National Oilwell Varco 2009 Annual Report Download - page 161

Download and view the complete annual report

Please find page 161 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

;$&'4"'3.*-?"('6"-'('3"%,(("'('3"%(("'(9.-#$%%"-'.',8,(("'((("'(-'&'4")&('%,-',6"-'&'4"-'%,8-*"<
"4.#$6"-'4+".#$6"-'!"%&.*-*,'"6"-*6"-'8,)$%%"-'&(#,8:",%-*,'"-'&'4>"885-.7-",(.-"*(($"%
-'&'4E.8$-',%4&8"%(-'&'4$%%"-'"+.%'&-)','$(-'&'4&8"%,'").%4-'&'4!$08&#8.,'-'&'4.66.-'.#593,%"(
$'(',-*&-)','"6"-'],08"^','"6"-']&-"'"6(^.66&'6"-'(,-*.-'&-)"-#&"(##.$-'(!,4,08",-*##%$"*&,0&8&'&"(
&(#8.($%"]"<' 8.#5^")6"-'"+.%'&-)&(#8.($%"]"<' 8.#5^-#.6",<&(#8.($%"]"<' 8.#5^-'"%"(',-*2&-,-#&,8#.('(
-'"%"('<+"-("9.',8-'"%"('<+"-("-'"%"(',-*2&-,-#&,8#.('(;$&'4&-#.6"&-$-#.-(.8&*,'"*,22&8&,'"!$%#3,("(.2+%.+"%'49
+8,-',-*";$&+6"-' $(&-"((,#;$&(&'&.-(9-"'.2#,(3,#;$&%"* .%%.7&-)(,),&-('8&-"(.2#%"*&',-*.'3"%*"0'!,46"-'(,),&-('
8&-"(.2#%"*&',-*.'3"%*"0'<#"((',<0"-"2&'2%.6"<"%#&(".2('.#5.+'&.-(<#"((',<0"-"2&'2%.6"<"%#&(".2('.#5.+'&.-(
<#"((,< "-"2&'2%.63,%"0,("*.6+"-(,'&.-9&-,-#&-)#'&?&'&"(6+,&%6"-'.2-',-)&08"(("'(9-*"2&-&'"8&?"*
/<#8$*&-)F..*7&881;$&'4"'3.*-?"('6"-'9&?&*"-*(.%&('%&0$'&.-(!%.#""*(2%.6&?"('&'$%".2 $(&-"(("(9"'.2,(3
&?"('"*!,46"-'(2.%/!%.#""*(2%.61'3"%-?"('&-)#'&?&'&"(##%$"*&,0&8&'&"( $(&-"((")6"-'(,-*F".)%,+3&#%",(
-#.6",<"(.',88&,0&8&'&"(,-*('.#53.8*"%([";$&'4"88&-)9)"-"%,8,-*,*6&-&('%,'&?"-',-)&08",(("'&6+,&%6"-' $(&-"((
*&?"('&'$%"(9-"'.2#,(3*&(+.("*!%.#""*(2%.6&?"('&'$%".2 $(&-"(("(9"'.2,(3&?"('"*9.',8'3"%9-"' $(&-"((
,#;$&(&'&.-(9-"'.2#,(3,#;$&%"*&?&*"-*2%.6$-#.-(.8&*,'"*,22&8&,'"'3"%9-"'.66&'6"-'(,-*#.-'&-)"-#&"('3"%9-"'
&?&*"-*2%.6$-#.-(.8&*,'"*,22&8&,'"&?&*"-*2%.6-#.-(.8&*,'"*22&8&,'"(8,((&2&"*(-?"('&-)#'&?&'&"(3&(&'"6
%"+%"("-'(*&(#8.($%".2'3",6.$-'.2*&?&*"-*(.%.'3"%*&('%&0$'&.-(%"#"&?"*2%.6$-#.-(.8&*,'"*($0(&*&,%&"(9#"%',&-#.%+.%,'"
=.&-'?"-'$%"(9,-*#"%',&--.-#.-'%.88"*#.%+.%,'&.-K'3"("&-?"('6"-'(,%",##.$-'"*2.%$-*"%'3"";$&'46"'3.*.2,##.$-'&-)
3&("8"6"-'%"+%"("-'(*&('%&0$'&.-('3,'#.-('&'$'",%"'$%-.2&-?"('6"-'973&#3,%"#8,((&2&"*,(&-?"('&-),#'&?&'&"(-?"-'.%&"(9
-"']0('%,#'^"'-#.6"''%&0$',08"'..6+,-4!"%3,%"]0('%,#'^ ,8,-#"3""'(]0('%,#'^ ,8,-#"3""'(]0('%,#'^-#.6"
,<"(]0('%,#'^%),-&L,'&.-,-* ,(&(.2!%"("-','&.-]0('%,#'^>"&)3'"*,?"%,)"(3,%"(.$'(',-*&-)>"&)3'"*?"%,)"$60"%
.23,%"($'(',-*&-)9&8$'"*]0('%,#'^','"6"-'(.2-#.6"]0('%,#'^','"6"-'(.2,(38.7(]0('%,#'^"'&-#.6"'3"%
#.6+%"3"-(&?"&-#.6"'3"%.6+%"3"-(&?"-#.6"/.((19"'.2,<9!.%'&.-''%&0$',08"'.!,%"-']0('%,#'^$%%"-#4
'%,-(8,'&.-,*=$('6"-'('3"%.6+%"3"-(&?"-#.6"9.%"&)-$%%"-#4%,-(,#'&.-,-*%,-(8,'&.-*=$('6"-'9"'.2,<9.',8
'3"%.6+%"3"-(&?"-#.6"9.%"&)-$%%"-#4%,-(,#'&.-,-*%,-(8,'&.-*=$('6"-'9"'.2,<"%&?,'&?"2&-,-#&,8
&-('%$6"-'('3"%.6+%"3"-(&?"-#.6"9"%&?,'&?"(G$,8&24&-),("*)"(9"'.2,<9.',8'3"%.6+%"3"-(&?"-#.6"9
"%&?,'&?"(G$,8&24&-),("*)"(9"'.2,<3,-)"&-*"2&-"*0"-"2&'+8,-(3,-)"&-*"2&-"*0"-"2&'+8,-('3"%.6+%"3"-(&?"
