National Oilwell Varco 2005 Annual Report Download - page 21

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

(92C(2//+(..,C(>:(@1230(0230/+4=3,-.6*.,3(..(.0*+,3/-9(12.-.(C(+2>:(2+.-9+4*/92)?*,.,-,43.230,3C(.-<(3-,3,3-(+32>/+4=-9(23-,),12-(
-92-=(=,>>)43-,3*(-41*+.*(232//+(..,C(/+4=-9.-+2-(/:6*-=()2334-2..*+(:4*-92-2--+2)-,C(2)?*,.,-,43.=,>>6(2C2,>26>(-4*.2-+(2.4326>(1+,)(.
4+2-2>>3200,-,43=()2334-2..*+(:4*-92-=(=,>>.*))(..8*>>:,3-(/+2-(-9(41(+2-,43.2302..(-.4823:2)?*,+(06*.,3(..=,-94*+4=34+-92-4*+
<232/(<(3-=,>>6(26>(-4<232/((88()-,C(>:-9(,3)+(2.(0.,K(48-9()4<6,3(0)4<123:4+41(+2-(23:3(=>,3(.486*.,3(..3:,326,>,-:43-9(12+-48
<232/(<(3--4,3-(/+2-(230<232/(2)?*,+(06*.,3(..(.230-9(,+2..*<(0>,26,>,-,(.)4*>020C(+.(>:288()-4*+6*.,3(..2308,323),2>1(+84+<23)(3
200,-,43=(<2:3((0-4,3)*+.*6.-23-,2>,30(6-(03(..-48,323)(8*-*+(2)?*,.,-,43.()2334-2..*+(:4*-92-=(=,>>6(26>(-446-2,3-9,.8,323),3/43
-(+<.2))(1-26>(-4*.4+2-2>>*-*+(2)?*,.,-,43.<2:+(.*>-,3,3)+(2.(00(1+(),2-,432302<4+-,K2-,43(@1(3.(,3)+(2.(0,3-(+(.-(@1(3.(,3)+(2.(0
8,323),2>>(C(+2/(4+0()+(2.(041(+2-,3/,3)4<(84+-9()4<6,3(0)4<123:23:48=9,)9)4*>0)2*.(4*+6*.,3(..-4.*88(+

(92C((@1(+,(3)(08>*)-*2-,43.,3?*2+-(+>:41(+2-,3/+(.*>-.,3-9(12.-()2334-2..*+(:4*-92-=(=,>>+(2>,K((@1()-(0(2+3,3/./+4=-94+-92-
(2+3,3/.,323:12+-,)*>2+?*2+-(+=,>>34-82>>.94+-48(,-9(+21+,4+8,.)2>?*2+-(+4+,3C(.-4+.B(@1()-2-,43.9(84>>4=,3/82)-4+.,3200,-,43-44-9(+.34-
>,.-(0<2:288()-4*+?*2+-(+>:41(+2-,3/+(.*>-.,3-9(8*-*+(
C8>*)-*2-,43.,3-9(4,>230/2.,30*.-+:J
C)4<1(-,-,43J
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C-9(26,>,-:-4,0(3-,8:.-+2-(/,)2)?*,.,-,43.2-+(2.4326>(1+,)(.J
C-9(26,>,-:-4<232/(230)43-+4>41(+2-,3/)4.-.48-9()4<6,3(0)4<123:J
C8>*)-*2-,43.,314>,-,)2>230()434<,))430,-,43.,3-9(3,-(0-2-(.23026+420J230
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11+4@,<2-(>:%N484*++(C(3*(.,3=(+(0(+,C(08+4<41(+2-,43.4*-.,0(-9(3,-(0-2-(.*+84+(,/341(+2-,43.,3)>*0(.,/3,8,)23-41(+2-,43.,3
*+41(-9(,00>(2.-8+,)24*-9(2.-.,24*-9<(+,)22304-9(+,3-(+32-,432><2+;(-.*++(C(3*(.23041(+2-,43.2+(.*6A()--4-9(+,.;.
34+<2>>:2..4),2-(0=,-9)430*)-,3/6*.,3(..,384+(,/3)4*3-+,(.,3)>*0,3/*3)(+-2,314>,-,)2>230()434<,)(3C,+43<(3-.=9,)9<2:>,<,-4+0,.+*1-
<2+;(-.+(.-+,)--9(<4C(<(3-488*30.4++(.*>-,3-9(0(1+,C2-,4348)43-+2)-+,/9-.4+-9(-2;,3/481+41(+-:=,-94*-82,+)4<1(3.2-,43#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+(.*6A()--4/4C(+3<(3-2>14>,),(./,C,3/1+(8(+(3)(
-4-9(1*+)92.(48/440.230.(+C,)(.8+4<)4<123,(.-92-2+(<2A4+,-:4=3(06:>4)2>32-,432>..2+(.*>-48-9(.(14>,),(.=(<2:+(>:43A4,3-C(3-*+(.
>,)(3.(2++23/(<(3-.2304-9(+6*.,3(..)4<6,32-,43.=,-9>4)2>32-,432>.,3-9(.()4*3-+,(.3200,-,4314>,-,)2>)43.,0(+2-,43.<2:0,.+*1--9()4<<(+),2>
+(>2-,43.9,1.6(-=((3*.230/4C(+3<(3-4=3(01(-+4>(*<)4<123,(.
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(+()4+0(0211+4@,<2-(>:G6,>>,4348/440=,>>43,-.)43.4>,02-(062>23)(.9((-2.48()(<6(+#440=,>>,.+()4+0(0=9(3-9(1*+)92.(
1+,)(4826*.,3(..(@)((0.-9(82,+<2+;(-C2>*(48-9(-23/,6>(230.(12+2-(>:<(2.*+26>(,3-23/,6>(3(-2..(-.#(3(+2>>:2))(1-(02))4*3-,3/1+,3),1>(.
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-40(-(+<,3(-92-23:484*++(<2,3,3/62>23)(48/440=,>>=2.,<12,+(0=(=4*>0+()4+023,<<(0,2-()92+/(-4(2+3,3/.=,-92)4++(.1430,3/+(0*)-,43
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*+6*.,3(..(.2+(.*6A()--43*<(+4*.8(0(+2>.-2-(230>4)2>>2=.+(/*>2-,43.23014>,),(./4C(+3,3/(3C,+43<(3-2>1+4-()-,43K43,3/2304-9(+<2--(+.
9(.(>2=.230+(/*>2-,43.92C()923/(08+(?*(3->:,3-9(12.-230,-,.+(2.4326>(-4(@1()-200,-,432>)923/(.,3-9(8*-*+(8(@,.-,3/+(/*>2-4+:
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