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



<P align="center" style="font-size: 10pt"><B>As filed with the
Securities and Exchange Commission on March 14, 2005</B>



<P align="right" style="font-size: 10pt">Registration No.&nbsp;333-_______________



<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM S-8</B>

<DIV align="center" style="font-size: 10pt">REGISTRATION STATEMENT<BR>
UNDER<BR>
THE SECURITIES ACT OF 1933</DIV>


<P align="center" style="font-size: 20pt"><B>NATIONAL OILWELL VARCO, INC.</B>


<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</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="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
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<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Delaware</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>76-0475815</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">of incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification No.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><B>10000 Richmond<BR>
Houston, Texas 77042<BR>
(713)&nbsp;346-7500</B><BR>
(Address, including zip code, and telephone number, including<BR>
area code, of registrant&#146;s principal executive offices)

<P align="center" style="font-size: 20pt"><B>VARCO INTERNATIONAL, INC. DEFERRED COMPENSATION PLAN</B>


<DIV align="center" style="font-size: 10pt">( Full title of Plan)</DIV>



<P align="center" style="font-size: 10pt"><B>Merrill A. Miller, Jr.<BR>
President and Chief Executive Officer<BR>
10000 Richmond Avenue<BR>
Houston, Texas 77042-4200<BR>
(713)&nbsp;346-7500</B>


<P align="center" style="font-size: 10pt">(Name, address, including zip code, and telephone number, including area code, of agent for service)


<P align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B><HR size="1" noshade color="#000000">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="49%"></TD>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="7%"></TD>
    <TD width="2%"></TD>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="7%"></TD>
    <TD width="2%"></TD>
    <TD width="3%"></TD>
    <TD width="2%"></TD>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="5%"></TD>
    <TD width="1%"></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Proposed</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Proposed</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Maximum</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Title of Each Class</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Amount</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Maximum</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Aggregate</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Amount of</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">of Securities to</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">to be</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Offering Price</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Offering</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Registration</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">be Registered</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Registered</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Per Share</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Price<SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Fee</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
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<TR valign="bottom">
    <TD colspan="17" align="left"><DIV style="margin-left:15px; text-indent:-15px"><HR size="1" noshade color="#000000"></DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred Compensation Obligations <SUP>(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$16,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$16,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$1,884</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="17" align="left"><DIV style="margin-left:15px; text-indent:-15px"><HR size="1" noshade color="#000000"></DIV></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Common Stock, par value $0.01 <SUP>(2)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$47.40</TD>
    <TD align="right"><SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568,800</TD>
    <TD align="right"><SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="17" align="left"><DIV style="margin-left:15px; text-indent:-15px"><HR size="1" noshade color="#000000"></DIV></TD>
</TR>

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</TABLE>
</DIV>


<P>
<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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(1)&nbsp;&nbsp;</TD>
    <TD>The deferred compensation obligations to which this Registration Statement relates arise
under the Varco International, Inc. Deferred Compensation Plan, as amended (the &#147;Plan&#148;) and
are unsecured obligations of National Oilwell Varco, Inc. (the &#147;Company&#148;) to pay deferred
compensation in the future pursuant to compensation deferral elections made by participants
in the Plan in accordance with the terms of the Plan.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(2)&nbsp;&nbsp;</TD>
    <TD>In the event of a stock split, stock dividend, or similar transaction involving the
Company&#146;s Common Stock, the number of shares registered hereby shall automatically be
increased to cover the additional shares in accordance with Rule 416(a) under the
Securities Act of 1933, as amended.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(3)&nbsp;&nbsp;</TD>
    <TD>Estimated solely for the purposes of calculating the registration fee pursuant to Rule
457(h) under the Securities Act of 1933, as amended, and is based on the average of the
high and low of the Company&#146;s Common Stock on March&nbsp;10, 2005</TD>
</TR>

</TABLE>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





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

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




<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
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	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;7. Exemption from Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">POWER OF ATTORNEY</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="h23295exv5w1.htm">Opinion of Vinson & Elkins L.L.P.</A></TD></TR>
<TR><TD colspan="9"><A HREF="h23295exv23w2.htm">Consent of Ernst & Young LLP</A></TD></TR>
</TABLE>
</CENTER>
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<!-- link1 "PART I" -->
<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART I</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The information called for in Part&nbsp;I of Form S-8 is not being filed with or included in this
Form S-8 (by incorporation by reference or otherwise) in accordance with the rules and regulations
of the Securities and Exchange Commission (the &#147;Commission&#148;) but will be sent or given to
participants as specified by Rule&nbsp;428(b)(1) promulgated under the Securities Act of 1933 as amended
(the &#147;Securities Act&#148;).