-#.6"9"2&-"* "-"2&'!8,-(*=$('6"-'9"'.2,<*.+'&.-.29-"'.2',<$6$8,'&?"22"#'.2-&'&,8*.+'&.-.2
'.#5&(($"*&-,#;$&(&'&.-'.#5(($"*$%&-)!"%&.*9E,8$"9#;$&(&'&.-('.#5&(($"*&-,#;$&(&'&.-9(3,%"('.#5(($"*
$%&-)!"%&.*93,%"(9#;$&(&'&.-(.66.-('.#5&(($"*9(3,%"('.#5(($"*$%&-)!"%&.*93,%"(9"7(($"(<#"((',<0"-"2&'
.2.+'&.-("<"%#&("**=$('6"-'('.**&'&.-,8!,&*&-,+&',89,<22"#'2%.63,%"0,("*.6+"-(,'&.- ")&--&-) ,8,-#"9
(3,%"(3,%"(9(($"*-*&-) ,8,-#"9(3,%"(','"6"-'(.2'.#53.8*"%([;$&'4,-*.6+%"3"-(&?"-#.6"]0('%,#'^','"6"-'(
2'.#53.8*"%(;$&'4,-*.6+%"3"-(&?"-#.6"]0('%,#'^.66.-'.#5.66.-'.#5**&'&.-,8!,&*&-,+&',8**&'&.-,8
!,&*&-,+&',8"',&-"*,%-&-)("',&-"*,%-&-)(##$6$8,'"*'3"%.6+%"3"-(&?"-#.6"/.((1##$6$8,'"*'3"%
.6+%"3"-(&?"-#.6"/.((1.66.-('.#5&(($"*'.#5(($"*$%&-)!"%&.*9E,8$"9"7(($"('.#50,("*#.6+"-(,'&.-
*=$('6"-'('.**&'&.-,8!,&*&-,+&',893,%"0,("*.6+"-(,'&.-9";$&(&'""%?&#"!"%&.*"#.)-&'&.-9E,8$"*.+'&.-.2
$6$8,'&?"22"#'.2-&'&,8*.+'&.-.2,8"(,8"("?"-$"9F..*(9"'9.',8,8"("?"-$"9F..*(9"'"%?&#"(
"%?&#"(,8"("?"-$"9"%?&#"(9"'"?"-$""?"-$"(]0('%,#'^.('.2%"?"-$".('.2"?"-$"]0('%,#'^.('.2(,8"(.('
.2F..*(.8*9.',8.('.2F..*(.8*.('.2("%?&#"(.('.2"%?&#"("%)"%(,-*.'3"%#;$&(&'&.-(]0('%,#'^F%,-'!%&*"#.
