National Oilwell Varco 2005 Annual Report Download - page 40

Download and view the complete annual report

Please find page 40 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


1%
3-(+(.-(@1(3.(,3)*++(0,3$48GH$<,>>,43=2..>,/9->:6(>4=,3-(+(.-(@1(3.(48GH&<,>>,43,3)*++(0*+2C(+2/(64++4=,3/)4.-84+-9(
:(2+48%N=2.(..(3-,2>>:-9(.2<(2.
' $
9(4<123:,..*6A()--48(0(+2>.-2-(23084+(,/3-2@(.230+()4+0(02)4<6,3(0-2@+2-(48%N,3$230&N,39(+(0*)-,43,3-9(
$(88()-,C(-2@+2-(=2.1+,<2+,>:0*(-42343+()*++,3/-2@)+(0,-48G'<,>>,43+(.*>-,3/8+4<-9(+(>(2.(482C2>*2-,432>>4=23)(+(>2-(0-4-9(
<(+,)23F46.+(2-,43)-48$
9(+(0*)-,43,3-9((88()-,C(-2@+2-(=2.1+,<2+,>:0*(-4-9(>4=(+-2@+2-(43,3)+(2.(084+(,/3,3)4<(230-9(6(3(8,-2..4),2-(0=,-9(@14+-.2>(.
.B51?1=5+;
-()(<6(+-9(4<123:920)2.9230)2.9(?*,C2>(3-.48G&$<,>>,43230-4-2>0(6-48GH$<,>>,43-()(<6(+$)2.9230
)2.9(?*,C2>(3-.=(+(G$'<,>>,43230-4-2>0(6-=2.G<,>>,439(,3)+(2.(,3)2.994>0,3/.2304*-.-230,3/0(6-=2.1+,<2+,>:2+(.*>-48)2.9
2)?*,+(048G%<,>>,432300(6-2..*<(048G$&H<,>>,43+(>2-(0-4-9(2+)42)?*,.,-,439(4<123:B.4*-.-230,3/0(6-2-()(<6(+
)43.,.-(048G<,>>,4348%N.(3,4+34-(.0*(G<,>>,4348'N.(3,4+34-(.0*(G<,>>,4348%N.(3,4+34-(.0*(
G<,>>,4348N.(3,4+34-(.0*(G<,>>,4348'N.(3,4+34-(.0*(H2304-9(+0(6-48G$<,>>,433)>*0(0,34-9(+0(6-,.-9(
82,+<2+;(-C2>*(20A*.-<(3-48-9(2+)40(6-2..*<(0,3-9(2)?*,.,-,43=9,)9+(.*>-(0,3200,-,432>0(6-+()4/3,-,4348G&<,>>,439(0,88(+(3)(,.
6(,3/2<4+-,K(0-4,3-(+(.-(@1(3.(4C(+-9(+(<2,3,3/>,8(48-9(0(6-
2.91+4C,0(06:41(+2-,3/2)-,C,-,(.,3=2.G''<,>>,43)4<12+(0-4)2.91+4C,0(06:41(+2-,3/2)-,C,-,(.48G%%<,>>,43,3$2.9=2.*.(0
6:41(+2-,43.1+,<2+,>:-9+4*/9,3)+(2.(.,3+()(,C26>(.48G&&<,>>,43,3C(3-4+,(.48G$<,>>,43230)4.-.,3(@)(..486,>>,3/.48G<,>>,43
9(.(3(/2-,C()2.98>4=.=(+(488.(-6:3(-,3)4<(48GH%&<,>>,431>*.343)2.9)92+/(.48G$%<,>>,43230G&'<,>>,4348-2@6(3(8,-8+4<-9(
(@(+),.(48343?*2>,8,(0.-4);41-,43.()(,C26>(.230)4.-.,3(@)(..486,>>,3/.,3)+(2.(00*(-4/+(2-(++(C(3*(2302)-,C,-:,3-9(84*+-9?*2+-(+48
)4<12+(0-4-9(84*+-9?*2+-(+48$=9,>(,3C(3-4+:,3)+(2.(00*(-4/+4=,3/62);>4/4+0(+.
4+-9(8,.)2>:(2+(30(0)2.91+4C,0(06:,3C(.-,3/2)-,C,-,(.=2.GH<,>>,43)4<12+(0-4G%<,>>,43*.(084+$2.92)?*,+(0,3-9(2+)4
2)?*,.,-,43,3-9(8,+.-?*2+-(+48=2.G%<,>>,4321,-2>.1(30,3/48G<,>>,43=2.1+,<2+,>:+(>2-(0-4+(3-2>2..(-.2..4),2-(0=,-9-9(
4<123:B. (-+4>(*<(+C,)(."*11>,(.41(+2-,43.230)21,-2>(@123.,43+(>2-(0-4,3)+(2.(0)212),-:84+<23*82)-*+,3/41(+2-,43.
4+-9(8,.)2>:(2+(30(0)2.9*.(06:8,323),3/2)-,C,-,(.=2.G$$<,>>,43)4<12+(0-4)2.9*.(048G&<,>>,43,3$2.9=2.*.(06:
8,323),3/2)-,C,-,(.-9+4*/9-9(+(12:<(3-48-9(4<123:B.G<,>>,43%H'N.(3,4+34-(.488.(-12+->:6:1+4)((0.8+4<(@(+),.(0.-4);41-,43.48
G&<,>>,43
9(4<123:B.G<,>>,43%H'N.(3,4+34-(.=(+(+(12,043F*>:*.,3/2C2,>26>()2.962>23)(.3F*3(=(2<(30(0230+(.-2-(0
4*+(@,.-,3/G<,>>,43+(C4>C,3/)+(0,-82),>,-:=,-92.:30,)2-(48>(30(+.-41+4C,0(-9(4<123:2G<,>>,43*3.()*+(0+(C4>C,3/)+(0,-82),>,-:9(
82),>,-:=,>>(@1,+(,3F*>:230+(1>2)(.-9(4<123:B.G'<,>>,434+-9<(+,)23+(C4>C,3/)+(0,-82),>,-:2304*+4+=(/,2382),>,-:9(
4<123:92.-9(+,/9--4,3)+(2.(-9(82),>,-:-4G'<,>>,43230-4(@-(30-9(-(+<48-9(82),>,-:84+23200,-,432>:(2+-()(<6(+-9(+(=(+(
3464++4=,3/.2/2,3.--9,.82),>,-:230-9(+(=(+(G<,>>,43,34*-.-230,3/>(--(+.48)+(0,-3-(+(.-*30(+-9,.<*>-,)*++(3):82),>,-:,.62.(0*143
4+1>*.N.*6A()--42+2-,3/.62.(0/+,04+-9(1+,<(+2-(
(6(>,(C()2.9/(3(+2-(08+4<41(+2-,43.2302<4*3-.2C2,>26>(*30(+-9()+(0,-82),>,-,(.2308+4<4-9(+.4*+)(.480(6-=,>>6(.*88,),(3--48*30
41(+2-,43.=4+;,3/)21,-2>3((0.)21,-2>(@1(30,-*+(+(?*,+(<(3-.2308,323),3/46>,/2-,43.(2>.46(>,(C(,3)+(2.(.,3)21,-2>(@1(30,-*+(.)2*.(06:
23:3((0-4,3)+(2.(<23*82)-*+,3/)212),-:)236(8*30(08+4<41(+2-,43.4+-9+4*/90(6-8,323),3/

