National Oilwell Varco 2005 Annual Report Download - page 19

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
+15;5+
9(<23*82)-*+,3/1+4)(..(.84+-9(4<123:B.1+40*)-./(3(+2>>:)43.,.-48<2)9,3,3/=(>0,3/230826+,)2-,439(2--+(2-,3/2..(<6>:48<23*82)-*+(0
2301*+)92.(0)4<143(3-.230-(.-,3/4.-(?*,1<(3-,.<23*82)-*+(01+,<2+,>:8+4<2>>4:.-((>230-9(2C2,>26,>,-:2301+,)(482>>4:.-((>)2.-,3/.
84+/,3/.1*+)92.(0)4<143(3-.23062+.-4);,.)+,-,)2>-4-9(1+40*)-,43230-,<,3/48.9,1<(3-. +,<2+:<23*82)-*+,3/82),>,-,(.84+-9(,/()934>4/:
.(/<(3-2+(>4)2-(0,34*.-43#2>(32 2+;*/2+>23043+4(4+-4+-9230 2<12(@2.J*3)23230*>.2;>294<2J+23/(2>,84+3,2J2>/2+:
,.;*2300<43-4323202J(@,)2>,(@,)4J6(+0((3)4->230J+,.-,23.230230-2C23/(+4+=2:J--(3(*+-9((-9(+>230.J2+?*(84*
+23)(J,3/214+(J (+-9*.-+2>,2J23023K94*9,32
9(4<123:B. (-+4>(*<(+C,)(."*11>,(..(/<(3-<23*82)-*+(.4+2..(<6>(.-9((?*,1<(3-2301+40*)-.=9,)9,-+(3-.230.(>>.-4)*.-4<(+.230
=9,)9,-*.(.,31+4C,0,3/.(+C,)(.4=394>(-44>.2+(<23*82)-*+(02-82),>,-,(.,34*.-43(@2.J2300<43-43>6(+-24>,0.)43-+4>(?*,1<(3-230
.)+((3.2+(<23*82)-*+(02-82),>,-,(.,34*.-4323043+4((@2.J(=6(+,24*,.,232J6(+0((3)4->230J,.;*>6(+-2J+,3,020J2302)2(
+2K,>3.-+*<(3-2-,43(?*,1<(3-,.<23*82)-*+(02-(02+ 2+;(@2.J2304*.-43(@2.82),>,-,(. *<1.2+(<23*82)-*+(02-82),>,-,(.,34*.-43
(@2.J)>(.-(+230*>.2;>294<2J23)9(.-(+3/>230J230(>64*+3(*.-+2>,2
9(/+4*1<23*82)-*+(.-*6*>2+,3.1()-,43(?*,1<(3-230,3.-+*<(3-(01,1(>,3(,3.1()-,43-44>.2-,-.4*.-43(@2.82),>,-:84++(.2>(230+(34C2-(.230
+(12,+.(?*,1<(3-2-,-.<23*82)-*+,3/82),>,-,(.,34*.-43(@2.J4+0433/>230J(>>(#(+<23:J,.;*>6(+-22306(+0((3)4->230,6(+/>2..
230)4<14.,-(-*6*>2+.2308,--,3/.2+(<23*82)-*+(02-82),>,-,(.,3233-43,4(@2.J,/1+,3/(@2.J,-->(4);+;23.2.J*>.2;>294<2J
,)9,-223.2.J2302+6,3230*K94*9,3282),>,-,(.=9,>(-*6*>2+)42-,3/.2+(<23*82)-*+(0,3,-.4*.-43(@2.82),>,-:4+-9+4*/9+(.-+,)-(0.2>(
2/+((<(3-.=,-9-9,+012+-:<23*82)-*+(+.
