National Oilwell Varco 2005 Annual Report Download - page 15

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
9(4=394>(44>./+4*12>.4<23*82)-*+(.230.(>>.0+,>>,3/A2+.2308,.9,3/-44>.=9,)92+(<2+;(-(0*30(+-9(#+,88,-92304=36+23032<(.
+,>>,3/A2+.2+(1>2)(0,3-9(0+,>>.-+,3/=9(+(-9(:)236(*.(0-4/(3(+2-(2.*00(3A2++,3/<4-,43-48+((-9(0+,>>.-+,3/.94*>0,-6()4<(.-*);,3-9(
=(>>64+(0*+,3/-9(0+,>>,3/1+4)(..9,.A2++,3/<4-,43,./(3(+2-(0*.,3/9:0+2*>,)2304+<()923,)2>84+)(1+4C,0(02--9(.*+82)(3-9((C(3--92-2
14+-,4348-9(0+,>>.-+,3/6()4<(..-*);230)2334-6(A2++(0>44.(8,.9,3/-44>.2+(+*3,3-4-9(=(>>64+(43-9((3048-9(0+,>>.-+,3/-4+(-+,(C(-9(14+-,43
-92-,..-*);
()(3->:-9(4=394>(44>.6*.,3(..,3-+40*)(023(>()-+43,)A2+1>2)(<(3-1+4/+2<-92-0(-(+<,3(.-9(41-,<*<A2+1>2)(<(3-,3-9(0+,>>.-+,3/2.=(>>
2.-9((88()-.4894>(23/>(94>()*+C2-*+(2308+,)-,432>0+2/43-9(2)-,C2-,4348-9(0+,>>,3/A2+9,.1+4/+2<92.1+4C(3.*,-26>(84+.-+2,/9-0,+()-,432>
23094+,K43-2>=(>>64+(232>:.,.230,<1+4C(.-9(4C(+2>>(88,),(3):48-9(0+,>>,3/1+4)(..
%9(.4>,0.)43-+4>1+40*)->,3(*.(.2C2+,(-:48-()934>4/,(.-4.(12+2-(0+,>>)*--,3/.8+4<0+,>>,3/8>*,0.230-4-+23.14+-0+:230+(8,3(
0+,>>)*--,3/.84+.28(0,.14.2>*30(+-9(+230-6+23032<(9(4<123:6(>,(C(.-9(+(/*>2-4+:230,30*.-+:-+(30.-4=2+0<,3,<,K,3/-9((3C,+43<(3-2>
,<12)-480+,>>,3/41(+2-,43.,323*<6(+48(3C,+43<(3-2>>:.(3.,-,C(4,>230/2.1+40*),3/+(/,43.=,>>>(20-4/+(2-(+0(<23084+.4>,0.)43-+4>1+40*)-.
230)>4.(0>4410+,>>,3/.:.-(<.)>4.(0>4410+,>>,3/.:.-(<,.2.4>,0.)43-+4>.:.-(<,3=9,)9-9(0+,>>,3/<*0,.+()430,-,43(0230+():)>(0-9+4*/94*-
-9(0+,>>,3/1+4)(..43-9(+,/,-.(>89(4<123:8*+-9(+6(>,(C(.-9(-+(30-4=2+0.<4+(-()93,)2>>:)4<1>(@0+,>>,3/,3)>*0,3/9,/9>:0(C,2-(00,+()-,432>
=(>>.230.>,<94>()4<1>(-,43.=,>>82C4+26>:,<12)--9(0(<23084+.4>,0)43-+4>.-()934>4/:6()2*.(48,-.26,>,-:-4+(0*)()4.->:04=394>(1+46>(<.
.(3C,+43<(3-2>)43.-+2,3-.2+(,3)+(2.(02302.2=2+(3(..48(3C,+43<(3-2>1+4-()-,43/+4=.-9(4<123:6(>,(C(.-92-,-.0+,>>)*--,3/..(12+2-,43230
-+(2-,3/1+4)(..(.=,>>(@1(+,(3)(,3)+(2.(00(<230
9(4<123:92.29,.-4+:48,3-+40*),3/3(=.4>,0.)43-+4>1+40*)-.230.(+C,)(.46-2,3(064-9-9+4*/9,-.,3-(+32>0(C(>41<(3-230-9+4*/92)?*,+,3/4+
>,)(3.,3/-()934>4/,(.8+4<4-9(+..92>(.92;(+,.-9(1+,<2+:0(C,)(4320+,>>,3/+,/84++(<4C,3/0+,>>.4>,0.8+4<0+,>>,3/<*09(4<123:2>.4
1+4C,0(.D.)+((3.E=9,)92+(<4*3-(043.92>(.92;(+.2302)-2.28,>-(+)+((3.2+()43.*<26>(.=9,)9<*.-6(+(1>2)(0(C(+:.(C(+2>02:.9(
4<123:+():)>(.)(+-2,3.)+((3)4<143(3-.84++(*.(
3&&H-9(4<123:,3,-,2-(041(+2-,43.=,-921+41+,(-2+:*3,-=9,)9+(<4C(.9:0+4)2+643.8+4<0+,>>)*--,3/.*.,3/9(2--9+4*/921+4)(..)2>>(0
D9(+<2>(.4+1-,43E9(1+4)(..(0)*--,3/.2+(*.*2>>:+(30(+(0,3(+-230)236(0,.14.(048=,-9<,3,<2>(3C,+43<(3-2>,<12)-9(4<123:92.
