National Oilwell Varco 2005 Annual Report Download - page 42

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
4*-1*-<(-940.2+(62.(0*143(3/,3((+,3/(.-,<2-(.230-9(,31*-<(2.*+(.2+(62.(0*143-9(+2-,448)4.-.,3)*++(0-4-9(-4-2>1+4A()-(0)4.-.
&)"
>>4=23)(84+04*6-8*>2))4*3-.2+(0(-(+<,3(0432.1(),8,),0(3-,8,)2-,4362.,.=9(3=(6(>,(C(-92--9(+(?*,+(012:<(3-48.1(),8,)2<4*3-.4=(0-4*.
,.34-1+4626>(.*6.-23-,2>14+-,4348-9(4<123:B.+(C(3*(.)4<(8+4<,3-(+32-,432>4,>)4<123,(.,3-(+32-,432>4,>8,(>0.(+C,)()4<123,(.230
/4C(+3<(3-4=3(04+/4C(+3<(3-)43-+4>>(04,>)4<123,(.9(+(84+(-9(4<123:92..,/3,8,)23-+()(,C26>(.,3<23:84+(,/3A*+,.0,)-,43.8=4+>0=,0(
4,>230/2.0+,>>,3/2)-,C,-:4+)923/(.,3()434<,))430,-,43.,384+(,/3A*+,.0,)-,43.0(-(+,4+2-(4*+)*.-4<(+.<2:6(*326>(-4+(12:-9(.(+()(,C26>(.
230200,-,432>2>>4=23)(.)4*>06(+(?*,+(0
  
(.(+C(.84+,3C(3-4+:2+(0(-(+<,3(062.(0434*+9,.-4+,)2>*.2/(48,3C(3-4+:4392302.=(>>2.4*+8*-*+((@1()-2-,43.+(>2-(0-4+(?*,+(<(3-.-4
1+4C,0(.12+(12+-.84+4*+.*6.-23-,2>,3.-2>>(062.(2303(=1+40*)-.923/(.,3=4+>0=,0(4,>230/2.0+,>>,3/2)-,C,-:230-9(0(C(>41<(3-483(=
-()934>4/,(.2..4),2-(0=,-9-9(0+,>>,3/,30*.-+:)4*>0+(?*,+(-9(4<123:-4+()4+0200,-,432>2>>4=23)(.-4+(0*)(-9(C2>*(48,3C(3-4+:-4-9(>4=(+48
,-.)4.-4+3(-+(2>,K26>(C2>*(
-*
*.,3(..2)?*,.,-,43.2+(2))4*3-(084+*.,3/-9(1*+)92.(<(-940482))4*3-,3/9()4.-48-9(2)?*,+(0)4<123:,.2>>4)2-(0-4,0(3-,8,26>(-23/,6>(230
,3-23/,6>(2..(-.62.(043(.-,<2-(082,+C2>*(=,-9-9((@)(..2>>4)2-(0-4/440=,>>
8.8 4&
43/>,C(02..(-.=9,)9,3)>*0(1+41(+-:230(?*,1<(3-/440=,>>230,0(3-,8,(0,3-23/,6>(2..(-.)4<1+,.(2.,/3,8,)23-2<4*3-48-9(4<123:B.-4-2>
2..(-.9(4<123:<2;(.A*0/<(3-.230(.-,<2-(.,3)43A*3)-,43=,-9-9()2++:,3/C2>*(48-9(.(2..(-.,3)>*0,3/2<4*3-.-46()21,-2>,K(00(1+(),2-,43
2302<4+-,K2-,43<(-940.230*.(8*>>,C(.00,-,432>>:-9()2++:,3/C2>*(.48-9(.(2..(-.2+(+(C,(=(084+,<12,+<(3-1(+,40,)2>>:4+=9(3(C(+(C(3-.4+
)923/(.,3),+)*<.-23)(.,30,)2-(-92--9()2++:,3/2<4*3-.<2:34-6(+()4C(+26>(3,<12,+<(3->4..,.+()4+0(0,3-9(1(+,40,3=9,)9,-,.0(-(+<,3(0
-92--9()2++:,3/2<4*3-,.34-+()4C(+26>(9,.+(?*,+(.-9(4<123:-4<2;(>43/-(+<84+()2.-.48,-.8*-*+(+(C(3*(.230)4.-.+(>2-(0-4-9(2..(-.
