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National Oilwell Varco, Inc.
                                                                                                                                                                     Proforma Selected Financial Data
                                                                                                                                                                               (In millions)




                                                                                    2005                                                          2006                                                             2007                                                   2008                                                Year To Date
                                                            Q1             Q2              Q3             Q4              Q1             Q2              Q3              Q4                  Q1           Q2              Q3           Q4           Q1           Q2                  Q3           Q4           2005        2006         2007          2008

Revenues
 Rig Technology                                             543.3          575.2           572.8          644.4           715.3          845.8           887.3         1,136.5             1,219.8      1,409.2         1,521.9      1,593.8      1,602.9      1,911.1             1,926.4      2,087.7      2,335.7       3,584.9       5,744.7       7,528.1
 Petroleum Services & Supplies                              640.2          703.1           755.0          829.7           881.4          945.5         1,006.1         1,122.2             1,147.9      1,206.6         1,292.1      1,323.0      1,313.0      1,244.3             1,310.5      1,387.3      2,928.0       3,955.2       4,969.6       5,255.1
 Distribution Services                                      235.9          258.0           272.4          308.2           326.5          319.1           353.5           370.5               351.9        344.8           361.3        365.7        365.7        425.6               497.6        483.0      1,074.5       1,369.6       1,423.7       1,771.9
 Eliminations                                               (58.4)         (69.0)          (80.7)         (88.4)          (71.0)         (97.4)          (87.0)          (98.3)              (97.8)      (115.2)         (109.2)      (118.2)      (113.0)      (136.3)             (122.9)      (147.8)      (296.5)       (353.7)       (440.4)       (520.0)
  Total                                                 $ 1,361.0      $ 1,467.3       $ 1,519.5      $ 1,693.9       $ 1,852.2      $ 2,013.0       $ 2,159.9       $ 2,530.9           $ 2,621.8    $ 2,845.4       $ 3,066.1    $ 3,164.3    $ 3,168.6    $ 3,444.7           $ 3,611.6    $ 3,810.2    $ 6,041.7     $ 8,556.0    $ 11,697.6    $ 14,035.1

Operating Income
 Rig Technology                                              61.3           51.9            70.4           80.5            93.7          134.1           155.2            225.5              268.8        340.8           373.5        410.5        406.0        506.4               500.5        556.6         264.1        608.5      1,393.6       1,969.5
 Petroleum Services & Supplies                               75.0           91.9           117.0          134.6           168.9          198.4           240.5            259.9              282.9        293.4           301.9        303.7        313.5        296.7               329.6        341.0         418.5        867.7      1,181.9       1,280.8
 Distribution Services                                        7.6            9.6            14.5           14.9            20.4           20.2            25.0             28.4               24.9         23.1            25.1         20.9         18.8         24.8                43.7         42.4          46.6         94.0         94.0         129.7
Unallocated expenses and eliminations                       (33.3)         (32.6)          (32.0)         (30.8)          (44.6)         (48.6)          (43.4)           (43.0)             (53.5)       (57.9)          (58.8)       (65.4)       (71.8)       (49.7)              (55.5)       (63.5)       (128.7)      (179.6)      (235.6)       (240.5)
  Total                                                 $   110.6      $   120.8       $   169.9      $   199.2       $   238.4      $   304.1       $   377.3       $    470.8          $   523.1    $   599.4       $   641.7    $   669.7    $   666.5    $   778.2           $   818.3    $   876.5    $    600.5    $ 1,390.6    $ 2,433.9     $ 3,139.5

Operating Margins
 Rig Technology                                             11.3%           9.0%           12.3%          12.5%           13.1%          15.9%           17.5%            19.8%              22.0%        24.2%           24.5%        25.8%        25.3%        26.5%               26.0%        26.7%         11.3%        17.0%        24.3%         26.2%
 Petroleum Services & Supplies                              11.7%          13.1%           15.5%          16.2%           19.2%          21.0%           23.9%            23.2%              24.6%        24.3%           23.4%        23.0%        23.9%        23.8%               25.2%        24.6%         14.3%        21.9%        23.8%         24.4%
 Distribution Services                                       3.2%           3.7%            5.3%           4.8%            6.2%           6.3%            7.1%             7.7%               7.1%         6.7%            6.9%         5.7%         5.1%         5.8%                8.8%         8.8%          4.3%         6.9%         6.6%          7.3%
Unallocated expenses and eliminations                         -              -               -              -               -              -               -                -                  -            -               -            -            -            -                   -            -             -            -            -             -
  Total                                                      8.1%           8.2%           11.2%          11.8%           12.9%          15.1%           17.5%            18.6%              20.0%        21.1%           20.9%        21.2%        21.0%        22.6%               22.7%        23.0%          9.9%        16.3%        20.8%         22.4%