<!-- link1 "PART II" -->
<DIV align="left"><A NAME="001"></A></DIV>

<P align="center" style="font-size: 10pt"><B>PART II</B>


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<DIV align="left"><A NAME="002"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;3. Incorporation of Documents by Reference</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents filed with the Commission by the Company, are incorporated as of their
respective dates in this Registration Statement by reference:


<P>
<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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">A.&nbsp;&nbsp;</TD>
    <TD>The Company&#146;s Annual Report on Form 10-K for the fiscal year ended December&nbsp;31,
2004, filed with the Commission on March&nbsp;8, 2005; and</TD>
</TR>


<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">B.&nbsp;&nbsp;</TD>
    <TD>The description of the Company&#146;s Common Stock contained in the Registration
Statement on Form 8-A filed by the Company with the Commission on October&nbsp;15, 1996 to
register such securities under the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;).</TD>
</TR>

</TABLE>


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents filed by the Company pursuant to Sections&nbsp;13(a), 13(c), 14 and 15(d) of the
Exchange Act after the date of this Registration Statement and prior to the
filing of a post-effective amendment which indicates that all securities offered hereby have been
sold or which deregisters all securities then remaining unsold are incorporated by reference in
this Registration Statement and are a part hereof from the date of filing such documents. A report
on Form 8-K furnished to the Commission shall not be incorporated by reference into this
Registration Statement. Any statement contained in a document incorporated or deemed to be
incorporated by reference herein shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained herein or in any other subsequently
filed document which also is or is deemed to be incorporated by reference herein modifies or
supersedes such statement. Any such statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this Registration Statement.

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<DIV align="left"><A NAME="003"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;4. Description of Securities</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The deferred compensation obligations being registered hereunder represent obligations of the
Company to make future payments to the participants in the Plan. The Plan was assumed by the
Company in connection with the merger of Varco International, Inc. (&#147;Varco&#148;) with and into the
Company, effective March&nbsp;11, 2005, pursuant to the Amended and Restated Agreement and Plan of
Merger, effective as of August&nbsp;11, 2004, by and between the Company and Varco (the &#147;Merger
Agreement&#148;). The following description of the material terms and the deferred compensation
obligations of the Plan is qualified by reference to the Plan. Capitalized terms used in this Item
4 and not otherwise defined in this Registration Statement shall have the respective meanings
attributed to such terms in the Plan.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effective as of January&nbsp;1, 2003, Varco terminated the right of Plan participants to invest in
shares of Common Stock of Varco under the Plan. Thus, effective as of January&nbsp;1, 2003, no further
shares of Varco common stock are issuable under the Plan. Participants may only transfer the value
of the shares remaining in their Account to another Account, or receive such shares upon a
permitted distribution from the Plan. The Varco shares credited to the Participant Accounts have
been converted to shares of the Company&#146;s common stock based upon the exchange ratio provided in
the Merger Agreement.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The deferred compensation obligations incurred by the Company under the Plan are unsecured
general obligations of the Company, that rank equally with other unsecured and unsubordinated
indebtedness of the Company from time to time outstanding, and are payable from the general assets
of the Company. Because the Company has subsidiaries, the right of the Company, and hence the
right of creditors of the Company (including


<P align="center" style="font-size: 10pt">2
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<P align="left" style="font-size: 10pt">Participants in the Plan), to participate in a distribution of the assets of a subsidiary upon
its liquidation or reorganization or otherwise necessarily is subject to the prior claims of
creditors of the subsidiary, except to the extent that claims of the Company itself as a creditor
may be recognized.



