David Barsan_

No Reason For National Oilwell Varco's Stagnant Stock

I would acknowledge there is more competition when you go international, but I think it was Clay in the CC that spoke about the slightly better international margins and said he thought they could be maintained. International opportunities are growing and expanding all the time, in Asia, in Russia, in South America, especially with the national oil companies wanting to set up offshore for themselves. What markets and what competition are you referring to?

My main point was still the positioning of the backlog, and that they are setting themselves up to benefit from the areas where there is strong growth right now, not just wading through a slow N. American market and biding their time.