Equity Income in Unconsolidated Affiliates                       6.7        14.9            17.9               24.4         27.3           37.3               26.6         34.3                44.6            30           24.3         25.4         15.8         23.5                20.1         15.8         63.9        125.5        124.3          75.2


Capital Equipment:
 Ending Backlog                                         $ 851.6       $ 1,191.1      $ 1,752.9     $ 2,298.5      $ 3,186.2          $ 4,149.4       $ 5,384.4       $ 6,005.7           $ 6,395.0    $ 7,202.4       $ 7,994.1    $ 9,003.5    $ 9,900.8    $ 10,779.5          $ 11,793.7   $ 11,051.8   $ 2,298.5     $ 6,005.7    $ 9,003.5     $ 11,051.8
 Revenue                                                    305.0         396.0          359.5          355.6           420.5            526.9           592.6           774.6               789.8        957.4         1,152.4      1,182.7      1,131.9       1,337.4             1,363.4      1,466.1     1,416.1       2,314.5      4,082.3        5,298.8
                                                                                                                                                                                   (1)
 Order Additions, net                                       373.7         735.5          921.3          901.3         1,308.1          1,490.1         1,827.6         1,395.8             1,179.1      1,764.7         1,944.1      2,192.1      2,029.3       2,216.1             2,377.6        724.2     2,931.8       6,021.6      7,080.1        7,347.2
Note 1: Order Additions, net includes $133 million from the acquisition of Rolligon in the fourth quarter 2006.
Note 2: Preliminary estimate of GRP balance sheet step-up ($191.2 million annual) is included in all periods.
Note 3: These pro formas have not been prepared in accordance with US GAAP or SEC guidelines.
Note 4: Does not include inter-company between GRP and NOV.
Note 5: GRP results are pro forma for the sale of certain tubular technology divisions.
Note 6: Effective of preliminary estimate of Varco balance sheet step-up is included in all periods. Excludes the following
                                                                                 2005                                                             2006                                                             2007                                                   2008                                                Year To Date
                                                            Q1            Q2             Q3            Q4              Q1                Q2              Q3              Q4                  Q1           Q2              Q3           Q4           Q1           Q2                  Q3           Q4           2005        2006         2007          2008

NOI/VRC related merger costs                                     9.8        10.5                2.8            8.6             7.9            -                -              -                   -            -               -            -            -          -                     -            -         31.7          7.9             -           -
Stock based compensation expense                                 1.1         4.8                4.8            4.9              -             -                -              -                   -            -               -            -            -          -                                            15.6           -              -           -
NOV/GRP related merger costs                                      -           -                  -              -               -             -                -              -                   -            -               -            -            -        62.5                28.0         20.1            -            -              -        110.6




        2008 Q4 Proforma Selected Financial Data - Tear Sheet.xls                                                                                                                                                                                                                                                                            2/4/2009 8:11 AM

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national oilwell varco Fourth Quarter 2008 Segmented Financial Data