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Plan permits Participants to elect to defer a portion of the compensation otherwise
payable to the Participant. Participants in the Plan include certain key or highly compensated
employees of the Company or one of the Company&#146;s subsidiaries who have been selected to participate
in the Plan, and directors of the Company who elect to participate in the Plan. Any such employee
can participate only if such employee&#146;s deferrals and contributions during the Plan Year under the
Varco 401(k)/Profit Sharing Plan (or any successor plan) (the &#147;401(k) Plan&#148;) are restricted by
applicable governmental or 401(k) Plan limitations. Contributions under the Plan may include, at
the discretion of the committee appointed to administer the Plan (the &#147;Committee&#148;), compensation as
defined under the 401(k) plan, bonuses, director fees and any other form of Committee approved
remuneration. The portion of the Employee Participant&#146;s compensation that is deferred under the
Plan depends on the Participant&#146;s contribution election in effect at the beginning of the Plan
Year. To the extent the amount contributed under the 401(k) Plan would result in a Employee
contribution in excess of the maximum contribution permitted under applicable provision of the
Internal Revenue Code of 1986, as amended (the &#147;Code&#148;), the excess contribution for that Employee
Participant is deferred under the Plan. In addition, Directors are permitted to make an advance
election to defer all or a portion of their Director fees under the Plan. These deferrals by
Employee Participants and Director Participants are referred to herein as the &#147;Participant
Deferrals.&#148; In addition, the Company makes a contribution (&#147;Company Contribution&#148;) on behalf of
each Employee Participant in the form of a matching contribution of up to 4% of the Participant&#146;s
Compensation, reduced by any match allocated to the Employee Participant under the 401(k) Plan. No
contributions are made by the Company under the Plan for Directors.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The sum of the Company Contributions for a Participant and such Participant&#146;s Deferrals under
the Plan represent an obligation of the Company to make payments to the Participant at some time in
the future. The amount that the Company is required to pay under the terms of the Plan is equal to
the sum of such Company Contributions for a Participant plus such Participant&#146;s Deferrals, each as
adjusted for hypothetical gains or losses attributable to the deemed investment of such amounts as
chosen by the Participants from among designated hypothetical investment alternatives. In the
absence of a designation, the Committee shall designate the deemed hypothetical investments. The
hypothetical investments for Participants&#146; Accounts may be varied from time to time at the
discretion of the Committee.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company Contributions (plus hypothetical gains and losses) for a Participant are reflected
in a bookkeeping account identified as the Employer Account of such Participant, and the
Participant&#146;s Deferrals (plus hypothetical gains and losses) are reflected in the bookkeeping
account identified as the Participant Account for the Participant. The Participant is always 100%
vested in both the Employer Account and the Participant Account maintained under the Plan for such
Participant.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amounts payable to Participants under the Plan are distributed in accordance with the
distribution provisions of the Plan. Distributions to Employee Participants are made upon
termination of employment. These distributions are payable in a single lump sum payment, or,
pursuant to an advance election by the Participant, in quarterly installments over a three, five or
ten year period. Amounts retained in the Participant&#146;s Account during such payout period continue
to earn hypothetical gains and are subject to hypothetical losses. Directors are entitled to
distributions after the participant Director ceases to be a Director of the Company for any reason.
Such distributions are made in lump sum or installments pursuant to the Director&#146;s election.
Participants are also entitled to certain hardship distributions.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company reserves the right to amend or partially or completely terminate the Plan,
provided that the Company is required to obtain a Participant&#146;s consent for any such amendment or
termination that would adversely affect such Participant&#146;s rights under the Plan.

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<DIV align="left"><A NAME="004"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.


<P align="center" style="font-size: 10pt">3
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers" -->
<DIV align="left"><A NAME="005"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;6. Indemnification of Directors and Officers</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Delaware law authorizes corporations to limit or eliminate the personal liability of officers
and directors to corporations and their stockholders for monetary damages for breach of officers&#146;
and directors&#146; fiduciary duty of care. The duty of care requires that, when acting on behalf of the
corporation, officers and directors must exercise an informed business judgment based on all
material information reasonably available to them. Absent the limitations authorized by Delaware
law, officers and directors are accountable to corporations and their stockholders for monetary
damages for conduct constituting gross negligence in the exercise of their duty of care. Delaware
law enables corporations to limit available relief to equitable remedies such as injunction or
rescission. The amended and restated certificate of incorporation limits the liability of officers
and directors of the Company to the Company or its stockholders to the fullest extent permitted by
Delaware law. Specifically, officers and directors of the Company will not be personally liable for
monetary damages for breach of an officer&#146;s or director&#146;s fiduciary duty in such capacity, except
for liability (i)&nbsp;for any breach of the officers&#146; or directors&#146; duty of loyalty to the Company or
its stockholders, (ii)&nbsp;for acts or omissions not in good faith or which involve intentional
misconduct or a knowing violation of law, (iii)&nbsp;for unlawful payments of dividends or unlawful
stock repurchases or redemptions as provided in Section&nbsp;174 of the Delaware General Corporation Law
(&#147;DGCL&#148;) or (iv)&nbsp;for any transaction from which the officer or director derived an improper
personal benefit. The inclusion of this provision in the amended and restated certificate of
incorporation may have the effect of reducing the likelihood of derivative litigation against
officers and directors, and may discourage or deter stockholders or management from bringing a
lawsuit against officers and directors for breach of their duty of care, even though such an
action, if successful, might otherwise have benefited the Company and its stockholders. Both the
Company&#146;s amended and restated certificate of incorporation and bylaws provide indemnification to
the Company&#146;s officers and directors and certain other persons with respect to certain matters to
the maximum extent allowed by Delaware law as it exists now or may hereafter be amended. These
provisions do not alter the liability of officers and directors under the U.S. federal securities
laws and do not affect the right to sue (nor to recover monetary damages) under federal securities
laws for violations thereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company has obtained a liability insurance policy for the officers and directors that,
subject to certain limitations, terms and conditions, will insure them against losses arising from
wrongful acts (as defined by the policy) in their capacity as directors or officers.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Company has entered into agreements to indemnify its directors and certain of
its officers in addition to the indemnification provided for in the amended and restated
certificate of incorporation and bylaws. These agreements, among other things, indemnify the
Company&#146;s directors and certain of its officers for certain expenses (including attorneys fees),
judgments, fines and settlement amounts incurred by such person in any action or proceeding,
including any action by or in the right of the Company, on account of services as a director or
officer of the Registrant or as a director or officer of any subsidiary of the Company, or as a
director or officer of any other company or enterprise that the person provides services to at the
request of the Company.

