<SEC-DOCUMENT>0000950123-10-095229.txt : 20110401
<SEC-HEADER>0000950123-10-095229.hdr.sgml : 20110401
<ACCEPTANCE-DATETIME>20101022141644
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-10-095229
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20101022

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONAL OILWELL VARCO INC
		CENTRAL INDEX KEY:			0001021860
		STANDARD INDUSTRIAL CLASSIFICATION:	OIL & GAS FILED MACHINERY & EQUIPMENT [3533]
		IRS NUMBER:				760475815
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		7909 PARKWOOD CIRCLE DR
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77036
		BUSINESS PHONE:		713-375-3700

	MAIL ADDRESS:	
		STREET 1:		7909 PARKWOOD CIRCLE DR
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NATIONAL OILWELL INC
		DATE OF NAME CHANGE:	19960829
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
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<HEAD>
<TITLE>corresp</TITLE>
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<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="h77082h7708201.gif" alt="(NATIONAL OILWELL VARCO LOGO)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 75%; margin-top: 6pt">National Oilwell Varco, Inc.<BR>
7909 Parkwood Circle Drive<BR>
Houston, TX 77036<BR>
PHONE 713-346-7500
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U><B>CONFIDENTIAL TREATMENT REQUESTED</B></U><BR>
<U><B>PURSUANT TO RULE 83</B></U>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">October&nbsp;22, 2010
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">U.S. Securities and Exchange Commission<BR>
Division of Corporation Finance<BR>
100 F. Street, N.E.<BR>
Washington, D.C. 20549<BR>
Attn: Mr.&nbsp;Douglas Brown

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">RE:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>National Oilwell Varco, Inc. (the &#147;Company&#148;)</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Form&nbsp;10-K for Fiscal Year Ended December&nbsp;31, 2009</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Filed February&nbsp;26, 2010 (&#147;2009 Form&nbsp;10-K&#148;)</B></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>File No.&nbsp;1-12317</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Ladies and Gentlemen:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This letter responds to the comments that the Company received from the Staff of the Division of
Corporation Finance (the &#147;Staff&#148;) of the U.S. Securities and Exchange Commission (the &#147;Commission&#148;
or the &#147;SEC&#148;) by letter dated September&nbsp;10, 2010. For your convenience, the Company&#146;s responses
are prefaced by the Commission&#146;s comment in bold text. All capitalized terms used herein and not
defined herein shall have the meanings given to them in our 2009 Form 10-K.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>General</B></U>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your response to comment 1 from our letter dated July&nbsp;23, 2010, and
reissue the comment. Please revise your disclosure to clarify your relationship with
the shipyard as described in your response dated June&nbsp;8, 2010. In addition, please
identify the shipyard. In that regard, we note your disclosure at page 22 of your
annual report that you had revenues of 16.6% of total revenue from this customer for
the year ended December&nbsp;31, 2009, and that the loss of this customer or a significant
reduction in its purchases could adversely affect your future revenues or earnings. See
Item&nbsp;</B><B>101(c)(vii)</B><B> of Regulation&nbsp;S-K.</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Response: We will include disclosure regarding our shipyard customer in our upcoming Quarterly
Report on Form 10-Q for the quarterly period ended September&nbsp;30, 2010, and in each of our future
filings when appropriate.
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your response to comment 2 from our letter dated July&nbsp;23, 2010. Please
provide the information requested in our prior comment 2 with respect to the applicable
policy limits and deductibles, and briefly describe the exclusions referenced in your
response.</B></TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">U. S. Securities and Exchange Commission<BR>
October&nbsp;22, 2010<BR>
Page 2 of 2

</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><U><B>CONFIDENTIAL TREATMENT REQUESTED</B></U><BR>
<U><B>PURSUANT TO RULE 83</B></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Response: We maintain liability insurance that includes coverage for our products and operations.
We purchase in excess of $&#091;*&#093; million in limits to respond to bodily injury and property damage
claims, including damage to the environment. We maintain deductibles and self insured retentions
ranging from &#091;*&#093; million per occurrence depending on the type of coverage and geographic location
of the loss. We believe that our total insurance coverage is within the range that is customary
for companies of our size in our industry. Our insurance policies contain various common
conditions and exclusions and may not be sufficient to cover any particular loss, or our insurance
policies may not cover all losses. Insurance coverage can be subject to uncertainties and,
particularly in the event of large claims, potential disputes with insurance carriers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Insurance rates are volatile and some forms of insurance may not be available or may not be
available at rates that are economically acceptable. Reductions in coverage, changes in the
insurance markets and accidents affecting our industry may result in further increases in our cost
and higher deductibles and retentions in future years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have disclosed the above information on a supplemental basis to the Staff in our good faith
effort to comply with the Staff&#146;s request for further information on the Company&#146;s insurance.
However, as previously discussed, we do not believe this type of disclosure is required by the
Company in its quarterly and annual reports under current SEC rules. Furthermore, we believe that
this information is not only commercially sensitive and could be harmful to the Company if publicly
disclosed, but that the disclosure of such information would be misleading to investors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In providing this response letter to the Staff, the Company acknowledges that (i)&nbsp;the Company is
responsible for the adequacy and accuracy of the disclosure in the above-referenced filings, (ii)
Staff comments or changes to disclosure in response to comments do not foreclose the Commission
from taking any action with respect to the above-referenced filings, and (iii)&nbsp;the
Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or
any person under the federal securities laws of the United States.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you or any member of the Staff has any questions regarding the responses set forth herein,
please contact the undersigned at (713)&nbsp;346-7550.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Sincerely,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Dwight W. Rettig
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Dwight W. Rettig&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Senior Vice President, General Counsel<br>
and Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>Portions omitted pursuant to a request for confidential treatment filed by National Oilwell
Varco, Inc. separately with the SEC.</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
