National Oilwell Varco 2005 Annual Report Download - page 34

Download and view the complete annual report

Please find page 34 of the 2005 National Oilwell Varco annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 89

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89


3(4* ,/
)-,C,-:>(C(>.2300(<23084+4*+1+40*)-.230.(+C,)(.,<1+4C(0,3<4.-484*+6*.,3(...(/<(3-.,3(<23084+4,>230/2.)43-,3*(0-4,3)+(2.(
0*+,3/.2+(.*>-4,>230/2.1+,)(.92C(,3)+(2.(0.,/3,8,)23->:4C(+-9(12.-8(=:(2+.=9,)992.>(0-4+,.,3/>(C(>.48(@1>4+2-,432300(C(>41<(3-
0+,>>,3/,3<23:4,>230/2.1+40*),3/62.,3.2+4*30-9(/>46(9(=4+>0=,0(+,/)4*3-2/440,30,)2-4+484,>8,(>02)-,C,-:230.1(30,3/,3)+(2.(0
1(+)(3-,3*184+-9(-9,+0)43.()*-,C(:(2+,>230/2.)4<123,(.92C(,3)+(2.(0-9(,+>(C(>.48,3C(.-<(3-,33(=4,>230/2.=(>>.-4+(C(+.(-9(
-+(30480()>,3,3/+(.(+C(.230-4/+4=1+40*)-,43-4.2-,.8:-9(+,.,3/(3(+/:3((0.48-9(=4+>09,.92.>(0-42>(C(>480+,>>,3/2)-,C,-:34-.((3.,3)(-9(
(2+>:&HB.=9,)992.,3-*+3+(.*>-(0,3.-(20,>:+,.,3/0(<23084+4,>8,(>0.(+C,)(.4C(+-9(>2.-.(C(+2>?*2+-(+.*)948-9(3(=,3)+(<(3-2>0+,>>,3/
2)-,C,-:,.4))*++,3/,392+.9(3C,+43<(3-.230(<1>4:.,3)+(2.,3/>:.419,.-,)2-(0-()934>4/:-48,302301+40*)(+(.(+C(.
9(+,.(,30(<23084+0+,>>,3/+,/.92.0+,C(3+,/02:+2-(.O-9(2<4*3-20+,>>,3/)43-+2)-4+)92+/(.1(+02:84+-9(*.(23041(+2-,434820+,>>,3/+,/O
.92+1>:9,/9(+4C(+-9(12.-.(C(+2>?*2+-(+.=9,)992.,3)+(2.(0)2.98>4=.2302C2,>26>(8,323),3/-40+,>>,3/)43-+2)-4+.,.,3/02:+2-(.92C()2*.(0
<23:4>0(+0+,>>,3/+,/.-46(1>2)(062);,3-4.(+C,)(230=(6(>,(C(-92-C,+-*2>>:(C(+:0+,>>,3/+,/-92-)2341(+2-(,.34=,341(+2-,43(92C(1>2:(023
,<14+-23-+4>(,31+4C,0,3/-9((?*,1<(3-)43.*<26>(.230.(+C,)(.3((0(0-4+(2)-,C2-(<23:48-9(.(4>0(++,/.2>(.48,30,C,0*2>0+,>>,3/)4<143(3-.
.4<(48=9,)90434-8>4=-9+4*/94*+62);>4//(3(+2>>:-+(30(0*1-9+4*/9-9(:(2+2.)43-+2)-4+.+(2)-,C2-(0+,/.84+.(+C,)(
,/9(+*-,>,K2-,43480+,>>,3/+,/.92.-(.-(0-9()2126,>,-:48-9(=4+>0B.8>((-48+,/.<*)948=9,)9,.4>023048>,<,-(0)2126,>,-:)4<12+(0-43(=(+
0+,>>,3/+,/.()934>4/:92.20C23)(0.,3)(<4.-48-9((@,.-,3/+,/8>((-=2.6*,>-9(,30*.-+:,3C(.-(0>,-->(0*+,3/-9(>2-(&HB.230&&B.-4=2+0.-9(
1*+)92.(483(=0+,>>,3/(?*,1<(3-4=(C(+0+,>>,3/-()934>4/:1+4/+(..(0.-(20,>:2.=(2304*+)4<1(-,-4+.)43-,3*(0-4,3C(.-,33(=2306(--(+=2:.
480+,>>,3/.2)43.(?*(3)(-9(.28(-:+(>,26,>,-:230(88,),(3):483(=<40(+3+,/..*+12..-9(1(+84+<23)(48<4.-48-9(4>0(++,/.2-=4+;-402:,>
230/2.1+40*)(+.48-(30(<230-411(+84+<23)(8+4<0+,>>,3/+,/.12+-,)*>2+>:2--9(1+(<,*<02:+2-(.-92-2+(6(,3/12,0-402:.2+(.*>-48-9,.-+(30
=(92C(6(3(8,-(08+4<,3)+(2.,3/0(<23084+3(=1+40*)-.O.*)92.4*+.<2>>,+43+4*/93();.84+>230+,/.2304*+ B.O-4*1/+20()(+-2,3
+,/8*3)-,43.-4<2;(-9(<.28(+230<4+((88,),(3-
