National Oilwell Varco 2005 Annual Report Download - page 8

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.,-*2-,431(+.,.-(0-9+4*/94*-4=(C(+6(/,33,3/,3>2-(9,/9(+/2.1+,)(.,3-9(>(0-4+,.,3//2.0+,>>,3/2)-,C,-:,323202230<4.-
43.94+(2+(2.,/9(+4,>1+,)(.2>.4>(0-49,/9(+0+,>>,3/2)-,C,-:>(C(>.,3,3.(C(+2>,3-(+32-,432><2+;(-.,3)>*0,3/-9(,00>(2.--9(2+2.-230
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489,/9(+)2.98>4=.+(2>,K(06:<23:0+,>>,3/)43-+2)-4+.2304-9(+4,>8,(>0.(+C,)()4<123,(.2.=(>>2.-9(>43/-(+<)43)(+3.264*-.*11>:0(<230
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.(>>.230+(3-.0+,>>,3/<4-4+.23004=394>(-44>.-9+4*/9,-. (-+4>(*<(+C,)(."*11>,(..(/<(3-
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8+4<-9(<*06:2.4>,0.)43-+4>.:.-(<5=9,)9)23,3)>*0(.92;(+.)(3-+,8*/(.2304-9(+.1(),2>,K(0(?*,1<(3-72300,.14.(048,323(3C,+43<(3-2>>:
.4*30<233(+9(.4>,0.)43-+4>.:.-(<1(+<,-.-9(<*0=9,)9,.48-(3)4<1+,.(048(@1(3.,C()9(<,)2>.-46()43-,3*4*.>:+(*.(0230+(),+)*>2-(062);
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1+4C,0(..4>,0.)43-+4>230=2.-(<232/(<(3-.(+C,)(.23:41(+2-4+.,3-(+32>>:)42--9(0+,>>.-(<-41+4-()-,-8+4<)4++4.,C(8>*,0..4<(-,<(.
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0+,>>.-(<,.+(2..(<6>(0230>4=(+(062);,3-4-9(94>(521+4)(..)2>>(0D-+,11,3/E7*+,3/0+,>>,3/230-+,11,3/41(+2-,43.A4,3-.480+,>>1,1(<*.-6(
.)+(=(0-4/(-9(+230-,/9-(3(05D<20(*1E7230>44.(3(0230*3.)+(=(05D.1*34*-E79(4<123:B.,/()934>4/:6*.,3(..1+4C,0(.0+,>>,3/
(?*,1<(3--4<23,1*>2-(230<23(*C(+-9(0+,>>1,1(,3-9,.<233(+9(3-9(94>(92.+(2)9(0)(+-2,30(1-9.2>>48-9(0+,>>1,1(,.1*>>(04*-48-9(94>(
230>2+/(+0,2<(-(+1,1(;34=32.)2.,3/,.>4=(+(0,3-4-9(94>(2301(+<23(3->:)(<(3-(0,31>2)(,34+0(+-41+4-()-2/2,3.-)4>>21.(230)43-2<,32-,43
48-9(94>(9()2.,3/,.-:1,)2>>:,3.1()-(06(84+(,-,.>4=(+(0,3-4-9(94>(2.(+C,)(-9(4<123:B. (-+4>(*<(+C,)(."*11>,(.6*.,3(..1+4C,0(.
9(4<123:B.,/()934>4/:.(/<(3-<23*82)-*+(.1+(..*+(1*<1,3/(?*,1<(3--92-,.*.(0-4)(<(3--9()2.,3/,31>2)(
9(+2,.,3/230>4=(+,3/48-9(0+,>>.-(<=9,>(0+,>>,3/4+-+,11,3/230-9(>4=(+,3/48)2.,3/,3-4-9(=(>>64+(2+(2))4<1>,.9(0=,-9-9(+,/B.94,.-,3/
.:.-(<)43C(3-,432>94,.-,3/.:.-(<,.26>4);230-2);>(<()923,.<-92-=4+;.=,-9,3-9(0+,>>,3/+,/B.0(++,);9(>,8-,3/48-9,.<()923,.<,.
1(+84+<(0C,22.(+,(.481*>>(:.-92-2+(2--2)9(0-4-9(0+2==4+;.2--9(62.(48-9(0(++,);9(4<123:B.,/()934>4/:.(/<(3-.(>>.230,3.-2>>.
0+2==4+;.2301,1(94,.-,3/.:.-(<.
*+,3/-9()4*+.(4834+<2>0+,>>,3/41(+2-,43.-9(0+,>>.-(<12..(.-9+4*/90,88(+(3-/(4>4/,)2>84+<2-,43.=9,)9(@9,6,-C2+:,3/1+(..*+()92+2)-(+,.-,).
8-9,.1+(..*+(,.34-)43-2,3(04,>/2.2304+=2-(+=4*>08>4=4*-48-9(.(84+<2-,43.-4-9(.*+82)(9(-=4<(23.48)43-2,3,3/-9(.(1+(..*+(.2+(
5,71+,<2+,>:-9(),+)*>2-,43480+,>>,3/<*0.=9,>(0+,>>,3/2305,,7
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