<SEC-DOCUMENT>0000950123-11-061288.txt : 20110822
<SEC-HEADER>0000950123-11-061288.hdr.sgml : 20110822
<ACCEPTANCE-DATETIME>20110623202740
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-11-061288
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20110623

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>
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<TYPE>CORRESP
<SEQUENCE>1
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="h83111national.gif" alt="(NATIONAL OILWELL VARCO LOGO)">
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">June&nbsp;23, 2011
</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;Ethan Horowitz

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
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<TR valign="top">
    <TD nowrap align="left">RE:</TD>
    <TD>&nbsp;</TD>
    <TD><B>National Oilwell Varco, Inc. (the &#147;Company&#148;)<BR>
Form&nbsp;10-K for Fiscal Year Ended December&nbsp;31, 2010<BR>
Filed February&nbsp;23, 2011 (&#147;2010 Form&nbsp;10-K&#148;)<BR>
File No.&nbsp;001-12317</B></TD>
</TR>
</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;) on June&nbsp;9, 2011 by e-mail dated June&nbsp;9, 2011. 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 2010 Form 10-K.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>Form&nbsp;10-K for Fiscal Year Ended December&nbsp;31, 2010</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><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="2%" 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 prior comment one in your May&nbsp;23, 2011 letter.
Please describe the products or services that you have provided and those which you
continue to provide, directly or indirectly, through subsidiaries or other
arrangements, to Iran, Syria and Cuba. Describe in your response the sales you
reference in your response to prior comment two in which your customer may have
shipped or used goods in Cuba. Please clarify whether any of your contacts involved
the governments of Iran, Syria or Sudan or entities controlled by these governments,
including whether any such entities were co-parties on projects or to agreements.</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Response:
</DIV>




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As noted in our prior response, the Company does not presently conduct any business with Iran,
Sudan, or Cuba. The Company is in the process of completing its current business in Syria and is
no longer accepting any new business in Syria. In the past, a number of independent foreign
subsidiaries of the Company have provided products and/or services such as drilling
mud motors, down
hole fishing tools and spare parts for drilling rigs. As to our comment that a &#147;customer may have
shipped or used goods in Cuba,&#148; we have identified sales or rentals of drilling mud
motors.
Typically, the sales by the Company&#146;s independent foreign subsidiaries were to state-owned oil
companies or an affiliated company.
</DIV>





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<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">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note the information in your response to prior comment two in your May&nbsp;23,
2011 letter regarding the percentage of direct sales to Iran, Syria, Sudan and Cuba
from January&nbsp;1, 2008 to December&nbsp;31, 2010. Please provide the approximate dollar
amount of revenue from all sales, direct and indirect, to these countries during each
of the referenced fiscal years. Please also provide the approximate dollar amount of
revenue from sales to these countries during the subsequent interim period.</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Response:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
For each of the referenced periods, the direct sales identified by the Company
during its investigation made by independent foreign subsidiaries to the
referenced countries was not material. The percentage of the Company&#146;s
revenue from such sales was less than one half of one percent of the Company&#146;s
revenue for each year.
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Notes to Consolidated Financial Statements</B></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><B>Note 12 &#151; Commitments and Contingencies, page 85 </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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>We note your response to our prior comment six in your May&nbsp;23, 2011 letter.
As requested in our prior comment, please describe any matters for which you have
recorded a contingent liability pursuant to FASB ASC 450-20-25. In addition, with
regard to any contingencies for which there is a reasonable possibility of a loss,
please disclose an estimate of the amount of the reasonably possible loss or range of
loss for which you have not recognized a liability. In connection with your response,
please provide us with your proposed disclosure.</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Response:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s recorded contingent liabilities at December&nbsp;31, 2010 represent less than 0.25% of the
Company&#146;s total assets. The majority of this amount has to do with the export trade issue
previously questioned, which Ms.&nbsp;Tracy Price of the SEC&#146;s Division of Enforcement is familiar with.
The remainder is comprised of litigation claims and environmental cleanup costs. The Company has
also assessed the potential for additional losses above the amounts accrued as well as potential
losses for matters that are not probable but are reasonably possible. The total potential loss on
these matters cannot be determined; however, in our opinion, any ultimate liability, to the extent
not otherwise provided for, will not materially affect our financial position, cash flow or results
of operations.
</DIV>







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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Proposed future disclosure:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have received federal grand jury subpoenas and subsequent inquiries from governmental agencies
requesting records related to our compliance with export trade laws and regulations. We have
cooperated fully with agents from the Department of Justice, the Bureau of Industry and Security,
the Office of Foreign Assets Control, and U.S. Immigration and Customs Enforcement in responding to
the inquiries. We have also cooperated with an informal inquiry from the Securities and Exchange
Commission in connection with the inquiries previously made by the aforementioned federal agencies.
We have conducted our own internal review of this matter. At the conclusion of our internal review
in the fourth quarter of 2009, we identified possible areas of concern and discussed these areas of
concern with the relevant agencies. We are currently negotiating a potential resolution with the
agencies involved related to these matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, we are involved in various other claims, regulatory agency audits and pending or
threatened legal actions involving a variety of matters. At December&nbsp;31, 2010, the Company recorded
an immaterial amount for contingent liabilities representing all contingencies believed to be
probable. The Company has also assessed the potential for additional losses above the amounts
accrued as well as potential losses for matters that are not probable but are reasonably possible.
The total potential loss on these matters cannot be determined; however, in our opinion, any
ultimate liability, to the extent not otherwise provided for and except for the specific case
referred to above, will not materially affect our financial position, cash flow or results of
operations. As it relates to the specific case referred to above we currently anticipate that any
administrative fine or penalty agreed to as part of a resolution would be within established
accruals, and would not have a material effect on our financial position or results of operations.
To the extent a resolution is not negotiated as anticipated, we cannot predict the timing or effect
that any resulting government actions may have on our financial position, cash flow or results of
operations. These estimated liabilities are based on the Company&#146;s assessment of the nature of
these matters, their progress toward resolution, the advice of legal counsel and outside experts as
well as management&#146;s intention and experience.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our business is affected both directly and indirectly by governmental laws and regulations relating
to the oilfield service industry in general, as well as by environmental and safety regulations
that specifically apply to our business. Although we have not incurred material costs in connection
with our compliance with such laws, there can be no assurance that other developments, such as new
environmental laws, regulations and enforcement policies hereunder may not result in additional,
presently unquantifiable, costs or liabilities to us.
</DIV>


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</DIV>

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



<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 Staff 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>


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




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