National Oilwell Varco 2005 Annual Report Download - page 13

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
-92-<23*82)-*+(-*6*>2+/440.2302-82),>,-,(.=9,)9,-4=3.9(/+4*12>.41+4C,0(.,3-(+32>)42-,3/48-*6*>2+/440.2-.(C(+2>)42-,3/1>23-.=4+>0=,0(
230-9+4*/9>,)(3.((.,3)(+-2,3>4)2-,43.00,-,432>>:-9(4<123:0(.,/3.<23*82)-*+(.230.(>>.9,/91+(..*+(8,6(+/>2..230)4<14.,-(-*6*>2+.84+*.(
,3)4++4.,C(211>,)2-,43.230)4,>(0-*6,3/84+*.(,3=(>>.(+C,),3/211>,)2-,43.J2301+4C,0(.,3.(+C,)(,3.1()-,43484,>/2.2301+40*)--+23.<,..,43
1,1(>,3(.-9+4*/9,-.211>,)2-,4348,3.-+*<(3-(0.*+C(:-44>.5D.<2+-1,/.E7=9,)9,-(3/,3((+.<23*82)-*+(.23041(+2-(.
9(4<123:B.)*.-4<(+.+(>:43-*6*>2+,3.1()-,43.(+C,)(.-42C4,082,>*+(48-*6,3/)2.,3/8>4=>,3(.1,1(>,3(.2300+,>>1,1(*)9-*6*>2+82,>*+(.2+(
(@1(3.,C(230,3.4<()2.(.)2-2.-+419,)9(4<123:B.)*.-4<(+.+(>:43,3-(+32>)42-,3/.48-*6*>2+/440.-41+4>43/-9(*.(8*>>,C(.48-*6*>2+.230-4
,3)+(2.(-9(C4>*<(-+,)-9+4*/91*-48,3.(+C,)(-*6*>2+/440.9(4<123:B.)*.-4<(+..4<(-,<(.*.(8,6(+/>2..4+)4<14.,-(-*6*>2+.,3>,(*48
)43C(3-,432>.-((>-*6*>2+.0*(-4-9()4++4.,43+(.,.-23-1+41(+-,(.488,6(+/>2..2304-9(+)4<14.,-(<2-(+,2>.*6*>2+,3.1()-,43230)42-,3/.(+C,)(.2+(
*.(0<4.-8+(?*(3->:,341(+2-,43.,39,/9-(<1(+2-*+(0((1)4++4.,C(4,>230/2.(3C,+43<(3-.3.(>()-,3/21+4C,0(+48-*6*>2+,3.1()-,43230-*6*>2+
)42-,3/.(+C,)(.4,>230/2.41(+2-4+.)43.,0(+.*)982)-4+.2.+(1*-2-,43(@1(+,(3)(-()934>4/:481+40*)-.488(+(0+(>,26,>,-:2301+,)(
9(4<123:B. (-+4>(*<(+C,)(."*11>,(./+4*12>.41+4C,0(.1+40*)-.230.(+C,)(.-92-2+(*.(0,3-9()4*+.(480+,>>,3/4,>230/2.=(>>.9(
4=394>(44>.6*.,3(...(>>.230+(3-.0+,>>,3/<4-4+.230.1(),2>,K(004=394>(-44>.-92-2+(,3)4+14+2-(0,3-4-9(0+,>>.-(<0*+,3/0+,>>,3/41(+2-,43.
5D4=394>(44>.E72302+(2>.4*.(00*+,3/8,.9,3/=(>>,3-(+C(3-,43+((3-+:230=(>>)4<1>(-,4341(+2-,43.9(4>,0.43-+4>6*.,3(..,.(3/2/(0,3
-9(1+4C,.,43489,/9>:(3/,3((+(0(?*,1<(3-1+40*)-.230.(+C,)(.=9,)9.(12+2-(230<232/(0+,>>)*--,3/.1+40*)(06:-9(0+,>>,3/1+4)(..5D4>,0.
43-+4>E7+,>>)*--,3/.2+(*.*2>>:)43-2<,32-(0=,-91(-+4>(*<4+0+,>>,3/8>*,0.230<*.-6(0,.14.(048,323(3C,+43<(3-2>>:.4*30<233(+
00,-,432>>:(88,),(3-.(12+2-,43480+,>>)*--,3/.(326>(.-9(+(*.(4848-(3)4.->:0+,>>,3/8>*,0.9(3.-+*<(3-2-,436*.,3(..+(3-.230.(>>.1+41+,(-2+:
0+,>>,3/+,/,3.-+*<(3-2-,4312);2/(.230)43-+4>.:.-(<.=9,)9<43,-4+C2+,4*.1+4)(..(.-9+4*/94*--9(0+,>>,3/41(+2-,43*30(+-9(32<(4-)4
5D3.-+*<(3-2-,43E79( *<1."@1(3026>(.6*.,3(..1+4C,0(.)(3-+,8*/2>+(),1+4)2-,3/2301+4/+(..,3/)2C,-:1*<1.2301*<1(@1(3026>(.5D *<1.
"@1(3026>(.E7,3-4-9(/>462>4,>230/2.230,30*.-+,2><2+;(-.
$"%9(4<123:0(C(>41.<23*82)-*+(.230211>,(.,-.1+41+,(-2+:-*6*>2+)42-,3/.;34=32.*6(4-(M)42-,3/.-43(=230*.(0
-*6*>2+.*6*>2+)42-,3/.9(>11+(C(3-)4++4.,4348-*6*>2+.6:1+4C,0,3/2-4*/91>2.-,).9,(>0-4,.4>2-(.-((>8+4<)4++4.,C(4,>8,(>08>*,0..*)92.