<!-- link2 "Item&nbsp;7. Exemption from Registration Claimed" -->
<DIV align="left"><A NAME="006"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;7. Exemption from Registration Claimed</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

<!-- link2 "Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="007"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;8. Exhibits</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See Index to Exhibits on page 8.


<P align="center" style="font-size: 10pt">4
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="008"></A></DIV>

<P align="left" style="font-size: 10pt"><B>Item&nbsp;9. Undertakings</B>



<P>
<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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)&nbsp;&nbsp;</TD>
    <TD>The undersigned registrant hereby undertakes:</TD>
</TR>

</TABLE>


<P>
<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="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(1)&nbsp;&nbsp;</TD>
    <TD>To file, during any period in which offers or sales are being
made, a post-effective amendment to this Registration Statement:</TD>
</TR>

</TABLE>


<P>
<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="15%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)&nbsp;&nbsp;</TD>
    <TD>To include any prospectus required by Section
10(a)(3) of the Securities Act of 1933, as amended (the &#147;Securities
Act&#148;);</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)&nbsp;&nbsp;</TD>
    <TD>To reflect in the prospectus any facts or
events arising after the effective date of this Registration Statement
(or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the
information set forth in the Registration Statement;</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="15%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)&nbsp;&nbsp;</TD>
    <TD>To include any material information with
respect to the plan of distribution not previously disclosed in the
Registration Statement or any material change to such information in
the Registration Statement;</TD>
</TR>

</TABLE>

<P align="left" style="font-size: 10pt"><I>provided, however</I>, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in periodic
reports filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13
or Section 15(d) of the Exchange Act that are incorporated by reference in the registration
statement.



<P>
<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="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(2)&nbsp;&nbsp;</TD>
    <TD>That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial <I>bona
fide </I>offering thereof.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(3)&nbsp;&nbsp;</TD>
    <TD>To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the
termination of the offering.</TD>
</TR>

</TABLE>


<P>
<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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)&nbsp;&nbsp;</TD>
    <TD>The undersigned registrant hereby undertakes that, for purposes of determining
any liability under the Securities Act, each filing of the registrant&#146;s annual report
pursuant to section 13(a) or section 15(d) of the Exchange Act (and, where applicable,
each filing of an employee benefit plan&#146;s annual report pursuant to section 15(d) of
the Exchange Act) that is incorporated by reference in this Registration Statement
shall be deemed to be a new registration statement relating to the securities offered
herein, and the offering of such securities at that time shall be deemed to be the
initial <I>bona fide </I>offering thereof.</TD>
</TR>

<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)&nbsp;&nbsp;</TD>
    <TD>Insofar as indemnification for liabilities arising under the Securities Act may
be permitted to directors, officers and controlling persons of the registrant pursuant
to the foregoing provisions, or otherwise, the registrant has been advised that in the
opinion of the Securities and Exchange Commission such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable. In
the event that a claim for indemnification against such liabilities (other than the
payment by the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.</TD>
</TR>

</TABLE>



<P align="center" style="font-size: 10pt">5
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

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



<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="009"></A></DIV>

<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended (the &#147;Securities Act&#148;),
the Company certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of Houston, State of Texas,
on this 11th&nbsp;day of March, 2005.


<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">National Oilwell Varco, Inc., a Delaware corporation<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>


<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/
John F. Lauletta&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">John F. Lauletta&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chairman of the Board&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>

<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">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">
/s/ Merrill A. Miller, Jr.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Merrill A. Miller, Jr.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<!-- link1 "POWER OF ATTORNEY" -->
<DIV align="left"><A NAME="010"></A></DIV>

<P align="center" style="font-size: 10pt"><B>POWER OF ATTORNEY</B>




<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below, hereby
constitutes and appoints Clay C. Williams, M. Gay Mather and Dwight W. Rettig and each of them,
either one of whom may act without joinder of the other, his or her true and lawful
attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her
and in his or her name, place and stead, in any and all capacities, to sign any or all pre- and
post-effective amendments to this Registration Statement, and to file the same, with all exhibits
thereto and other documents in connection therewith, with the Securities and Exchange Commission,
granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do
and perform each and every act and thing requisite and necessary to be done in and about the
premises, as fully to all intents and purposes as he or she might or could do in person, hereby
ratifying and conforming all that said attorneys-in-fact and agents, and each of them, or the
substitute or substitutes of any or all of them, may lawfully do or cause to be done by virtue
hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, this Registration Statement has been
signed by the following persons in the capacities indicated on
March&nbsp;11, 2005.

