National Oilwell Varco 2009 Annual Report Download - page 51

Download and view the complete annual report

Please find page 51 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".6+,-4&(,%")&('"%"*#.6+,-4,-*&(($0="#''.&-#.6"',<"(&-'3"3".6+,-4.+"%,'"('3%.$)3?,%&.$(($0(&*&,%&"(&-,-$60"%.2
#.$-'%&"('3%.$)3.$''3"7.%8*-#.6"',<"(3,?"0""-+%.?&*"*0,("*$+.-'3"',<8,7(,-*%,'"(.2'3"#.$-'%&"(&-73&#3'3".6+,-4.+"%,'"(,-*
&-#.6"&(",%-"*
3".6+,-4@(,--$,8',<+%.?&(&.-&(0,("*.-"<+"#'"*',<,08"&-#.6"9(','$'.%4%,'"(,-*',<+8,--&-).++.%'$-&'&"(,?,&8,08"&-'3"?,%&.$(=$%&(*&#'&.-(
&-73&#3&'.+"%,'"(3"*"'"%6&-,'&.-,-*"?,8$,'&.-.2'3",--$,8',<+%.?&(&.-,-*',<+.(&'&.-(&-?.8?"('3"&-'"%+%"','&.-.2'3"',<8,7(&-'3"?,%&.$(
=$%&(*&#'&.-(&-73&#3'3".6+,-4.+"%,'"('%";$&%"((&)-&2&#,-'=$*)6"-',-*'3"$(".2"('&6,'"(,-*,(($6+'&.-(%"),%*&-)(&)-&2&#,-'2$'$%""?"-'(
($#3,('3",6.$-'9'&6&-),-*#3,%,#'"%.2&-#.6"9*"*$#'&.-(,-*',<#%"*&'(3,-)"(&-',<8,7(9%")$8,'&.-(9,-*'%",'&"(92.%"&)-#$%%"-#4"<#3,-)"
%"('%&#'&.-(.%'3".6+,-4@(8"?"8.2.+"%,'&.-(.%+%.2&',0&8&'4&-",#3=$%&(*&#'&.-#.$8*&6+,#''3"',<8&,0&8&'4&-,-4)&?"-4",%3".6+,-4,8(.
.+"%,'"(&-6,-4=$%&(*&#'&.-(73"%"'3"',<8,7(%"8,'&-)'.'3"+%&#&-).2'%,-(,#'&.-(0"'7""-%"8,'"*+,%'&"(,%".+"-'.&-'"%+%"','&.-973&#3#.$8*
+.'"-'&,884%"($8'&-,))%"((&?"',<,$'3.%&'&"(,(("%'&-),**&'&.-,8',<8&,0&8&'&"(7&'3-..22("''&-)',<%"#.?"%4&-.'3"%#.$-'%&"(
3".6+,-46,&-',&-(8&,0&8&'&"(2.%"('&6,'"*',<"<+.($%"(&-=$%&(*&#'&.-(.2.+"%,'&.-3",--$,8',<+%.?&(&.-&-#8$*"('3"&6+,#'.2&-#.6"',<
+%.?&(&.-(,-*0"-"2&'(2.%#3,-)"('.8&,0&8&'&"('3,''3".6+,-4#.-(&*"%(,++%.+%&,'"9,(7"88,(%"8,'"*&-'"%"(',<"<+.($%"&'"6(+%&6,%&84&-#8$*"
+.'"-'&,8#3,88"-)"('.&-'"%#.6+,-4+%&#&-),-*#"%',&-.+"%,'&-)"<+"-("('3,'6,4-.'0"*"*$#'&08"&-2.%"&)-=$%&(*&#'&.-(3"(""<+.($%"(,%"%"(.8?"*
+%&6,%&84'3%.$)3'3"("''8"6"-'.2,$*&'(7&'3&-'3"("',<=$%&(*&#'&.-(.%04=$*&#&,86",-(3".6+,-4&(($0="#''.,$*&'(042"*"%,89(','",-*2.%"&)-
=$%&(*&#'&.-(73&#36,4%"($8'&-+%.+.("*,(("((6"-'(3".6+,-40"8&"?"('3,',-,++%.+%&,'"8&,0&8&'43,(0""-"(',08&(3"*2.%"('&6,'"*"<+.($%"(
$-*"%'3")$&*,-#"&-.+&#A-#.6",<"(B/.+&#B1.7"?"%9,#'$,8%"($8'(6,4*&22"%6,'"%&,8842%.6'3"(""('&6,'"(3".6+,-4
%"?&"7('3"("8&,0&8&'&"(;$,%'"%84,-*'.'3""<'"-',$*&'(.%.'3"%"?"-'(%"($8'&-,-,*=$('6"-''.'3"8&,0&8&'4,##%$"*2.%,+%&.%4",%9'3""22"#'7&880"
%"#.)-&L"*&-'3"+"%&.*.2'3""?"-'
3".6+,-4#$%%"-'843,(%"#.%*"*?,8$,'&.-,88.7,-#"('3,''3".6+,-4&-'"-*('.6,&-',&-$-'&8&'&(6.%"8&5"84'3,--.''3"*"2"%%"*',<,(("'(7&880"
%",8&L"*-#.6"',<"<+"-("%"#.%*"*&-'3"2$'$%"7&880"%"*$#"*'.'3""<'"-'.2*"#%",("(&-'3".6+,-4@(?,8$,'&.-,88.7,-#"(3"%",8&L,'&.-.2
%"6,&-&-)*"2"%%"*',<,(("'(&(+%&6,%&84*"+"-*"-'.-2$'$%"',<,08"&-#.6"-4%"*$#'&.-&-2$'$%"',<,08"&-#.6"&-#8$*&-)0$'-.'8&6&'"*'.,-42$'$%"
%"('%$#'$%&-),#'&?&'&"(6,4%";$&%"'3,''3".6+,-4%"#.%*,-,**&'&.-,8?,8$,'&.-,88.7,-#",),&-('*"2"%%"*',<,(("'(-&-#%",("&-'3"?,8$,'&.-
,88.7,-#"7.$8*%"($8'&-,**&'&.-,8&-#.6"',<"<+"-("&-($#3+"%&.*,-*#.$8*3,?",(&)-&2&#,-'&6+,#'.-2$'$%"",%-&-)(
3".6+,-43,(-.'+%.?&*"*2.%*"2"%%"*',<"(.-'3"$-%"6&''"*",%-&-)(.2#"%',&-($0(&*&,%&"('3,',%"+"%6,-"-'84%"&-?"('"*3.$8*'3".6+,-4
6,5",*&('%&0$'&.-2%.6'3"$-%"6&''"*",%-&-)(.2'3"("($0(&*&,%&"(9'3".6+,-46,40"%";$&%"*'.%"#.%*,**&'&.-,8',<"(-%"6&''"*",%-&-)(.2'3"("
($0(&*&,%&"(7"%"D96&88&.-,-*D96&88&.-,'"#"60"%9,-*9%"(+"#'&?"843".6+,-46,5"(,-,--$,8*"'"%6&-,'&.-73"'3"%'.