  • 1. National Oilwell Varco, Inc. Proforma Selected Financial Data (In millions) 2005 2006 2007 2008 Year To Date Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2005 2006 2007 2008 Revenues Rig Technology 543.3 575.2 572.8 644.4 715.3 845.8 887.3 1,136.5 1,219.8 1,409.2 1,521.9 1,593.8 1,602.9 1,911.1 1,926.4 2,087.7 2,335.7 3,584.9 5,744.7 7,528.1 Petroleum Services & Supplies 640.2 703.1 755.0 829.7 881.4 945.5 1,006.1 1,122.2 1,147.9 1,206.6 1,292.1 1,323.0 1,313.0 1,244.3 1,310.5 1,387.3 2,928.0 3,955.2 4,969.6 5,255.1 Distribution Services 235.9 258.0 272.4 308.2 326.5 319.1 353.5 370.5 351.9 344.8 361.3 365.7 365.7 425.6 497.6 483.0 1,074.5 1,369.6 1,423.7 1,771.9 Eliminations (58.4) (69.0) (80.7) (88.4) (71.0) (97.4) (87.0) (98.3) (97.8) (115.2) (109.2) (118.2) (113.0) (136.3) (122.9) (147.8) (296.5) (353.7) (440.4) (520.0) Total $ 1,361.0 $ 1,467.3 $ 1,519.5 $ 1,693.9 $ 1,852.2 $ 2,013.0 $ 2,159.9 $ 2,530.9 $ 2,621.8 $ 2,845.4 $ 3,066.1 $ 3,164.3 $ 3,168.6 $ 3,444.7 $ 3,611.6 $ 3,810.2 $ 6,041.7 $ 8,556.0 $ 11,697.6 $ 14,035.1 Operating Income Rig Technology 61.3 51.9 70.4 80.5 93.7 134.1 155.2 225.5 268.8 340.8 373.5 410.5 406.0 506.4 500.5 556.6 264.1 608.5 1,393.6 1,969.5 Petroleum Services & Supplies 75.0 91.9 117.0 134.6 168.9 198.4 240.5 259.9 282.9 293.4 301.9 303.7 313.5 296.7 329.6 341.0 418.5 867.7 1,181.9 1,280.8 Distribution Services 7.6 9.6 14.5 14.9 20.4 20.2 25.0 28.4 24.9 23.1 25.1 20.9 18.8 24.8 43.7 42.4 46.6 94.0 94.0 129.7 Unallocated expenses and eliminations (33.3) (32.6) (32.0) (30.8) (44.6) (48.6) (43.4) (43.0) (53.5) (57.9) (58.8) (65.4) (71.8) (49.7) (55.5) (63.5) (128.7) (179.6) (235.6) (240.5) Total $ 110.6 $ 120.8 $ 169.9 $ 199.2 $ 238.4 $ 304.1 $ 377.3 $ 470.8 $ 523.1 $ 599.4 $ 641.7 $ 669.7 $ 666.5 $ 778.2 $ 818.3 $ 876.5 $ 600.5 $ 1,390.6 $ 2,433.9 $ 3,139.5 Operating Margins Rig Technology 11.3% 9.0% 12.3% 12.5% 13.1% 15.9% 17.5% 19.8% 22.0% 24.2% 24.5% 25.8% 25.3% 26.5% 26.0% 26.7% 11.3% 17.0% 24.3% 26.2% Petroleum Services & Supplies 11.7% 13.1% 15.5% 16.2% 19.2% 21.0% 23.9% 23.2% 24.6% 24.3% 23.4% 23.0% 23.9% 23.8% 25.2% 24.6% 14.3% 21.9% 23.8% 24.4% Distribution Services 3.2% 3.7% 5.3% 4.8% 6.2% 6.3% 7.1% 7.7% 7.1% 6.7% 6.9% 5.7% 5.1% 5.8% 8.8% 8.8% 4.3% 6.9% 6.6% 7.3% Unallocated expenses and eliminations - - - - - - - - - - - - - - - - - - - - Total 8.1% 8.2% 11.2% 11.8% 12.9% 15.1% 17.5% 18.6% 20.0% 21.1% 20.9% 21.2% 21.0% 22.6% 22.7% 23.0% 9.9% 16.3% 20.8% 22.4% Equity Income in Unconsolidated Affiliates 6.7 14.9 17.9 24.4 27.3 37.3 26.6 34.3 44.6 30 24.3 25.4 15.8 23.5 20.1 15.8 63.9 125.5 124.3 75.2 Capital Equipment: Ending Backlog $ 851.6 $ 1,191.1 $ 1,752.9 $ 2,298.5 $ 3,186.2 $ 4,149.4 $ 5,384.4 $ 6,005.7 $ 6,395.0 $ 7,202.4 $ 7,994.1 $ 9,003.5 $ 9,900.8 $ 10,779.5 $ 11,793.7 $ 11,051.8 $ 2,298.5 $ 6,005.7 $ 9,003.5 $ 11,051.8 Revenue 305.0 396.0 359.5 355.6 420.5 526.9 592.6 774.6 789.8 957.4 1,152.4 1,182.7 1,131.9 1,337.4 1,363.4 1,466.1 1,416.1 2,314.5 4,082.3 5,298.8 (1) Order Additions, net 373.7 735.5 921.3 901.3 1,308.1 1,490.1 1,827.6 1,395.8 1,179.1 1,764.7 1,944.1 2,192.1 2,029.3 2,216.1 2,377.6 724.2 2,931.8 6,021.6 7,080.1 7,347.2 Note 1: Order Additions, net includes $133 million from the acquisition of Rolligon in the fourth quarter 2006. Note 2: Preliminary estimate of GRP balance sheet step-up ($191.2 million annual) is included in all periods. Note 3: These pro formas have not been prepared in accordance with US GAAP or SEC guidelines. Note 4: Does not include inter-company between GRP and NOV. Note 5: GRP results are pro forma for the sale of certain tubular technology divisions. Note 6: Effective of preliminary estimate of Varco balance sheet step-up is included in all periods. Excludes the following 2005 2006 2007 2008 Year To Date Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2005 2006 2007 2008 NOI/VRC related merger costs 9.8 10.5 2.8 8.6 7.9 - - - - - - - - - - - 31.7 7.9 - - Stock based compensation expense 1.1 4.8 4.8 4.9 - - - - - - - - - - 15.6 - - - NOV/GRP related merger costs - - - - - - - - - - - - - 62.5 28.0 20.1 - - - 110.6 2008 Q4 Proforma Selected Financial Data - Tear Sheet.xls 2/4/2009 8:11 AM