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><u>Signature</u></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><u>Title</u></TD>


<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>


</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">


<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ John F. Lauletta&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
John F. Lauletta
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director and Chairman of the Board</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>


<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Merrill A. Miller, Jr.&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
Merrill A. Miller, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director, President and Chief Executive Officer<br>
(Principal Executive Officer)</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Clay C. Williams
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
Clay C. Williams
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Vice President and Chief Financial Officer<br>
(Principal Financial Officer and Principal<br>
Accounting Officer)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">6
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Greg L. Armstrong
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
Greg L. Armstrong
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
</TR>


<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Robert E. Beauchamp&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
Robert E. Beauchamp
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
</TR>



<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Ben A. Guill
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
Ben A. Guill
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
</TR>


<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ David D. Harrison
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
David D. Harrison
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
</TR>



<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Roger L. Jarvis
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
Roger L. Jarvis
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
</TR>


<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Eric L. Mattson
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
Eric L. Mattson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
</TR>


<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Jeffery A. Smisek
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
Jeffery A. Smisek
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
</TR>



<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ James D. Woods
&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><HR size="1" noshade>
James D. Woods
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Director</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">7
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

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

<!-- link1 "INDEX TO EXHIBITS" -->
<DIV align="left"><A NAME="011"></A></DIV>

<P align="center" style="font-size: 10pt"><B>INDEX TO EXHIBITS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">EXHIBIT</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Vinson &#038; Elkins L.L.P.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">10.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Varco International, Inc. Deferred
Compensation Plan (incorporated by reference to the Annual Report on
Form&nbsp;10-K for Varco International, Inc. for the fiscal year
ended December&nbsp;31, 2002, filed on March&nbsp;28, 2003)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Vinson &#038; Elkins L.L.P. (included in Exhibit&nbsp;5.1))</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ernst &#038; Young LLP</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (included on signature page to this Registration Statement)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P><hr size="1" noshade width="25%" align="left">

