-#"(3""',(.2
"#"60"%I\K9VJ*&?YV*&?,8&)-ZX8"2'X('48"ZX2.-'(&L"+'K6,%)&-'.++'XY3".6+,-4&(($0="#''.',<,'&.-&-
'3"-&'"*','"(9?,%&.$((','"(,-*2.%"&)-=$%&(*&#'&.-(3".6+,-43,((&)-&2&#,-'.+"%,'&.-(&-'3"-&'"*','"(9,-,*,9'3"
-&'"*&-)*.69'3""'3"%8,-*(,-*.%7,4,<4",%('3,'%"6,&-($0="#''."<,6&-,'&.-046,=.%',<=$%&(*&#'&.-(?,%4048"),8
"-'&'490$',%")"-"%,884.+"-&-'3"2.%'3"',<4",%("-*&-),2'"%,-*.$'(&*"'3"2.%'3"',<4",%("-*&-),2'"%
VJ*&?YV*&?,8&)-ZX8"2'X('48"ZX2.-'(&L"+'K6,%)&-'.++'XY-'3"-&'"*','"(9'3".6+,-43,(DI\K6&88&.-.2-"'
.+"%,'&-)8.((#,%%42.%7,%*(,(.2"#"60"%I\K9973&#3"<+&%",'?,%&.$(*,'"('3%.$)33"+.'"-'&,80"-"2&'.2
DI\K6&88&.-3,(0""-%"#.%*"*7&'3,DI\K6&88&.-?,8$,'&.-,88.7,-#"$'$%"&-#.6"',<+,46"-'(7&880"%"*$#"*73"-
'3".6+,-4$8'&6,'"84%",8&L"('3"0"-"2&'.2'3"("-"'.+"%,'&-)8.(("(2'3".6+,-4$8'&6,'"84%",8&L"('3"0"-"2&'.2'3"("-"'
.+"%,'&-)8.((#,%%42.%7,%*(9'3"?,8$,'&.-,88.7,-#".2DI\K6&88&.-7.$8*%"*$#"2$'$%"&-#.6"',<"<+"-("VJ*&?YV*&?
,8&)-ZX8"2'X('48"ZX2.-'(&L"+'K6,%)&-'.++'XY8(.&-'3"-&'"*','"(9'3".6+,-43,(DI\K6&88&.-.2"<#"((2.%"&)-
',<#%"*&'(,(.2"#"60"%9973&#3"<+&%",'?,%&.$(*,'"('3%.$)33"("#%"*&'(3,?"0""-,88.''"*,2$88?,8$,'&.-
,88.7,-#",-*7.$8*0"%",8&L"*,(,%"*$#'&.-.22$'$%"&-#.6"',<+,46"-'(2'3".6+,-4$8'&6,'"84%",8&L"('3"0"-"2&'.2'3"("
"<#"((2.%"&)-',<#%"*&'(9'3"?,8$,'&.-,88.7,-#".2DI\K6&88&.-7.$8*%"*$#"2$'$%"&-#.6"',<"<+"-("VJ*&?YV*&?
,8&)-ZX8"2'X('48"ZX2.-'(&L"+'K6,%)&-'.++'XY3"*"2"%%"*',<?,8$,'&.-,88.7,-#"*"#%",("*DI\K6&88&.-2.%'3"
+"%&.*"-*&-)"#"60"%I\K9,-*7,(%"#.%*"*,(,*"#%",("&-*"2"%%"*',<,(("'(VJ*&?YV*&?,8&)-ZX8"2'X('48"ZX2.-'
(&L"+'K6,%)&-'.++'XY$%&-)9'3".6+,-4%"#.%*"*D9I\K6&88&.-&--"'*"2"%%"*',<8&,0&8&'&"(7&'3,
#.%%"(+.-*&-)&-#%",("&-)..*7&88%"8,'"*'.F%,-'!%&*"#.+$%#3,(",##.$-'&-)VJ*&?YV*&?,8&)-ZX8"2'X('48"ZX2.-'(&L"+'K
6,%)&-'.++'XY-*&('%&0$'"*",%-&-)(.2#"%',&-.2'3".6+,-4I\K(2.%"&)-($0(&*&,%&"(,6.$-'"*'.D9I\K6&88&.-
,-*D9I\K6&88&.-,'"#"60"%I\K9,-*9%"(+"#'&?"843.("",%-&-)(,%"#.-(&*"%"*'.0"+"%6,-"-'84
%"&-?"('"*,-*-.+%.?&(&.-2.%2"*"%,8,-*(','"&-#.6"',<"(3,(0""-6,*"&('%&0$'&.-.2'3"("",%-&-)(&-'3"2.%6.2
*&?&*"-*(.%.'3"%7&("#.$8*%"($8'&-"&'3"%2"*"%,8',<"(/($0="#''.,-,*=$('6"-'2.%2.%"&)-',<#%"*&'(1,-*7&'33.8*&-)',<"(
+,4,08"&-?,%&.$(2.%"&)-#.$-'%&"("'"%6&-,'&.-.2'3",6.$-'.2$-%"#.)-&L"**"2"%%"*&-#.6"',<8&,0&8&'4&(-.'+%,#'&#,8K
3.7"?"%9$-%"#.)-&L"*2.%"&)-',<#%"*&'#,%%42.%7,%*(7.$8*0",?,&8,08"'.%"*$#"(.6"+.%'&.-.2'3"8&,0&8&'4>&'33.8*&-)
',<"(.2,++%.<&6,'"84D6&88&.-7.$8*0"+,4,08"$+.-%"6&'',-#".2,88+%"?&.$(84$-%"6&''"*",%-&-)(,'"#"60"%I\K9
VJ*&?YV*&?,8&)-ZX8"2'X('48"ZX2.-'(&L"+'K6,%)&-'.++'XY "#,$(".2'3"-$60"%.2',<=$%&(*&#'&.-(&-73&#3'3"
.6+,-4.+"%,'"(9&'("22"#'&?"',<%,'"#,-28$#'$,'",(.+"%,'&.-(,-*'3"8.#,8#.$-'%4',<%,'"(28$#'$,'"3".6+,-4&(,8(.
($0="#''.,$*&'(042"*"%,89(','",-*2.%"&)-=$%&(*&#'&.-(73&#36,4%"($8'&-+%.+.("*,(("((6"-'(3".6+,-4I\K(2$'$%"
',<+%.?&(&.-7&88%"28"#',-42,?.%,08".%$-2,?.%,08",*=$('6"-'('.&'("('&6,'"*',<8&,0&8&'&"(73"-%"(.8?"*3".6+,-4&(