(+-2,348-9(4<123:B.<23*82)-*+,3/82),>,-,(.230)(+-2,348-9(4<123:B.1+40*)-.92C(C2+,4*.)(+-,8,)2-,43.,3)>*0,3/& 230
8+
9(4<123:6(>,(C(.-92-<2-(+,2>.230)4<143(3-.*.(0,3,-..(+C,),3/230<23*82)-*+,3/41(+2-,43.2301*+)92.(084+.2>(.2+(/(3(+2>>:2C2,>26>(8+4<
<*>-,1>(.4*+)(.9(1+,)(.12,06:-9(4<123:84+,-.+2=<2-(+,2>.<2:6(288()-(06:2<43/4-9(+-9,3/.(3(+/:.-((>2304-9(+)4<<40,-:1+,)(.J
-2+,88.2300*-,(.43,<14+-(0<2-(+,2>.J23084+(,/3)*++(3):(@)923/(+2-(.9(4<123:(@1(+,(3)(09,/9(+.-((>1+,)(.230/+(2-(+0,88,)*>-:.()*+,3/
3()(..2+:.-((>.*11>,(.,3$230-923,-(@1(+,(3)(00*+,3/-9(1+()(0,3/.(C(+2>:(2+.9(4<123:92./(3(+2>>:6((3.*))(..8*>,3,-.(884+--4
<,-,/2-(-9(8,323),2>,<12)-489,/9(++2=<2-(+,2>.)4.-.43,-.41(+2-,43.6:211>:,3/.*+)92+/(.-423020A*.-,3/1+,)(.43-9(1+40*)-.,-.(>>.4=(C(+
9,/9(+1+,)(.230>4=(+2C2,>26,>,-:48.-((>2304-9(++2=<2-(+,2>-9(4<123:*.(.,3,-.6*.,3(..<2:20C(+.(>:,<12)-8*-*+(1(+,40.
3;,
9(4<123:<43,-4+.,-.62);>4/484+0(+.=,-9,3,-.,/()934>4/:/+4*1-4/*,0(,-.1>233,3/2);>4/,3)>*0(.4+0(+./+(2-(+-923G-94*.23084+
<4.-,-(<.2304+0(+.84+=,+(>,3(*3,-.,3(@)(..48G'-94*.230230=9,)9+(?*,+(<4+(-923-9+((<4-9.-4<23*82)-*+(2300(>,C(+
2);>4/<(2.*+(<(3-.2+(<20(43-9(62.,.48=+,--(34+0(+.=9,)92+(8,+<6*-2+(/(3(+2>>:)23)(>26>(6:-9()*.-4<(+4.-+(?*,+(+(,<6*+.(<(3--4
-9(4<123:84+)4.-.,3)*++(0,3.*)923(C(3-9(+()236(342..*+23)(-92--9(62);>4/2<4*3-.=,>>*>-,<2-(>:6(+(2>,K(02.+(C(3*(4+-92--9(
4<123:=,>>(2+321+48,-4362);>4/=4+;*+62);>4/84+(?*,1<(3-2-+()(3-:(2+(30.92.6((3
()(<6(+ G&&<,>>,43
()(<6(+$ %<,>>,43Q
()(<6(+ &<,>>,43Q

Q (@)>*0(.2+)462);>4/
4=?
-()(<6(+-9(4<123:9202-4-2>48%(<1>4:((.48=9,)9%=(+(-(<14+2+:(<1>4:((.11+4@,<2-(>:$(<1>4:((.,3-9(
4<123:B.8,6(+/>2..-*6*>2+.1>23-,3,-->(4);+;23.2.230&(<1>4:((.48-9(4<123:B.04=394>(-44>.1+40*)->,3(2+(.*6A()--4)4>>()-,C(
62+/2,3,3/2/+((<(3-.00,-,432>>:)(+-2,348-9(4<123:B.(<1>4:((.,3)(+-2,384+(,/3>4)2-,43.1+,3),12>>:4+=2:230+/(3-,322+(.*6A()--4
)4>>()-,C(62+/2,3,3/2/+((<(3-.
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