National Oilwell Varco 2012 Annual Report Download - page 29

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Index to Financial Statements
Tiebacks (Subsea) A series of flowlines and pipes that connect numerous subsea wellheads to a single collection point.
Top drive A device similar to a power swivel that is used in place of the rotary table to turn the drill stem. It also includes power tongs.
Modern top drives combine the elevator, the tongs, the swivel, and the hook. Even though the rotary table assembly is not used
to rotate the drill stem and bit, the top-drive system retains it to provide a place to set the slips to suspend the drill stem when
drilling stops.
Torque wrench Spinning wrench with a gauge for measuring the amount of torque being applied to the connection.
Trouble cost Costs incurred as a result of unanticipated complications while drilling a well. These costs are often referred to as contingency
costs during the planning phase of a well.
Well completion 1. The activities and methods of preparing a well for the production of oil and gas or for other purposes, such as injection; the
method by which one or more flow paths for hydrocarbons are established between the reservoir and the surface. 2. The system
of tubulars, packers, and other tools installed beneath the wellhead in the production casing; that is, the tool assembly that
provides the hydrocarbon flow path or paths.
Wellhead The termination point of a wellbore at surface level or subsea, often incorporating various valves and control instruments.
Well stimulation Any of several operations used to increase the production of a well, such as acidizing or fracturing.
Well workover The performance of one or more of a variety of remedial operations on a producing oil well to try to increase production.
Examples of workover jobs are deepening, plugging back, pulling and resetting liners, and squeeze cementing.
Wellbore A borehole; the hole drilled by the bit. A wellbore may have casing in it or it may be open (uncased); or part of it may be cased,
and part of it may be open. Also called a borehole or hole.
Wireline A slender, rodlike or threadlike piece of metal usually small in diameter, that is used for lowering special tools (such as logging
sondes, perforating guns, and so forth) into the well. Also called slick line.
ITEM 1B. UNRESOLVED STAFF COMMENTS
During 2010 the Company received written comments from the SEC regarding the Gulf of Mexico oil spill, the incidents potential impact on the Companys business and
results of operations, and the inclusion of additional disclosures in the Companys reports regarding the Companys insurance policies. The Company has responded to the
comments noting that its equipment was not involved in the incident and that its current disclosures comply with the SECs applicable rules and regulations. Therefore, the
Company does not believe any new or additional disclosure in its reports regarding the incident or insurance coverage is necessary or useful to investors.
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