National Oilwell Varco 2005 Annual Report Download - page 46

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,3.1()-,43
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41(+2-,3/)4.-.=2.0*(-4/+(2-(+,3-(+.(/<(3-1+48,-(>,<,32-,43.)4.-,3)+(2.(.2..4),2-(0=,-9)4<1>:,3/=,-92+623(.@>(:>(/,.>2-,43230/+(2-(+
>(/2>)4.-.488.(-6:)4+14+2-(4C(+9(20)43.4>,02-,43.2C,3/.9($*32>>4)2-(0(@1(3.(.230(>,<,32-,43.2<4*3-.6(3(8,-(08+4<.(C(+2>
<,.)(>>23(4*.)+(0,-.,3)>*0,3/>,-,/2-,43+()4C(+,(.,3.*+23)(+()4C(+,(.-9((@1,+2-,434823(@),.(-2@2))+*2>2304-9(+,-(<.=9,)90,034-+()*+,3
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(2+((@14.(0-4)923/(.,384+(,/3)*++(3):(@)923/(+2-(.230,3-(+(.-+2-(.00,-,432>,384+<2-,43)43)(+3,3/(2)948-9(.(<2--(+.84>>4=.
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(92C(41(+2-,43.,384+(,/3)4*3-+,(.,3)>*0,3/232024+=2:230-9(3,-(0,3/04<2.=(>>2.41(+2-,43.,32-,3<(+,)29,322304-9(+
*+41(23)4*3-+,(.9(3(-2..(-.230>,26,>,-,(.48-9(.(41(+2-,43.2+((@14.(0-4)923/(.,384+(,/3)*++(3):(@)923/(+2-(.2>-94*/9.*)98>*)-*2-,43.
/(3(+2>>:0434-288()-,3)4<(.,3)(-9(,+8*3)-,432>)*++(3):,.-9(>4)2>)*++(3):9(.(41(+2-,43.2>.492C(3(-2..(-.230>,26,>,-,(.34-0(34<,32-(0,3
-9(8*3)-,432>)*++(3):=9,)9(@14.(.*.-4)923/(.,384+(,/3)*++(3):(@)923/(+2-(.-92-04,<12)-,3)4<(*+,3/-9(:(2+.(30(0()(<6(+
$230-9(4<123:+(14+-(084+(,/3)*++(3):/2,3.5>4..(.748G&<,>>,435G&7<,>>,432305G'7<,>>,43+(.1()-,C(>:9(/2,3.
5>4..(.7=(+(1+,<2+,>:0*(-4(@)923/(+2-(8>*)-*2-,43.+(>2-(0-4<43(-2+:2..(-62>23)(.0(34<,32-(0,3)*++(3),(.4-9(+-923-9(8*3)-,432>)*++(3):(
0434-6(>,(C(-92-29:14-9(-,)2>N<4C(<(3-,3-9(.(84+(,/3)*++(3),(.=4*>092C(2<2-(+,2>,<12)-434*+(2+3,3/.0*(-4-9((>(<(3-4832-*+2>
9(0/(.-92-=4*>0,<12)-64-9+(C(3*(230(@1(3.(.
4<(484*++(C(3*(.,384+(,/3)4*3-+,(.2+(0(34<,32-(0,304>>2+.230-9(+(84+()923/(.,384+(,/3)*++(3):(@)923/(+2-(.,<12)-4*+(2+3,3/.-4
-9((@-(3--92-)4.-.2..4),2-(0=,-9-94.(04>>2++(C(3*(.2+(0(34<,32-(0,3-9(>4)2>)*++(3):34+0(+-4<,-,/2-(-92-+,.;=(<2:*-,>,K(84+(,/3
)*++(3):84+=2+0)43-+2)-.-46(--(+<2-)9-9()*++(3):484*++(C(3*(.2302..4),2-(0)4.-.(0434-*.(84+(,/3)*++(3):84+=2+0)43-+2)-.84+-+20,3/4+
.1()*>2-,C(1*+14.(.
