National Oilwell Varco 2005 Annual Report Download - page 20

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
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&/  "##&
 
9(4,>230/2.,30*.-+:9,.-4+,)2>>:92.(@1(+,(3)(0.,/3,8,)23-C4>2-,>,-:(<23084+4*+.(+C,)(.2301+40*)-.0(1(30.1+,<2+,>:*143-9(3*<6(+484,>
+,/.,341(+2-,43-9(3*<6(+484,>230/2.=(>>.6(,3/0+,>>(0-9(0(1-92300+,>>,3/)430,-,43.48-9(.(=(>>.-9(C4>*<(481+40*)-,43-9(3*<6(+48=(>>
)4<1>(-,43.)21,-2>(@1(30,-*+(.484-9(+4,>8,(>0.(+C,)()4<123,(.230-9(>(C(>48=4+;4C(+2)-,C,-:+,>>,3/230=4+;4C(+2)-,C,-:)238>*)-*2-(
.,/3,8,)23->:,32.94+-1(+,4048-,<(12+-,)*>2+>:,3-9(3,-(0-2-(.230232029(=,>>,3/3(..484,>230/2.41(+2-4+.-4<2;()21,-2>(@1(30,-*+(.-4
(@1>4+(84+2301+40*)(4,>23032-*+2>/2.230-9(=,>>,3/3(..484,>8,(>0.(+C,)()4<123,(.-4,3C(.-,3)21,-2>(?*,1<(3-=,>>)43-,3*(-46(,38>*(3)(06:
3*<(+4*.82)-4+.4C(+=9,)9=(92C(34)43-+4>,3)>*0,3/
C
-9(26,>,-:48-9(<(<6(+.48-9(+/23,K2-,4348 (-+4>(*<@14+-,3/4*3-+,(.4+ -4<2,3-2,31+,)(.-26,>,-:-9+4*/9C4>*3-2+:1+40*)-,43
>,<,-.-9(>(C(>481+40*)-,436:343 )4*3-+,(.230=4+>0=,0(0(<23084+4,>230/2.J
C>(C(>481+40*)-,438+4<;34=3+(.(+C(.J
C)4.-48(@1>4+,3/84+2301+40*),3/4,>230/2.J
C>(C(>480+,>>,3/2)-,C,-:2300+,>>,3/+,/02:+2-(.J
C=4+>0=,0(()434<,)2)-,C,-:J
C32-,432>/4C(+3<(3-14>,-,)2>+(?*,+(<(3-.J
C0(C(>41<(3-482>-(+32-((3(+/:.4*+)(.J230
C(3C,+43<(3-2>+(/*>2-,43.
8-9(+(,.2.,/3,8,)23-+(0*)-,43,30(<23084+0+,>>,3/.(+C,)(.,3)2.98>4=.480+,>>,3/)43-+2)-4+.=(>>.(+C,),3/)4<123,(.4+1+40*)-,43)4<123,(.4+
,30+,>>,3/4+=(>>.(+C,),3/+,/*-,>,K2-,43+2-(.-9(30(<23084+-9(1+40*)-.230.(+C,)(.48-9()4<123:=,>>0()>,3(
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,>230/2.1+,)(.92C(6((3C4>2-,>(.,3)(&&3/(3(+2>4,>1+,)(.211+4@,<2-(0GH1(+62++(>8+4<&&-9+4*/9&&'(@1(+,(3)(020()>,3(,3-4
-9(>4=-((3.,3&&H230&&&23092C(/(3(+2>>:+23/(06(-=((3G%1(+62++(>.,3)(14-/2.1+,)(./(3(+2>>:+23/(06(-=((3GH%1(+
<<6-*48/2.8+4<&&-9+4*/9&&&-9(3(@1(+,(3)(0.(C(+(.1,;(.,3-4-9(G+23/(,32306.(3-4))2.,432>.1,;(.2300,1.0*(-4
,<62>23)(.,3.*11>:2300(<2301+,)(.92C(/(3(+2>>:+23/(06(-=((3G%1(+<<6-*0*+,3/-9(>2.--=4:(2+.
@1()-2-,43.84+8*-*+(4,>230/2.1+,)(.)2*.(<23:.9,8-.,3-9(.-+2-(/,(.230(@1(30,-*+(>(C(>.484,>230/2.)4<123,(.2300+,>>,3/)43-+2)-4+.
12+-,)*>2+>:=,-9+(.1()--40(),.,43.-41*+)92.(<2A4+)21,-2>(?*,1<(3-48-9(-:1(=(<23*82)-*+(,>230/2.1+,)(.=9,)92+(0(-(+<,3(06:-9(
<2+;(-1>2)(<2:82>>6(>4=2+23/(-92-,.2))(1-26>(-44*+)*.-4<(+.=9,)9)4*>0+(0*)(0(<23084+4*+1+40*)-.

9(4,>8,(>01+40*)-.230.(+C,)(.,30*.-+:,.9,/9>:)4<1(-,-,C(()4<1(-(=,-932-,432>+(/,432>23084+(,/3)4<1(-,-4+.,3(2)948-9(,+)*++(3-<2A4+
1+40*)->,3(.9(.()4<1(-,-4+.<2:92C(/+(2-(+8,323),2>-()93,)2><23*82)-*+,3/230<2+;(-,3/+(.4*+)(.-923*.230<2:6(,326(--(+)4<1(-,-,C(
14.,-,439(84>>4=,3/)4<1(-,-,C(2)-,43.)23(2)9288()-4*++(C(3*(.230(2+3,3/.
C1+,)()923/(.J
C3(=1+40*)-230-()934>4/:,3-+40*)-,43.J230
C,<1+4C(<(3-.,32C2,>26,>,-:2300(>,C(+:
3200,-,43)(+-2,384+(,/3A*+,.0,)-,43.230/4C(+3<(3-4=3(01(-+4>(*<)4<123,(.>4)2-(0,3.4<(48-9()4*3-+,(.,3=9,)9=(41(+2-(92C(2041-(0
14>,),(.4++(/*>2-,43.=9,)9<2:/,C(>4)2>32-,432>.,3-9(.()4*3-+,(.)4<1(-,-,C(20C23-2/(.4<1(-,-,43,34*+,30*.-+:)4*>0>(20-4>4=(++(C(3*(.
230(2+3,3/.
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