National Oilwell Varco 2005 Annual Report Download - page 54

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
/&//3.&..7&./
9(42+048,+()-4+.23092+(94>0(+.
2-,432>,>=(>>2+)43)
(92C(2*0,-(0<232/(<(3-B.2..(..<(3-,3)>*0(0,3-9(2))4<123:,3/232/(<(3-B.(14+-433-(+32>43-+4>4C(+,323),2>(14+-,3/-92-2-,432>
,>=(>>2+)43)<2,3-2,3(0(88()-,C(,3-(+32>)43-+4>4C(+8,323),2>+(14+-,3/2.48()(<6(+62.(043)+,-(+,2(.-26>,.9(0,33-(+32>43-+4>O
3-(/+2-(0+2<(=4+;,..*(06:-9(4<<,--((48143.4+,3/+/23,K2-,43.48-9(+(20=2:4<<,..,435-9()+,-(+,272-,432>,>=(>>2+)4
3)B.<232/(<(3-,.+(.143.,6>(84+<2,3-2,3,3/(88()-,C(,3-(+32>)43-+4>4C(+8,323),2>+(14+-,3/23084+,-.2..(..<(3-48-9((88()-,C(3(..48,3-(+32>
)43-+4>4C(+8,323),2>+(14+-,3/*++(.143.,6,>,-:,.-4(@1+(..2341,3,4343<232/(<(3-B.2..(..<(3-2302341,3,4343-9((88()-,C(3(..48-9(
4<123:B.,3-(+32>)43-+4>4C(+8,323),2>+(14+-,3/62.(0434*+2*0,-
()430*)-(04*+2*0,-,32))4+023)(=,-9-9(.-2302+0.48-9( *6>,)4<123:))4*3-,3/C(+.,/9-42+053,-(0-2-(.794.(.-2302+0.+(?*,+(-92-
=(1>232301(+84+<-9(2*0,--446-2,3+(2.4326>(2..*+23)(264*-=9(-9(+(88()-,C(,3-(+32>)43-+4>4C(+8,323),2>+(14+-,3/=2.<2,3-2,3(0,32>><2-(+,2>
+(.1()-.*+2*0,-,3)>*0(046-2,3,3/23*30(+.-230,3/48,3-(+32>)43-+4>4C(+8,323),2>+(14+-,3/(C2>*2-,3/<232/(<(3-B.2..(..<(3--(.-,3/230
(C2>*2-,3/-9(0(.,/323041(+2-,3/(88()-,C(3(..48,3-(+32>)43-+4>2301(+84+<,3/.*)94-9(+1+4)(0*+(.2.=()43.,0(+(03()(..2+:,3-9(),+)*<.-23)(.
(6(>,(C(-92-4*+2*0,-1+4C,0(.2+(2.4326>(62.,.84+4*+41,3,43
)4<123:B.,3-(+32>)43-+4>4C(+8,323),2>+(14+-,3/,.21+4)(..0(.,/3(0-41+4C,0(+(2.4326>(2..*+23)(+(/2+0,3/-9(+(>,26,>,-:488,323),2>+(14+-,3/
230-9(1+(12+2-,43488,323),2>.-2-(<(3-.84+(@-(+32>1*+14.(.,32))4+023)(=,-9/(3(+2>>:2))(1-(02))4*3-,3/1+,3),1>(.)4<123:B.,3-(+32>)43-+4>
4C(+8,323),2>+(14+-,3/,3)>*0(.-94.(14>,),(.2301+4)(0*+(.-92-571(+-2,3-4-9(<2,3-(323)(48+()4+0.-92-,3+(2.4326>(0(-2,>2))*+2-(>:23082,+>:
+(8>()--9(-+23.2)-,43.2300,.14.,-,43.48-9(2..(-.48-9()4<123:J571+4C,0(+(2.4326>(2..*+23)(-92--+23.2)-,43.2+(+()4+0(02.3()(..2+:-41(+<,-
1+(12+2-,43488,323),2>.-2-(<(3-.,32))4+023)(=,-9/(3(+2>>:2))(1-(02))4*3-,3/1+,3),1>(.230-92-+()(,1-.230(@1(30,-*+(.48-9()4<123:2+(6(,3/
<20(43>:,32))4+023)(=,-92*-94+,K2-,43.48<232/(<(3-2300,+()-4+.48-9()4<123:J230571+4C,0(+(2.4326>(2..*+23)(+(/2+0,3/1+(C(3-,434+
-,<(>:0(-()-,4348*32*-94+,K(02)?*,.,-,43*.(4+0,.14.,-,4348-9()4<123:B.2..(-.-92-)4*>092C(2<2-(+,2>(88()-43-9(8,323),2>.-2-(<(3-.
()2*.(48,-.,39(+(3->,<,-2-,43.,3-(+32>)43-+4>4C(+8,323),2>+(14+-,3/<2:34-1+(C(3-4+0(-()-<,..-2-(<(3-.>.41+4A()-,43.4823:(C2>*2-,4348
(88()-,C(3(..-48*-*+(1(+,40.2+(.*6A()--4-9(+,.;-92-)43-+4>.<2:6()4<(,320(?*2-(6()2*.(48)923/(.,3)430,-,43.4+-92--9(0(/+((48)4<1>,23)(
=,-9-9(14>,),(.4+1+4)(0*+(.<2:0(-(+,4+2-(
34*+41,3,43<232/(<(3-B.2..(..<(3--92-2-,432>,>=(>>2+)43)<2,3-2,3(0(88()-,C(,3-(+32>)43-+4>4C(+8,323),2>+(14+-,3/2.48()(<6(+
,.82,+>:.-2-(0,32>><2-(+,2>+(.1()-.62.(043-9()+,-(+,2>.4,34*+41,3,432-,432>,>=(>>2+)43)<2,3-2,3(0,32>><2-(+,2>
+(.1()-.(88()-,C(,3-(+32>)43-+4>4C(+8,323),2>+(14+-,3/2.48()(<6(+62.(043-9()+,-(+,2
(2>.492C(2*0,-(0,32))4+023)(=,-9-9(.-2302+0.48-9( *6>,)4<123:))4*3-,3/C(+.,/9-42+053,-(0-2-(.7-9()43.4>,02-(062>23)(.9((-.
482-,432>,>=(>>2+)43)2.48()(<6(+230$230-9(+(>2-(0)43.4>,02-(0.-2-(<(3-.48,3)4<(.-4);94>0(+.B(?*,-:230
)4<1+(9(3.,C(,3)4<(230)2.98>4=.84+(2)948-9(-9+((:(2+.,3-9(1(+,40(30(0()(<6(+482-,432>,>=(>>2+)43)2304*++(14+-
02-(02+)9%(@1+(..(023*3?*2>,8,(041,3,43-9(+(43
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