.*6A()--4+(C,(=9(.(84+()2.-.+(?*,+(2..*<1-,43.264*-0(<23084+-9(4<123:B.1+40*)-.230.(+C,)(.8*-*+(<2+;(-)430,-,43.230-()934>4/,)2>
0(C(>41<(3-.,/3,8,)23-230*323-,),12-(0)923/(.-4-9(.(2..*<1-,43.4+-9(,3-(30(0*.(48-9(.(2..(-.)4*>0+(?*,+(21+4C,.,4384+,<12,+<(3-,32
8*-*+(1(+,40
32))4+023)(=,-9$-9(4<123:1(+84+<.2+(C,(=48/440=,>>84+,<12,+<(3-233*2>>:4+(2+>,(+,8,30,)2-4+.4814-(3-,2>,<12,+<(3-(@,.-9(
233*2>,<12,+<(3--(.-.2+(1(+84+<(00*+,3/-9(84*+-9?*2+-(+48(2)9:(2+8,-,.0(-(+<,3(0-92-/440=,>>,.,<12,+(0-92-,<12,+<(3-,.<(2.*+(062.(0
43-9(2<4*3-6:=9,)9-9(644;C2>*(48/440=,>>(@)((0.,-.,<1>,(082,+C2>*(9(,<1>,(082,+C2>*(48/440=,>>230,0(3-,8,(0,3-23/,6>(.,.0(-(+<,3(0
6:0(0*)-,3/-9(82,+C2>*(482+(14+-,3/*3,-B.,0(3-,8,26>(2..(-.230>,26,>,-,(.8+4<-9(82,+C2>*(48-92-+(14+-,3/*3,-2.2=94>(00,-,432>,<12,+<(3-
2..(..<(3-.<2:6(1(+84+<(04323,3-(+,<62.,.,8-9(4<123:(3)4*3-(+.(C(3-.4+)923/(.,3),+)*<.-23)(.-92-=4*>0,30,)2-(-92-<4+(>,;(>:-923
34--9()2++:,3/2<4*3-48/440=,>>230,0(3-,8,(0,3-23/,6>(.92.6((3,<12,+(02,+C2>*(48-9(+(14+-,3/*3,-.,.0(-(+<,3(062.(043,3-(+32>
<232/(<(3-(.-,<2-(.*.,3/2)4<6,32-,4348-9+((<(-940.0,.)4*3-(0)2.98>4=)4<12+26>()4<123,(.230+(1+(.(3-2-,C(-+23.2)-,43.
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32))4+023)(=,-9-9(1+4C,.,43.484&))4*3-,3/84+3)4<(2@(.=(2))4*3-84+,3)4<(-2@(.*.,3/-9(2..(-230>,26,>,-:<(-9403
0(-(+<,3,3/,3)4<(5>4..784+8,323),2>.-2-(<(3-1*+14.(.=(<*.-<2;()(+-2,3(.-,<2-(.230A*0/<(3-.9(.((.-,<2-(.230A*0/<(3-.288()--9(
)2>)*>2-,4348)(+-2,3-2@>,26,>,-,(.230-9(0(-(+<,32-,4348-9(+()4C(+26,>,-:48)(+-2,348-9(0(8(++(0-2@2..(-.=9,)92+,.(8+4<-(<14+2+:0,88(+(3)(.
6(-=((3-9(-2@2308,323),2>.-2-(<(3-+()4/3,-,4348+(C(3*(230(@1(3.((8(++(0-2@2..(-.2+(2>.4+(0*)(06:2C2>*2-,432>>4=23)(,862.(043-9(
=(,/9-482C2,>26>((C,0(3)(,-,.<4+(>,;(>:-92334--92-.4<(14+-,434+2>>48-9(+()4+0(00(8(++(0-2@2..(-.=,>>34-6(+(2>,K(0,38*-*+(1(+,40.3
(C2>*2-,3/4*+26,>,-:-4+()4C(+4*+0(8(++(0-2@2..(-.=()43.,0(+2>>2C2,>26>(14.,-,C(2303(/2-,C((C,0(3)(,3)>*0,3/4*+12.-41(+2-,3/+(.*>-.-9(
(@,.-(3)(48)*<*>2-,C(>4..(.,3-9(<4.-+()(3-:(2+.2304*+84+()2.-488*-*+(-2@26>(,3)4<(3(.-,<2-,3/8*-*+(-2@26>(,3)4<(=(0(C(>41
2..*<1-,43.,3)>*0,3/-9(2<4*3-488*-*+(.-2-(8(0(+2>230,3-(+32-,432>1+(-2@41(+2-,3/,3)4<(+(C(+.2>48-(<14+2+:0,88(+(3)(.230-9(
,<1>(<(3-2-,43488(2.,6>(2301+*0(3--2@1>233,3/.-+2-(/,(.9(.(2..*<1-,43.+(?*,+(.,/3,8,)23-A*0/<(3-264*--9(84+()2.-.488*-*+(-2@26>(,3)4<(
2302+()43.,.-(3-=,-9-9(1>23.230(.-,<2-(.=(2+(*.,3/-4<232/(-9(*30(+>:,3/6*.,3(..(.
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