-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0001181431-05-016997.txt : 20050315
<SEC-HEADER>0001181431-05-016997.hdr.sgml : 20050315
<ACCEPTANCE-DATETIME>20050315200626
ACCESSION NUMBER:		0001181431-05-016997
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20050311
FILED AS OF DATE:		20050315
DATE AS OF CHANGE:		20050315

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			LAULETTA JOHN F
		CENTRAL INDEX KEY:			0001248186

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12317
		FILM NUMBER:		05683193

	BUSINESS ADDRESS:	
		STREET 1:		VARCO INTERNATIONAL INC STE 2000
		STREET 2:		W SAM HOUSTON PKY SOUTH STE 1700
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042
		BUSINESS PHONE:		281-953-2221

ISSUER:		

	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

	BUSINESS ADDRESS:	
		STREET 1:		10000 RICHMOND AVENUE
		STREET 2:		4TH FLOOR
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042-4200
		BUSINESS PHONE:		7133467500

	MAIL ADDRESS:	
		STREET 1:		10000 RICHMOND AVENUE
		STREET 2:		4TH FLOOR
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77042-4200

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NATIONAL OILWELL INC
		DATE OF NAME CHANGE:	19960829
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>rrd71611.xml
<DESCRIPTION>FORM 4 LAULETTA - NOV
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2005-03-11</periodOfReport>

    <notSubjectToSection16>0</notSubjectToSection16>

    <issuer>
        <issuerCik>0001021860</issuerCik>
        <issuerName>NATIONAL OILWELL VARCO INC</issuerName>
        <issuerTradingSymbol>NOV</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001248186</rptOwnerCik>
            <rptOwnerName>LAULETTA JOHN F</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>2000 WEST SAM HOUSTON PARKWAY SOUTH</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1700</rptOwnerStreet2>
            <rptOwnerCity>HOUSTON</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77042</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>1</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle>Chairman</officerTitle>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
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            <securityTitle>
                <value>Common Stock</value>
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            <transactionDate>
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            <transactionCoding>
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                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
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    <derivativeTable>
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            <expirationDate>
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        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (right to buy)</value>
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            <conversionOrExercisePrice>
                <value>24.89</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-03-11</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>66602</value>
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                <transactionAcquiredDisposedCode>
                    <value>A</value>
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            <exerciseDate>
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            </exerciseDate>
            <expirationDate>
                <value>2011-01-31</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
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                </underlyingSecurityTitle>
                <underlyingSecurityShares>
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                    <value>66602</value>
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                    <value>D</value>
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        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (right to buy)</value>
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            <conversionOrExercisePrice>
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            <transactionDate>
                <value>2005-03-11</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
                <transactionShares>
                    <value>104872</value>
                </transactionShares>
                <transactionPricePerShare>
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            <exerciseDate>
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            <expirationDate>
                <value>2012-01-30</value>
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            <underlyingSecurity>
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                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>104872</value>
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            </underlyingSecurity>
            <postTransactionAmounts>
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        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (right to buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
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            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-03-11</value>
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            <transactionCoding>
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                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
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            <transactionAmounts>
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                <transactionPricePerShare>
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                <transactionAcquiredDisposedCode>
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            <exerciseDate>
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            </exerciseDate>
            <expirationDate>
                <value>2013-01-29</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
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                </underlyingSecurityShares>
            </underlyingSecurity>
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                <sharesOwnedFollowingTransaction>
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            <transactionDate>
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                <underlyingSecurityShares>
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            <transactionDate>
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            <transactionAmounts>
                <transactionShares>
                    <value>110977</value>
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                <transactionAcquiredDisposedCode>
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            <underlyingSecurity>
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                    <value>D</value>
                </directOrIndirectOwnership>
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        </derivativeTransaction>
        <derivativeTransaction>
            <securityTitle>
                <value>Phantom Stock</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F12"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2005-03-11</value>
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                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
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            <transactionAmounts>
                <transactionShares>
                    <value>289</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F11"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
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            <exerciseDate>
                <footnoteId id="F10"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F10"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>289</value>
                </underlyingSecurityShares>
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                    <value>289</value>
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    </derivativeTable>

    <footnotes>
        <footnote id="F1">Received in exchange for 66,831 shares of Varco International, Inc. (&quot;Varco&quot;)  in connection with the merger of Varco with and into the Issuer (the &quot;Merger&quot;) based on the Merger Exchange Ratio.  At the Effective Time of the Merger, the closing price of Varco's common stock was $40.60 per share and the closing price of the Issuer's common stock was $48.85 per share.</footnote>
        <footnote id="F2">Received in the Merger in exchange for options to acquire 49,107 shares of Varco common stock for $14.00 per share based on the Merger Exchange Ratio.</footnote>
        <footnote id="F3">Received in the Merger in exchange for options to acquire 43,680 shares of Varco common stock for $20.1875 per share based on the Merger Exchange Ratio.</footnote>
        <footnote id="F4">Received in the Merger in exchange for options to acquire 79,639 shares of Varco common stock for $20.8125 per share based on the Merger Exchange Ratio.</footnote>
        <footnote id="F5">Received in the Merger in exchange for options to acquire 125,400 shares of Varco common stock for $14.00 per share based on the Merger Exchange Ratio.</footnote>
        <footnote id="F6">Received in the Merger in exchange for options to acquire 174,400 shares of Varco common stock for $16.78 per share based on the Merger Exchange Ratio.</footnote>
        <footnote id="F7">Received in the Merger in exchange for options to acquire 133,700 shares of Varco common stock for $21.88 per share based on the Merger Exchange Ratio.</footnote>
        <footnote id="F8">Received in the Merger in exchange for options to acquire 132,700 shares of Varco common stock for $30.39 per share based on the Merger Exchange Ratio.</footnote>
        <footnote id="F9">Options vest in three (3) equal annual installments commencing on the date indicated.</footnote>
        <footnote id="F10">The Phantom Stock is payable in cash or common stock following termination of the reporting person's employment with the Issuer; subject to earlier withdrawal or transfer in accordance with the terms of the Issuer's Deferred Compensation Plan.</footnote>
        <footnote id="F11">Received in the Merger in exchange for phantom stock to acquire 346 shares of Varco common stock based on the Merger Exchange Ratio</footnote>
        <footnote id="F12">Converts on a 1-for-1 basis.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>John F. Lauletta</signatureName>
        <signatureDate>2005-03-15</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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