<P align="center" style="font-size: 10pt">8
</DIV>
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sv8
Table of Contents
As filed with the
Securities and Exchange Commission on March 14, 2005
Registration No. 333-_______________
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
NATIONAL OILWELL VARCO, INC.
(Exact name of registrant as specified in its charter)
Delaware
76-0475815
(State or other jurisdiction
(I.R.S. Employer
of incorporation or organization)
Identification No.)
10000 Richmond
Houston, Texas 77042
(713) 346-7500
(Address, including zip code, and telephone number, including
area code, of registrant's principal executive offices)
VARCO INTERNATIONAL, INC. DEFERRED COMPENSATION PLAN
( Full title of Plan)
Merrill A. Miller, Jr.
President and Chief Executive Officer
10000 Richmond Avenue
Houston, Texas 77042-4200
(713) 346-7500
(Name, address, including zip code, and telephone number, including area code, of agent for service)
CALCULATION OF REGISTRATION FEE
Proposed
Proposed
Maximum
Title of Each Class
Amount
Maximum
Aggregate
Amount of
of Securities to
to be
Offering Price
Offering
Registration
be Registered
Registered
Per Share
Price
(2)
Fee
Deferred Compensation Obligations
(1)
$16,000,000
100
%
$16,000,000
$1,884
Common Stock, par value $0.01
(2)
12,000
$47.40
(3)
$     568,800
(3)
$     67
(1)
The deferred compensation obligations to which this Registration Statement relates arise
under the Varco International, Inc. Deferred Compensation Plan, as amended (the "Plan") and
are unsecured obligations of National Oilwell Varco, Inc. (the "Company") to pay deferred
compensation in the future pursuant to compensation deferral elections made by participants
in the Plan in accordance with the terms of the Plan.
(2)
In the event of a stock split, stock dividend, or similar transaction involving the
Company's Common Stock, the number of shares registered hereby shall automatically be
increased to cover the additional shares in accordance with Rule 416(a) under the
Securities Act of 1933, as amended.
(3)
Estimated solely for the purposes of calculating the registration fee pursuant to Rule
457(h) under the Securities Act of 1933, as amended, and is based on the average of the
high and low of the Company's Common Stock on March 10, 2005
TABLE OF CONTENTS
PART I
PART II
Item 3. Incorporation of Documents by Reference
Item 4. Description of Securities
Item 5. Interests of Named Experts and Counsel
Item 6. Indemnification of Directors and Officers
Item 7. Exemption from Registration Claimed
Item 8. Exhibits
Item 9. Undertakings
SIGNATURES
POWER OF ATTORNEY
INDEX TO EXHIBITS
Opinion of Vinson & Elkins L.L.P.
Consent of Ernst & Young LLP
Table of Contents
PART I
The information called for in Part I of Form S-8 is not being filed with or included in this
Form S-8 (by incorporation by reference or otherwise) in accordance with the rules and regulations
of the Securities and Exchange Commission (the "Commission") but will be sent or given to
participants as specified by Rule 428(b)(1) promulgated under the Securities Act of 1933 as amended
(the "Securities Act").
PART II
Item 3. Incorporation of Documents by Reference
The following documents filed with the Commission by the Company, are incorporated as of their
respective dates in this Registration Statement by reference:
A.
The Company's Annual Report on Form 10-K for the fiscal year ended December 31,
2004, filed with the Commission on March 8, 2005; and
B.
The description of the Company's Common Stock contained in the Registration
Statement on Form 8-A filed by the Company with the Commission on October 15, 1996 to
register such securities under the Securities Exchange Act of 1934, as amended (the
"Exchange Act").
All documents filed by the Company pursuant to Sections 13(a), 13(c), 14 and 15(d) of the
Exchange Act after the date of this Registration Statement and prior to the
filing of a post-effective amendment which indicates that all securities offered hereby have been
sold or which deregisters all securities then remaining unsold are incorporated by reference in
this Registration Statement and are a part hereof from the date of filing such documents. A report
on Form 8-K furnished to the Commission shall not be incorporated by reference into this
Registration Statement. Any statement contained in a document incorporated or deemed to be
incorporated by reference herein shall be deemed to be modified or superseded for purposes of this
Registration Statement to the extent that a statement contained herein or in any other subsequently
filed document which also is or is deemed to be incorporated by reference herein modifies or
supersedes such statement. Any such statement so modified or superseded shall not be deemed,
except as so modified or superseded, to constitute a part of this Registration Statement.
Item 4. Description of Securities
The deferred compensation obligations being registered hereunder represent obligations of the
Company to make future payments to the participants in the Plan. The Plan was assumed by the
Company in connection with the merger of Varco International, Inc. ("Varco") with and into the
Company, effective March 11, 2005, pursuant to the Amended and Restated Agreement and Plan of
Merger, effective as of August 11, 2004, by and between the Company and Varco (the "Merger
Agreement"). The following description of the material terms and the deferred compensation
obligations of the Plan is qualified by reference to the Plan. Capitalized terms used in this Item
4 and not otherwise defined in this Registration Statement shall have the respective meanings
attributed to such terms in the Plan.
Effective as of January 1, 2003, Varco terminated the right of Plan participants to invest in
shares of Common Stock of Varco under the Plan. Thus, effective as of January 1, 2003, no further
shares of Varco common stock are issuable under the Plan. Participants may only transfer the value
of the shares remaining in their Account to another Account, or receive such shares upon a
permitted distribution from the Plan. The Varco shares credited to the Participant Accounts have
been converted to shares of the Company's common stock based upon the exchange ratio provided in
the Merger Agreement.
The deferred compensation obligations incurred by the Company under the Plan are unsecured
general obligations of the Company, that rank equally with other unsecured and unsubordinated
indebtedness of the Company from time to time outstanding, and are payable from the general assets
of the Company. Because the Company has subsidiaries, the right of the Company, and hence the
right of creditors of the Company (including
2
Table of Contents
Participants in the Plan), to participate in a distribution of the assets of a subsidiary upon
its liquidation or reorganization or otherwise necessarily is subject to the prior claims of
creditors of the subsidiary, except to the extent that claims of the Company itself as a creditor
may be recognized.
The Plan permits Participants to elect to defer a portion of the compensation otherwise
payable to the Participant. Participants in the Plan include certain key or highly compensated