)4<<(3)(041(+2-,4348200,-,432>-9(+<2>0(.4+1-,43*3,-.,34*-9<(+,)22308+,)22302)?*,+(0-9(-9(+<2>0(.4+1-,4341(+2-,43.482(+.;
43-+2)-4+.3C,+43<(3-2>,C,.,43,3)4->2302302K2;9.-23,39(4<123:2)?*,+(0()4C(+::.-(<.-021+4C,0(+48-9(+<2>0(.4+1-,43
)*--,3/.1+4)(..,3/.(+C,)(.,34=(.-48-3/>230,3$
9(/+4*1<23*82)-*+(.)43C(3-,432>230>,3(2+<4-,43.92>(.92;(+.230.92>(.92;(+.)+((3.9,/9.1((0230)43C(3-,432>)(3-+,8*/(.0(.230(+.5=9,)9
+(<4C(>2+/(0+,>>.4>,0.8+4<0+,>>,3/<*070(.,>-(+.5=9,)9+(<4C(.<2>>0+,>>.4>,0.8+4<0+,>>,3/<*070(/2..(+.5=9,)9+(<4C(2,+230/2..(.8+4<
0+,>>,3/<*07230)>4.(0>4410+,>>,3/8>*,0..:.-(<.2-,-.82),>,-,(.,343+4((@2.J4*.-43(@2.J6(+0((3)4->230J(0*)>6(+-2J230+,3,020
9(4<123:B.3.-+*<(3-2-,436*.,3(..1+4C,0(.0+,>>,3/+,/41(+2-4+.+(2>-,<(<(2.*+(<(3-230<43,-4+,3/48)+,-,)2>12+2<(-(+.
+(?*,+(0-4,<1+4C(+,/.28(-:230(88,),(3)::.-(<.2+(64-9.4>0230+(3-(02302+(-:1,)2>>:)4<1+,.(048.(C(+2>.(3.4+.1>2)(0-9+4*/94*--9(+,/-4
<(2.*+(12+2<(-(+..*)92.=(,/9-436,-944;>420.-2301,1(1+(..*+(<*01*<1.-+4;(.0+,>>,3/<*0>(C(>.-4+?*(2304-9(+.2>>3(-=4+;(062);-42
)(3-+2>)4<<230.-2-,4384++(C,(=+()4+0,3/230,3-(+1+(-2-,4300,-,432>>:-9(+,/,3.-+*<(3-2-,4312);2/(.-:1,)2>>:1+4C,0(<*>-,1>(.)+((3.
2+4*30-9(+,/84+C2+,4*.+,/1(+.433(>-41(+84+<,30,C,0*2>A46.<4+((88()-,C(>:230)2<(+2.84+)(+-2,32+(2.-41(+<,-+(<4-(<43,-4+,3/9(
4<123:488(+.1+41+,(-2+:-4*)9.)+((30,.1>2:.,3-(+1+(-,C(.48-=2+(23002-22+)9,C2>230+(-+,(C2>)2126,>,-,(.3&&&-9(4<123:,3-+40*)(0,-.
,/(3.(P1+40*)-=9,)9)4<6,3(.>(20,3/92+0=2+(230.48-=2+(-()934>4/,(.,3-423,3-(/+2-(00+,>>,3/+,/12);2/(9,.1+40*)-1(+<,-.2))(..48
0+,>>,3/02-28+4<488.,-(>4)2-,43.(326>,3/)4<123:1(+.433(>-4<43,-4+0+,>>,3/41(+2-,43.8+4<23488,)((3C,+43<(3--9+4*/92.()*+(>,3;
'("9(4<123:B. *<1."@1(3026>(.6*.,3(..0(.,/3.<23*82)-*+(.230.(>>.1*<1.-92-2+(*.(0,34,>230/2.0+,>>,3/
41(+2-,43.2301+40*)-,43211>,)2-,43.9(.(1*<1.,3)>*0(+(),1+4)2-,3/)(3-+,8*/2>2301+4/+(..,C()2C,-:1*<1.5,/91+(..*+(<*01*<1.2+(.4>0
=,-9,3-9(,/()934>4/:.(/<(3-79(.(1*<1.2+(.4>02.,30,C,0*2>*3,-.230826+,)2-(0,3-4)4<1>(-(*3,-,K(012);2/(.=,-90+,C(+.)43-+4>.230
1,1,3/9,./+4*12>.4<23*82)-*+(.8>*,0(30(@1(3026>(.5>,3(+.C2>C(.1,.-43.2301>*3/(+.78>*,0(30<40*>(.2302)4<1>(-(>,3(480,(.230,3.(+-.
84+1,1(9230>,3/9(/+4*1488(+.141*>2+,30*.-+:6+23032<(.>,;(9(2->(:#2.4230<(/2+(),1+4)2-,3/1*<1.2)?*,+(0,3(1-(<6(+48J
2>)4(3-+,8*/2> *<1.2)?*,+(0,3F23*2+:48J (-+4>(*<@1(3026>( +40*)-.5  72)?*,+(0,32:48&&'J230 94(3,@3(+/: +40*)-.
2)?*,+(0,3&&H
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