+,>>,3/+,/.2+(34=6(,3/+(?*,+(06:)43-+2)-4+.-40+,>>0((1(+=(>>.<4+()4<1>(@=(>>.9,/9>:0(C,2-(0=(>>.23094+,K43-2>=(>>.=9,)9+(?*,+(
>2+/(++,/.=,-9<4+()2126,>,-,(.,/9(+02:+2-(.<2/3,8:-9(4114+-*3,-:)4.-48+,/04=3-,<(230+,/.2+(6(,3/1*.9(0-4<2@,<,K(+(C(3*(02:.84+
-9(,+0+,>>,3/)43-+2)-4+4=3(+.9(0+,>>,3/1+4)(..(88()-,C(>:)43.*<(.-9(<()923,)2>)4<143(3-.482+,/=9,)9=(2+4*-2303((01(+,40,)+(12,+4+
+(1>2)(<(3-9,.1+4)(..92.6((32))(>(+2-(06:-9(9,/9>(C(>.48+,/*-,>,K2-,43.((3-9+4*/94*-31+()(0,3/:(2+.)43-+2)-4+.)4*>0)233,62>,K(
<()923,)2>)4<143(3-.8+4<-9(,+,0>(+,/.+2-9(+-9231*+)92.(3(=)4<143(3-..-9(8>((-48,0>(+,/.92.0=,30>(0,3-9(2C2,>26,>,-:48*.(0
)4<143(3-.92.0=,30>(02.=(>>=9,)992..1*++(09,/90(<23084+4*++,/)4<143(3-.
923/,3/<(-940.480+,>>,3/92C(8*+-9(+6(3(8,-(04*+6*.,3(..3)+(2.,3/>:9:0+2*>,)94+.(14=(+L,3200,-,43-4)43C(3-,432><()923,)2>+4-2+:14=(+
L,.6(,3/*.(0-4211>:-4+?*(-4-9(0+,>>6,-9,.,.043(*.,3/04=394>(0+,>>,3/<4-4+.14=(+(06:0+,>>,3/8>*,0.(2+(2<2A4+1+4C,0(+4804=394>(
0+,>>,3/<4-4+.23092C(.((30(<23084+-9,.211>,)2-,43484*+0+,>>,3/<4-4+.,3)+(2.(,39,.-+(3092.2>.4,3)+(2.(00(<23084+4*+9,/91+(..*+(
<*01*<1.=9,)9)+(2-(-9(9:0+2*>,)94+.(14=(+,3-9(0+,>>,3/8>*,0=9,)90+,C(-9(0+,>>,3/<4-4+.
9,>(-9(,3)+(2.,3/>:(88,),(3-(?*,1<(3-=(1+4C,0(92.<,-,/2-(0-9((88()-9,/92)-,C,-:>(C(>.92C(,3)+(2.(00(<23084+1(+.433(>,3-9(4,>8,(>0
43.(?*(3->:=(4*+)*.-4<(+.2304*+.*11>,(+.92C((@1(+,(3)(0=2/(,38>2-,43,3)(+-2,3<2+;(-.,+,3/(@1(+,(3)(00+,>>,3/)+(=.92.6((3
)92>>(3/,3/84+-9(0+,>>,3/,30*.-+:J94=(C(+=(6(>,(C()+(=./(3(+2>>:1+(8(+=4+;,3/433(=(+.28(+<4+(<40(+3+,/.*+1+40*)-.=9,)9.2C(>264+
230,3)+(2.((88,),(3):2>.4<2;(-9(+,/)+(=B.A46.(2.,(+230<2;(-9(+,/2<4+(0(.,+26>(1>2)(-4=4+;@1(+,(3)(0)+(=.2+(<4+(>,;(>:-41(+84+<
+4*-,3(<2,3-(323)(43+,/.230>21.(.,3<2,3-(323)()23200200,-,432>.-+(..43<()923,)2>0+,>>,3/<2)9,3(+:23:484*+1+40*)-.(2.(-9(+4*-,3(
<2,3-(323)(48+,/)4<143(3-.00,-,432>>:<23:484*+1+40*)-.,<1+4C(-9(.28(-:480+,>>,3/41(+2-,43.2C(+:,<14+-23-82)-4+84++,/4=3(+.230-9(,+
)*.-4<(+.
,32>>:-9(,3)+(2.(,30+,>>,3/+,/02:+2-(.92.<20(-9(()434<,).486*,>0,3/3(=+,/.)4<1(>>,3/,3<23:<2+;(-.4+-9(8,+.--,<(,3<23::(2+.-9(
,30*.-+:,.2)-,C(>:6*,>0,3/>230+,/.230488.94+(+,/.23:3(=488.94+(+,/)43.-+*)-,431+4A()-.=(+(2334*3)(0-9+4*/94*-230-9(+(2+(
211+4@,<2-(>:3(=A2);*1+,/.2303(=8>42-,3/+,/.6(,3/)43.-+*)-(0=4+>0=,0(34=9(2C2,>26>(.*11>:48488.94+(+,/.0()>,3(00*+,3/-9(-9,+0
?*2+-(+0*(-4-9(,<12)-489*++,)23(.2-+,32230,-2=9,)9.(+,4*.>:02<2/(04+.*3;.(C(+2>488.94+(+,/.,3-9(#*>848(@,)4
'
*+,/()934>4/:/+4*192.6((32=2+0(0<23:3(=4+0(+.84+(?*,1<(3-84++,/.6(,3/)43.-+*)-(04++(12,+(02+4*30-9(=4+>0230=()4<1>(-(0
=,-92+()4+062);>4/2);>4/3(2+>:-+,1>(04C(+-9()4*+.(48-9(:(2+-4G6,>>,43(92C(
&