employees of the Company or one of the Company's subsidiaries who have been selected to participate
in the Plan, and directors of the Company who elect to participate in the Plan. Any such employee
can participate only if such employee's deferrals and contributions during the Plan Year under the
Varco 401(k)/Profit Sharing Plan (or any successor plan) (the "401(k) Plan") are restricted by
applicable governmental or 401(k) Plan limitations. Contributions under the Plan may include, at
the discretion of the committee appointed to administer the Plan (the "Committee"), compensation as
defined under the 401(k) plan, bonuses, director fees and any other form of Committee approved
remuneration. The portion of the Employee Participant's compensation that is deferred under the
Plan depends on the Participant's contribution election in effect at the beginning of the Plan
Year. To the extent the amount contributed under the 401(k) Plan would result in a Employee
contribution in excess of the maximum contribution permitted under applicable provision of the
Internal Revenue Code of 1986, as amended (the "Code"), the excess contribution for that Employee
Participant is deferred under the Plan. In addition, Directors are permitted to make an advance
election to defer all or a portion of their Director fees under the Plan. These deferrals by
Employee Participants and Director Participants are referred to herein as the "Participant
Deferrals." In addition, the Company makes a contribution ("Company Contribution") on behalf of
each Employee Participant in the form of a matching contribution of up to 4% of the Participant's
Compensation, reduced by any match allocated to the Employee Participant under the 401(k) Plan. No
contributions are made by the Company under the Plan for Directors.
The sum of the Company Contributions for a Participant and such Participant's Deferrals under
the Plan represent an obligation of the Company to make payments to the Participant at some time in
the future. The amount that the Company is required to pay under the terms of the Plan is equal to
the sum of such Company Contributions for a Participant plus such Participant's Deferrals, each as
adjusted for hypothetical gains or losses attributable to the deemed investment of such amounts as
chosen by the Participants from among designated hypothetical investment alternatives. In the
absence of a designation, the Committee shall designate the deemed hypothetical investments. The
hypothetical investments for Participants' Accounts may be varied from time to time at the
discretion of the Committee.
The Company Contributions (plus hypothetical gains and losses) for a Participant are reflected
in a bookkeeping account identified as the Employer Account of such Participant, and the
Participant's Deferrals (plus hypothetical gains and losses) are reflected in the bookkeeping
account identified as the Participant Account for the Participant. The Participant is always 100%
vested in both the Employer Account and the Participant Account maintained under the Plan for such
Participant.
The amounts payable to Participants under the Plan are distributed in accordance with the
distribution provisions of the Plan. Distributions to Employee Participants are made upon
termination of employment. These distributions are payable in a single lump sum payment, or,
pursuant to an advance election by the Participant, in quarterly installments over a three, five or
ten year period. Amounts retained in the Participant's Account during such payout period continue
to earn hypothetical gains and are subject to hypothetical losses. Directors are entitled to
distributions after the participant Director ceases to be a Director of the Company for any reason.
Such distributions are made in lump sum or installments pursuant to the Director's election.
Participants are also entitled to certain hardship distributions.
The Company reserves the right to amend or partially or completely terminate the Plan,
provided that the Company is required to obtain a Participant's consent for any such amendment or
termination that would adversely affect such Participant's rights under the Plan.
Item 5. Interests of Named Experts and Counsel
Not applicable.
3
Table of Contents
Item 6. Indemnification of Directors and Officers
Delaware law authorizes corporations to limit or eliminate the personal liability of officers
and directors to corporations and their stockholders for monetary damages for breach of officers'
and directors' fiduciary duty of care. The duty of care requires that, when acting on behalf of the
corporation, officers and directors must exercise an informed business judgment based on all
material information reasonably available to them. Absent the limitations authorized by Delaware
law, officers and directors are accountable to corporations and their stockholders for monetary
damages for conduct constituting gross negligence in the exercise of their duty of care. Delaware
law enables corporations to limit available relief to equitable remedies such as injunction or
rescission. The amended and restated certificate of incorporation limits the liability of officers
and directors of the Company to the Company or its stockholders to the fullest extent permitted by
Delaware law. Specifically, officers and directors of the Company will not be personally liable for
monetary damages for breach of an officer's or director's fiduciary duty in such capacity, except
for liability (i) for any breach of the officers' or directors' duty of loyalty to the Company or
its stockholders, (ii) for acts or omissions not in good faith or which involve intentional
misconduct or a knowing violation of law, (iii) for unlawful payments of dividends or unlawful
stock repurchases or redemptions as provided in Section 174 of the Delaware General Corporation Law
("DGCL") or (iv) for any transaction from which the officer or director derived an improper
personal benefit. The inclusion of this provision in the amended and restated certificate of
incorporation may have the effect of reducing the likelihood of derivative litigation against
officers and directors, and may discourage or deter stockholders or management from bringing a
lawsuit against officers and directors for breach of their duty of care, even though such an
action, if successful, might otherwise have benefited the Company and its stockholders. Both the
Company's amended and restated certificate of incorporation and bylaws provide indemnification to
the Company's officers and directors and certain other persons with respect to certain matters to
the maximum extent allowed by Delaware law as it exists now or may hereafter be amended. These
provisions do not alter the liability of officers and directors under the U.S. federal securities
laws and do not affect the right to sue (nor to recover monetary damages) under federal securities
laws for violations thereof.
The Company has obtained a liability insurance policy for the officers and directors that,
subject to certain limitations, terms and conditions, will insure them against losses arising from
wrongful acts (as defined by the policy) in their capacity as directors or officers.
