Yes for Google Pagerank, but other search engines has their own ranking calculation. You can see details on wikipedia: nofollow links And as example a "nofollow" link is defined this way: <a href="http://www.site.com/page.html" rel="nofollow">Anchor Text</a>
read this article about links with nofollow tags http://www.linksleader.net/14/nofollow-is-a-failure/