National Oilwell Varco 2005 Annual Report Download - page 14

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,6(+#>2..:.-(<.92.<23*82)-*+(08,6(+/>2..1,1(.,3)(&%H*30(+-9(32<(D-2+ME230=2.-9(8,+.-<23*82)-*+(+489,/91+(..*+(8,6(+/>2..1,1(-4
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488(+,3/,3-4,30*.-+,2>230<2+,3(211>,)2-,43.,3200,-,43-4,-.4,>8,(>0<2+;(-
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.<2>>.,K(48-9()4,>(0-*6,3/*3,-)4<12+(0-4232C(+2/(=4+;4C(++,/4+0+,>>,3/+,/+(0*)(.1+(12+2-,43-,<(2--9(=(>>.,-(4,>(0-*6,3/1(+<,-.2
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>4=(+)4.-,32>>:*.(48)4,>(0-*6,3//(3(+2>>:2>>4=.)43-,3*4*.1+40*)-,4348-9(=(>>(>,<,32-,3/-9(3((0-4-(<14+2+,>:.-41-9(8>4=48
9:0+4)2+643..2+(.*>--9(()434<,).482=4+;4C(+2+(,<1+4C(06()2*.(-9(=(>>)23)43-,3*(-41+40*)(9:0+4)2+643.230-9*.1+40*)(+(C(3*(.
=9,>(-9(=(>>-+(2-<(3-.2+(4))*++,3/43-,3*4*.1+40*)-,432>.4+(0*)(.-9(+,.;4884+<2-,4302<2/(=9,)9)234))*+=9(3-9(8>4=488>*,0.,..-411(0
4+,.4>2-(00(.,/3.<23*82)-*+(.230.(>>.)4,>(0-*6,3/*30(+-9(I*2>,-:*6,3/6+23032<(2-,-.<,>>,34*.-43(@2.
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.-411,3/-9(1+40*)-8>4=/,C,3/)*.-4<(+.2)43C(3,(3-230)4.-(88()-,C(<(-94048,0(3-,8:,3/14-(3-,2>0(8()-.9( (-+4>(*<(+C,)(."*11>,(.
/+4*1,3.1()-.1,1(>,3(.6:>2*3)9,3/2.419,.-,)2-(0.*+C(:,3.-+*<(3-,3-4-9(1,1(>,3( +41(>>(06:-9(1+40*)-8>4=-9(,3.-+*<(3-*.(.
(>()-+4<2/3(-,).*>-+2.43,).230<()923,)2><(2.*+(<(3-.+()(,C(0430,/,-2>230232>4/<(0,2-4<43,-4+-9(.(C(+,-:230>4)2-,4348,3-(+32>230
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41(+2-4+..-((><,>>.2304-9(+,30*.-+,2>)4<123,(.9(4<123:B.)4<1(-,-4+.,3)>*0(2<43/4-9(+.<(+433-(+32-,432>4+14+14+2-,43
,1(>,3(3-(/+,-:3-(+32-,432>-0520,C,.,4348#(3(+2>>()-+,)792=4+-0<,-93-(+32-,432>3)+23;B.3-(+32-,432>3)4.(3
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/4C(+3<(3-4=3(01(-+4>(*<)4<123,(.>4)2-(0,3.4<(48-9()4*3-+,(.,3=9,)9-9,./+4*141(+2-(.92C(2041-(014>,),(.4++(/*>2-,43.=9,)9<2:/,C(
>4)2>32-,432>.,3-9(.()4*3-+,(.)(+-2,3)4<1(-,-,C(20C23-2/(.,-9,3-9(4<123:B.)4++4.,43)43-+4>1+40*)-.)(+-2,3.*6.-,-*-(..*)92.343<(-2>>,)
-*6*>2+.,39,6,-4+.)4++4.,43+(.,.-23-2>>4:.)2-940,)1+4-()-,43.:.-(<.230343<(-2>>,)>,3(+.:.-(<.2>.4)4<1(-(=,-9-9(4<123:B.1+40*)-.
232/(<(3-6(>,(C(.-92--9(1+,3),12>)4<1(-,-,C(82)-4+.288()-,3/-9,.6*.,3(..2+(1(+84+<23)(?*2>,-:+(1*-2-,43)*.-4<(+.(+C,)(2C2,>26,>,-:48
1+40*)-..12+(12+-.230)43.*<26>(.2306+(20-9481+40*)->,3(2301+,)(
)&$0(.,/3.<23*82)-*+(+.230.(+C,)(.2=,0(2++2:4804=394>(<4-4+.*.(0,3.-+2,/9-94>(0,+()-,432>.>,<94>(230)4,>(0-*6,3/
0+,>>,3/211>,)2-,43.9(.(<4-4+.2+(.4>04+>(2.(0*30(+-9(6+23032<(.+*0+,>>230()-4+9,.6*.,3(..2>.4<2,3-2,3.2=,0(C2+,(-:48<4-4+
14=(+.()-,43.=9,)9,-,3)4+14+2-(.,3-4,-.4=3<4-4+.2302>.4.(>>.-4-9,+012+-,(.4=394>(0+,>>,3/<4-4+.*-,>,K(9:0+2*>,)94+.(14=(+8+4<-9(
0+,>>,3/8>*,01*<1(004=3-9(0+,>>.-(<-40(C(>41-4+?*(2--9(6,-4-4+.2+()2126>(482)9,(C,3/9,/9+4-2+:C(>4),-,(.-923)23/(3(+2>>:6(2)9,(C(0
*.,3/)43C(3-,432>.*+82)(+4-2+:(?*,1<(3-4-4+.2+(48-(3*.(0,3)43A*3)-,43=,-99,/9.1((0 6,-.-4,<1+4C(+2-(.481(3(-+2-,43
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