2306+,3((>2:,3/4+1+(C(3-,3/)4++4.,43(@-(30.-9(>,8(48(@,.-,3/-*6*>2+.+(0*)(.-9(8+(?*(3):48=(>>+(<(0,2-,43230+(0*)(.(@1(3.,C(
,3-(++*1-,43.,31+40*)-,433200,-,43)42-,3/.2+(0(.,/3(0-4,3)+(2.(-9(8>*,08>4=+2-(-9+4*/9-*6*>2+.6:0()+(2.,3/4+(>,<,32-,3/12+288,3230.)2>(
6*,>0*1=9,)9)23+(0*)(4+6>4);4,>8>4=,31+40*),3/=(>>.9(.<44-9,33(+.*+82)(.48)42-(0-*6*>2+.48-(3,3)+(2.(-9(8>*,0-9+4*/91*-43)(+-2,3
9,/9+2-(4,>230/2.=(>>.6:+(0*),3/8+,)-,43230-*+6*>(3)(9(4<123:B.+(1*-2-,4384+.*11>:,3/?*2>,-:,3-(+32>)42-,3/.,.23,<14+-23-82)-4+,3,-.
6*.,3(...,3)(-9(82,>*+(48)42-,3/.)23>(20-4(@1(3.,C(1+40*)-,430(>2:.2301+(<2-*+(-*6*>2+82,>*+(
3)+(2-(02%N4=3(0A4,3-C(3-*+(,39,32=,-9-9(*26(, (-+4>(*<0<,3,.-+2-,43*+(2*=9,)9)42-.9,3(.(1+40*)(00+,>>1,1(*.,3/
B.1+41+,(-2+:)42-,3/.
$"(=>:<23*82)-*+(01,1(.4<(-,<(.)43-2,3..(+,4*.0(8()-.-92-2+(34-0(-()-(02--9(<,>>3200,-,431,1()236(02<2/(0,3-+23.,-
2300*+,3/9230>,3/1+,4+-4*.(2--9(=(>>.,-(.2+(.*>-(@1>4+2-,432301+40*)-,43)4<123,(.48-(392C(3(=-*6*>2+.,3.1()-(06(84+(-9(:2+(1>2)(0
,3.(+C,)(-4+(0*)(-9(+,.;48-*6*>2+82,>*+(.0*+,3/0+,>>,3/)4<1>(-,434+1+40*)-,43484,>230/2.=(>>..(0-*6*>2+.2+(,3.1()-(06:-9(4<123:-4
0(-()-.(+C,)(,30*)(08>2=.28-(+-9(-*6*>2+.2+(+(<4C(08+4<41(+2-,43.(00+,>>1,1(230*.(0-*6,3/,3.1()-,431+4/+2<.2>>4=41(+2-4+.-4+(1>2)(
0(8()-,C(>(3/-9.-9(+(6:1+4>43/,3/-9(>,8(48-9(+(<2,3,3/1,1(230.2C,3/-9()*.-4<(+-9()4.-48*33()(..2+:-*6*>2++(1>2)(<(3-.230(@1(3.(.
+(>2-(0-4-*6*>2+82,>*+(.
*6*>2+,3.1()-,43.(+C,)(.(<1>4:2>><2A4+3430(.-+*)-,C(,3.1()-,43-()93,?*(.,3)>*0,3/(>()-+4<2/3(-,)*>-+2.43,)<2/3(-,)8>*@>(2;2/(230/2<<2
+2:9(.(,3.1()-,43.(+C,)(.2+(1+4C,0(064-96:<46,>(*3,-.=9,)9=4+;2--9(=(>>9(202.*.(0-*6,3/,.+(<4C(08+4<2=(>>2302-8,@(0.,-(-*6*>2+
,3.1()-,43>4)2-,43.9(/+4*11+4C,0(.23*>-+2.43,),3.1()-,43.(+C,)(84+0(-()-,3/14-(3-,2>82-,/*()+2);.,3-9((302+(248*.(00+,>>1,1(-9(14+-,4348
-9(1,1(-92--+20,-,432>>:92.6((3-9(<4.-0,88,)*>--4,3.1()-*6*>2+,3.1()-,4382),>,-,(.2>.4488(+2=,0(+23/(48+(>2-(0.(+C,)(..*)92. -9+(20
,3.1()-,43+,3/2301>*//2*/,3/2302)4<1>(-(>,3(48+()>2<2-,43.(+C,)(.3()(..2+:-4+(-*+3-*6*>2+.-4*.(8*>.(+C,)(,3)>*0,3/-*6*>2+)>(23,3/230
.-+2,/9-(3,3/9:0+4.-2-,)-(.-,3/230+(-9+(20,3/
3200,-,43-9(4<123:211>,(.92+06230,3/<2-(+,2>-40+,>>1,1(-4(3923)(,-.=(2+)92+2)-(+,.-,).230+(0*)(04=394>()2.,3/=(2+2.2+(.*>-48-9(
0+,>>,3/1+4)(..3-9(4<123:,3-+40*)(0,-.1+41+,(-2+:>,3(4892+06230,3/<2-(+,2>OH9(/+4*12>.4)>(23..-+2,/9-(3.,3.1()-.
230)42-..*);(++40.2-82),>,-,(.-9+4*/94*--9((.-(+3(<,.19(+(
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