-()(<6(+=(9202>.4(3-(+(0,3-484+(,/3)*++(3):84+=2+0)43-+2)-.=,-934-,432>2<4*3-.2//+(/2-,3/GH&<,>>,43-49(0/((@14.*+(-4
)*++(3):8>*)-*2-,43.,3C2+,4*.84+(,/3)*++(3),(.,3)>*0,3/-9(+,-,.9 4*30-(+>,3/-9(*+44+=(/,23+43(+230-9(,3/214+(4>>2+9(.(
(@14.*+(.2+,.(=9(3>4)2>)*++(3):41(+2-,3/(@1(3.(.2+(34-,362>23)(=,-9>4)2>)*++(3):+(C(3*()4>>()-,43.9(.(84+(,/3)*++(3):84+=2+0)43-+2)-.
2+(0(.,/32-(02.)2.98>4=9(0/,3/,3.-+*<(3-.2302+(8*>>:(88()-,C(2.(043?*4-(0<2+;(-1+,)(.2.48()(<6(+230$84+)43-+2)-.=,-9
.,<,>2+-(+<.230<2-*+,-:02-(.=(92C(+()4+0(02/2,35>4..7485G'7<,>>,43230G<,>>,43+(.1()-,C(>:-420A*.--9(.(84+(,/3)*++(3):84+=2+0
)43-+2)-.-4-9(,+82,+<2+;(-C2>*(9,./2,35>4..7,.,3)>*0(0,34-9(+)4<1+(9(3.,C(,3)4<(,3-9()43.4>,02-(062>23)(.9((--,.(@1()-(0-92-
G%%<,>>,4348-9(>4..=,>>6(+()>2..,8,(0,3-4(2+3,3/.=,-9,3-9(3(@-<43-9.9(4<123:)*++(3->:92.)2.98>4=9(0/(.,31>2)(-9+4*/9-9(8,+.-
?*2+-(+48H(0434-6(>,(C(-92-29:14-9(-,)2>N<4C(<(3-,3-9(.(84+(,/3)*++(3),(.=4*>092C(2<2-(+,2>,<12)-434*+(2+3,3/.+(>2-(0-4
-9(.(84+=2+0)43-+2)-.
9()4<123:2>.4920.(C(+2>84+(,/3)*++(3):84+=2+0)43-+2)-.=,-934-,432>2<4*3-.2//+(/2-,3/G<,>>,430(.,/32-(0230?*2>,8:,3/2.82,+C2>*(
9(0/(.-49(0/((@14.*+(-4-9(*+44+=(/,23+43(+230,3/214+(4>>2+2.(043?*4-(0<2+;(-1+,)(.2.48()(<6(+230$84+
)43-+2)-.=,-9.,<,>2+-(+<.230<2-*+,-:02-(.=(+()4+0(02>4..48G<,>>,43230G&<,>>,43+(.1()-,C(>:-420A*.--9(.(84+(,/3)*++(3):84+=2+0
)43-+2)-.-4-9(,+82,+<2+;(-C2>*(9,.>4..488.(-.0(.,/32-(0/2,3.438,+<)4<<,-<(3-.(0434-6(>,(C(-92-29:14-9(-,)2>N<4C(<(3-,3-9(.(
84+(,/3)*++(3),(.=4*>092C(2<2-(+,2>,<12)-434*+(2+3,3/.+(>2-(0-4-9(.(84+=2+0)43-+2)-.
9(4<123:92.4-9(+8,323),2><2+;(-+,.;.(3.,-,C(,3.-+*<(3-.0(34<,32-(0,384+(,/3)*++(3),(.-4-2>,3/G&'<,>>,432.48()(<6(+
(@)>*0,3/-+20(+()(,C26>(.23012:26>(.=9,)9211+4@,<2-(82,+C2>*(9(.(<2+;(-+,.;.(3.,-,C(,3.-+*<(3-.)43.,.-(048)2.962>23)(.2304C(+0+28-
82),>,-,(.9(4<123:(.-,<2-(.-92-29:14-9(-,)2>N<4C(<(3-482>>
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