In addition, the Company has entered into agreements to indemnify its directors and certain of
its officers in addition to the indemnification provided for in the amended and restated
certificate of incorporation and bylaws. These agreements, among other things, indemnify the
Company's directors and certain of its officers for certain expenses (including attorneys fees),
judgments, fines and settlement amounts incurred by such person in any action or proceeding,
including any action by or in the right of the Company, on account of services as a director or
officer of the Registrant or as a director or officer of any subsidiary of the Company, or as a
director or officer of any other company or enterprise that the person provides services to at the
request of the Company.
Item 7. Exemption from Registration Claimed
Not applicable.
Item 8. Exhibits
See Index to Exhibits on page 8.
4
Table of Contents
Item 9. Undertakings
(a)
The undersigned registrant hereby undertakes:
(1)
To file, during any period in which offers or sales are being
made, a post-effective amendment to this Registration Statement:
(i)
To include any prospectus required by Section
10(a)(3) of the Securities Act of 1933, as amended (the "Securities
Act");
(ii)
To reflect in the prospectus any facts or
events arising after the effective date of this Registration Statement
(or the most recent post-effective amendment thereof) which,
individually or in the aggregate, represent a fundamental change in the
information set forth in the Registration Statement;
(iii)
To include any material information with
respect to the plan of distribution not previously disclosed in the
Registration Statement or any material change to such information in
the Registration Statement;
provided, however
, that paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information
required to be included in a post-effective amendment by those paragraphs is contained in periodic
reports filed with or furnished to the Commission by the Registrant pursuant to Section 13
or Section 15(d) of the Exchange Act that are incorporated by reference in the registration
statement.
(2)
That, for the purpose of determining any liability under the
Securities Act, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the
offering of such securities at that time shall be deemed to be the initial
bona
fide
offering thereof.
(3)
To remove from registration by means of a post-effective
amendment any of the securities being registered which remain unsold at the
termination of the offering.
(b)
The undersigned registrant hereby undertakes that, for purposes of determining
any liability under the Securities Act, each filing of the registrant's annual report
pursuant to section 13(a) or section 15(d) of the Exchange Act (and, where applicable,
each filing of an employee benefit plan's annual report pursuant to section 15(d) of
the Exchange Act) that is incorporated by reference in this Registration Statement
shall be deemed to be a new registration statement relating to the securities offered
herein, and the offering of such securities at that time shall be deemed to be the
initial
bona fide
offering thereof.
(c)
Insofar as indemnification for liabilities arising under the Securities Act may
be permitted to directors, officers and controlling persons of the registrant pursuant
to the foregoing provisions, or otherwise, the registrant has been advised that in the
opinion of the Securities and Exchange Commission such indemnification is against
public policy as expressed in the Securities Act and is, therefore, unenforceable. In
the event that a claim for indemnification against such liabilities (other than the
payment by the registrant of expenses incurred or paid by a director, officer or
controlling person of the registrant in the successful defense of any action, suit or
proceeding) is asserted by such director, officer or controlling person in connection
with the securities being registered, the registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court of
appropriate jurisdiction the question whether such indemnification by it is against
public policy as expressed in the Securities Act and will be governed by the final
adjudication of such issue.
5
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended (the "Securities Act"),
the Company certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on
its behalf by the undersigned, thereunto duly authorized, in the City of Houston, State of Texas,
on this 11th day of March, 2005.
National Oilwell Varco, Inc., a Delaware corporation
By:
/s/
John F. Lauletta
John F. Lauletta
Chairman of the Board
By:
/s/ Merrill A. Miller, Jr.
Merrill A. Miller, Jr.
President and Chief Executive Officer
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below, hereby
constitutes and appoints Clay C. Williams, M. Gay Mather and Dwight W. Rettig and each of them,
either one of whom may act without joinder of the other, his or her true and lawful
attorneys-in-fact and agents, with full power of substitution and resubstitution, for him or her
and in his or her name, place and stead, in any and all capacities, to sign any or all pre- and
post-effective amendments to this Registration Statement, and to file the same, with all exhibits
thereto and other documents in connection therewith, with the Securities and Exchange Commission,
granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do
and perform each and every act and thing requisite and necessary to be done in and about the
premises, as fully to all intents and purposes as he or she might or could do in person, hereby
ratifying and conforming all that said attorneys-in-fact and agents, and each of them, or the
substitute or substitutes of any or all of them, may lawfully do or cause to be done by virtue
hereof.
Pursuant to the requirements of the Securities Act, this Registration Statement has been
signed by the following persons in the capacities indicated on
March 11, 2005.
Signature
Title
/s/ John F. Lauletta
John F. Lauletta
Director and Chairman of the Board
/s/ Merrill A. Miller, Jr.
Merrill A. Miller, Jr.
Director, President and Chief Executive Officer
(Principal Executive Officer)
/s/ Clay C. Williams
Clay C. Williams
Vice President and Chief Financial Officer
(Principal Financial Officer and Principal
Accounting Officer)
6
Table of Contents
/s/ Greg L. Armstrong
Greg L. Armstrong
Director
/s/ Robert E. Beauchamp
Robert E. Beauchamp
Director
/s/ Ben A. Guill
Ben A. Guill
Director
/s/ David D. Harrison
David D. Harrison
Director
/s/ Roger L. Jarvis
Roger L. Jarvis
Director
/s/ Eric L. Mattson
Eric L. Mattson
Director
/s/ Jeffery A. Smisek
Jeffery A. Smisek
Director
/s/ James D. Woods
James D. Woods
Director
7
Table of Contents
INDEX TO EXHIBITS
EXHIBIT
5.1
Opinion of Vinson & Elkins L.L.P.
10.1
Varco International, Inc. Deferred
Compensation Plan (incorporated by reference to the Annual Report on
Form 10-K for Varco International, Inc. for the fiscal year
ended December 31, 2002, filed on March 28, 2003)
23.1
Consent of Vinson & Elkins L.L.P. (included in Exhibit 5.1))
23.2
Consent of Ernst & Young LLP
24.1
Powers of Attorney (included on signature page to this Registration Statement)
8