+"%6,-"-'84%"&-?"(''3"("",%-&-)(29,(,%"($8'.2'3"("%",(("((6"-'(9'3".6+,-4*&('%&0$'"('3"("",%-&-)(&-'3"2$'$%"9,**&'&.-,8',<8&,0&8&'47.$8*
%"($8'9.22("'04,-4,?,&8,08"2.%"&)-',<#%"*&'(
3".6+,-4*."(-.'0"8&"?"&'&(+.((&08"'.%",(.-,084"('&6,'"'3"+.'"-'&,8&6+,#'.2#3,-)"('.'3",(($6+'&.-(,-*"('&6,'"(&*"-'&2&"*0"#,$("'3"
%"($8'&-)#3,-)"'..$%',<8&,0&8&'49&2,-49&(*"+"-*"-'.--$6"%.$(2,#'.%(73&#3#,--.'0"%",(.-,084"('&6,'"*3"("&-#8$*"9,6.-).'3"%(9'3"
,6.$-',-*-,'$%".2,**&'&.-,8',<"(+.'"-'&,884,(("%'"*048.#,8',<,$'3.%&'&"(K'3"7&88&-)-"((.28.#,8',<,$'3.%&'&"('.-").'&,'",2,&%("''8"6"-'
'3%.$)3,-,*6&-&('%,'&?"+%.#"((K'3"&6+,%'&,8&'4.2'3"8.#,8#.$%'(K,-*'3"+.'"-'&,82.%#3,-)"(&-'3"',<+,&*'..-"#.$-'%4'."&'3"%+%.*$#"9.%2,&8'.
+%.*$#"9,-.22("''&-)',<#3,-)"&-.'3"%#.$-'%&"(
;?51;;51+1
-+%&8'3" &(($"*.+&#9A $(&-"((.60&-,'&.-(B/A.+&#B1.+&#,6"-*('3"+%.?&(&.-(2.%'3"&-&'&,8
%"#.)-&'&.-,-*6",($%"6"-'9($0(";$"-'6",($%"6"-',-*,##.$-'&-)9,-**&(#8.($%"(2.%,(("'(,-*8&,0&8&'&"(,%&(&-)2%.6#.-'&-)"-#&"(&-0$(&-"((
#.60&-,'&.-(.+&#&("22"#'&?"2.%#.-'&-)"-',(("'(,-*#.-'&-)"-'8&,0&8&'&"(,#;$&%"*&-0$(&-"((#.60&-,'&.-(2.%73&#3'3",#;$&(&'&.-*,'"&(
.-.%,2'"%'3"0")&--&-).2'3"2&%(',--$,8%"+.%'&-)+"%&.*0")&--&-).-.%,2'"%"#"60"%93".6+,-4"<+"#'(.+&#7&883,?",
2$'$%"&6+,#'.-&'(#.-(.8&*,'"*2&-,-#&,8(','"6"-'(90$''3"-,'$%",-*6,)-&'$*".2'3"(+"#&2&#"22"#'(7&88*"+"-*$+.-'3"-,'$%"9'"%6,-*(&L".2'3"
,#;$&%"*#.-'&-)"-#&"(
-+%&89'3" &(($"*.+&#9A&-,-#&,8-('%$6"-'(B/A.+&#B1.+&#"<'"-*('3",--$,8*&(#8.($%"%";$&%"6"-'(
%"),%*&-)'3"2,&%?,8$".22&-,-#&,8&-('%$6"-'('.&-'"%&62&-,-#&,8(','"6"-'(.2+$08&#84'%,*"*#.6+,-&"(.+&#&("22"#'&?"2.%&-'"%&6
%"+.%'&-)+"%&.*("-*&-),2'"%C$-"997&'3",%84,*.+'&.-+"%6&''"*2.%+"%&.*("-*&-),2'"%,%#39-C$-"99'3".6+,-4,*.+'"*
.+&#3"%"7,(-.(&)-&2&#,-'&6+,#''.'3".6+,-4@(.-(.8&*,'"*&-,-#&,8','"6"-'(2%.6'3",*.+'&.-.2.+&#