"%)"%]0('%,#'^"%)"%(-*'3"%#;$&(&'&.-(0('%,#'F%,-'!%&*"#."%)"%"%)"%(-*'3"%#;$&(&'&.-("<' 8.#5
"%)"%(-*'3"%#;$&(&'&.-("<' 8.#5'.#50,("*#.6+"-(,'&.-3,%"0,("*.6+"-(,'&.-9.',83,%"0,("*
.6+"-(,'&.-&?&*"-*(+,&*!,46"-'(.2&?&*"-*(9.66.-'.#5<#"((',<0"-"2&'(2%.6"<"%#&(".2('.#5.+'&.-(!%.#""*(
2%.6('.#5.+'&.-("<"%#&("*.66&'6"-'(,-*.-'&-)"-#&"(]0('%,#'^.66&'6"-'(,-*.-'&-)"-#&"(.66&'6"-'(,-*
.-'&-)"-#&"(.66&'6"-'(,-*.-'&-)"-#&"(&(#8.($%"]"<' 8.#5^!%.+"%'49!8,-',-*;$&+6"-']0('%,#'^!%.+"%'49!8,-'
,-*;$&+6"-'!%.+"%'49!8,-',-*;$&+6"-'&(#8.($%"]"<' 8.#5^.-)"%6"0'.-)'"%6"0']"<' 8.#5^##%$"*
&,0&8&'&"(]0('%,#'^'3"%#;$&(&'&.-(,-*-?"('6"-'(]0('%,#'^'3"%#;$&(&'&.-(,-*-?"('6"-'('3"%#;$&(&'&.-(,-*
-?"('6"-'( $(&-"((.60&-,'&.-&(#8.($%"]"<' 8.#5^ $(&-"((")6"-'(,-*F".)%,+3&#%",(]0('%,#'^ $(&-"((")6"-'(
,-*F".)%,+3&#%",(G$,%'"%84&-,-#&,8,',/-,$*&'"*1]0('%,#'^G$,%'"%84&-,-#&,8,',/-,$*&'"*1G$,%'"%84&-,-#&,8
-2.%6,'&.-]"<' 8.#5^$66,%4.2&)-&2&#,-'##.$-'&-)!.8&#&"(&)-&2&#,-'##.$-'&-)!.8&#&"(]"<' 8.#5^6+8.4""
"-"2&'!8,-(]0('%,#'^&?&*"-*(+,&*.-)"%6"0']0('%,#'^.-)"%6"0']0('%,#'^6+8.4"" "-"2&'!8,-(!"-(&.-
,-*'3"%!.('%"'&%"6"-' "-"2&'(&(#8.($%"]"<' 8.#5^##$6$8,'"*'3"%.6+%"3"-(&?"-#.6"/.((1]0('%,#'^
##$6$8,'"*'3"%.6+%"3"-(&?"-#.6"/.((1]0('%,#'^##$6$8,'"*'3"%.6+%"3"-(&?"-#.6"/.((1.6+%"3"-(&?"
-#.6".'"]"<' 8.#5^.66.-'.#5]0('%,#'^.66.-'.#5]0('%,#'^.66.-'.#5'.#53.8*"%([;$&'4.'"
&(#8.($%"]"<' 8.#5^$66,%4.2&)-&2&#,-'##.$-'&-)!.8&#&"(]0('%,#'^$66,%4.2&)-&2&#,-'##.$-'&-)!.8&#&"(
]0('%,#'^$66,%4.2&)-&2&#,-'##.$-'&-)!.8&#&"(','"6"-'9;$&'4.6+.-"-'(]<&(^;$&'4.6+.-"-'].6,&-^.',8
.6+,-4'.#53.8*"%([;$&'4-',-)&08",(("'&6+,&%6"-',(3*&?&*"-*(9D+"%#.66.-(3,%"&?&*"-*(9.66.-'.#59
,(3F,&-.-(,8".2";$&'4&-'"%"('9-"'.2',<&(+.(,8F%.$+9.'&(#.-'&-$"*+"%,'&.-9F,&-/.((1.-&(+.(,8<#"((',<
0"-"2&'.2.+'&.-("<"%#&("*,(3*&?&*"-*(9+"%#.66.-(3,%".66.-'.#59&?&*"-*(9!"%3,%"9"#8,%"*#;$&%"*
-.-#.-'%.88&-)&-'"%"('(.-#.-'%.88&-)-'"%"('9"#%",("2%.6"*"6+'&.-(.%!$%#3,(".2-'"%"('(&?&*"-*('.-.-#.-'%.88&-)
&-'"%"('(.-#.-'%.88&-)-'"%"('9"#%",("2%.6&('%&0$'&.-('..-#.-'%.88&-)-'"%"('.8*"%(.-#.-'%.88&-)&-'"%"('#.-'%&0$'&.-
.-#.-'%.88&-)-'"%"('9-#%",("2%.6'.#5(($,-#".%,8".2!,%"-';$&'4-'"%"('.6+%"3"-(&?"&-#.6".6+%"3"-(&?"
-#.6"9"'.2,<9-#8$*&-)!.%'&.-''%&0$',08"'..-#.-'%.88&-)-'"%"('9.',8.6+%"3"-(&?"-#.6"9"'.2,<9-#8$*&-)
!.%'&.-''%&0$',08"'..-#.-'%.88&-)-'"%"(',8".2";$&'4&-'"%"('9-"',8"2";$&'4-'"%"('"',8".2";$&'4&-'"%"('9-"'
.-#.-'%.88&-)-'"%"('(E,8$,'&.-,-*G$,8&24&-)##.$-'(]0('%,#'^E,8$,'&.-,-*G$,8&24&-)##.$-'(
EG:F