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Analyst Contacts: Jonathan Donnel K. Blake Hancock Blake Hutchinson Bill Sanchez Dave Wilson
(713) 393-4503 (713) 393-4502 (713) 393-4507 (713) 393-4505 (713) 393-4509
The following pages provide an overview of the Howard Weil Oilfield Service universe.
The purpose of this fact book is to provide investors with a better understanding of
select oilfield service companies and to highlight the scope and scale of their
participation in the oil patch.
Market share figures are compiled using our assumptions based on data collection from
numerous sources, namely Company Reports, HW research and industry publications.
Included is a snapshot of the current worldwide offshore rig landscape and regional
detail on the U.S. land drilling market. Composition of the worldwide fleet, individual
Company fleet size, market share and geographic locations are based on ODS-
Petrodata, the Land Rig Newsletter, Company Filings, Company Reports and HW
research.
Completions - equipment installed in a well after it is drilled to produce the oil/gas to the surface such as 1) Formation Evaluation - measure/analyze physical properties of wellbore such as volume of oil/gas and ability to
Liner hangers - suspend a section of casing inside the bottom of the previous section of casing, 2) Packers - produce. Two common methods of data collection are wireline logging (pull/push instruments through the wellbore
seal the annular space b/w the production tubing & casing (control flow of fluids in the well and protect the after it is drilled) and LWD (logging-while-drilling, instruments are attached to the drill string and collect data as
casing), zonal isolation, 3) Subsurface safety valves - shut off flow of fluids to the surface in emergency well is drilled).
(required in most offshore wells), 4) Gravel Packs/Sand control - used in loosely consolidated formations to
prevent sand from commingling with oil/gas in production. FPSO - Floating Production Storage and Offloading. A ship-shaped vessel used to produce, separate, store and
offload offshore oil and gas. Similar in functionality to a SPAR.
Decommissioning/Abandonment - Removal of production equipment from depleted oil fields.
Fracturing - The process of pumping fluids into a productive formation at high rates of injection to hydraulically
Directional Drilling - used to guide a well along a predetermined path on vertical, horizontal, and extended break the rock. The "fractures" which are created in the rock act as flow channels for the oil and gas to the well.
reach wells, using either a downhole motor (turns the bit independently of the drill string and is placed just
above the bit to steer the well's course) or a rotary steerable (the entire drill string is turned from the surface to
supply energy to the bit). H O W A R D W E I L | 2013 Energy Conference 4
Basic Definitions* (cont)
Horizontal Drilling essentially directional drilling when the wellbore is at least 80% from vertical Riser - Flexible or rigid pipe used to connect the wellbore of offshore wells to drilling or production equipment on
the surface, and through which drilling fluids or hydrocarbons travel.
Jacket - Supporting structure for an offshore platform and can range from 10-1,000 feet.
ROV Remotely Operated Vehicles used for underwater construction, pipeline/structural surveys, etc.
Jack-up - Mobile offshore drilling platform consisting of a floating platform with retractable legs the platform
extends to the seabed when operational. Subgroups include independent leg, mat-supported, cantilever, slot, Seismic - a general term referring to the process of utilizing seismic waves to interpret reservoir geology. Pressure
etc. waves created at the surface (for example by dynamite or compressed-air guns) penetrate the earth and bounce back
at each change in subsurface layer. Geologists use this data to map the folds inside the earth and predict the pres-
Liner - Small diameter casing extending into the producing layer from just inside the bottom of the final string ence of reservoirs.
of casing cemented in a well.
Semisubmersible - Mobile offshore drilling platform with floats or pontoons, kept in position by anchors or dy-
Logging the process of gathering data typically done by sending instruments down-hole. Open hole logging namic positioning.
involves measurements made before casing is set to provide info on porosity, rock composition, and well tem-
perature. Cased hole logging is done after the casing is set and typically involves cement/pipe evaluation and SPAR - A single buoy mooring which includes production equipment and oil storage capacity so that production
reservoir monitoring. can continue even if the weather is too severe for tanker loading. Similar in functionality to an FPSO.
LWD Logging while drilling offers real-time data acquisition of formation parameters (resistivity, porosity, Surface Pipe typically a large-diameter pipe through the shallow water sands, cemented in place, and used to
etc.). protect shallow aquifers, support equipment (BOPs, etc) and support the remaining casing strings.
MPSV - Multi-purpose service vessel. Topsides - The top part of a platform positioned on the jacket supporting the production processing equipment,
living accommodations, etc.
Mud Pumps typically large, high-pressure reciprocating pumps used to circulate drilling fluid; part of the
larger drilling system of screeners, hydrocyclones, mud tanks, etc. Tubing - small diameter pipe installed in the casing. Oil is typically produced through tubing.
Multi-lateral wells a well with more than one branch radiating from the main borehole. Turnkey Contract a contract in which an operator or drilling contractor agrees to furnish all labor and materials
necessary to drill a well to a certain depth or stage of completion for a specified sum of money. The operator or
MWD Measurement while drilling offers real-time data acquisition for a variety of information such as down contractor assumes all of the responsibility and risks involved in completing the operation.
-hole pressure, temperature, and trajectory. Also see LWD.
Umbilical a flexible bundle of small tubes and wires typically used to link remote subsea drill centers to a central
OCTG Oil Country Tubular Goods; oil well casing, tubing, drill pipe, drill collars, etc. hub. Umbilicals can control electric or hydraulic valves, carry production chemicals, provide flow assurance during
shut-ins, etc, and can be the size from inches to a foot or two in diameter.
Packers equipment lowered and expanded to seal-off the sections of the well. Used for both short-term and
long-term applications to isolate specific reservoir sections. Underbalanced Drilling - occurs when the bottom hole pressure exerted by the hydrostatic head of the drilling
fluid column is less than the pressure of the formation being drilled. The reservoir is able to flow while drilling
Platform - A fixed structure resting on the seabed or piled into it from which development wells are drilled to takes place, protecting the formation from damage by the drilling fluids.
exploit an oil or gas field. Platforms are typically of two kinds, although several novel designs are in exist-
ence. Gravity structures, either concrete or hybrid with concrete base, which rest on the seabed by virtue of Underream enlarging a wellbore beyond its original size allowing a smaller hole to be drilled near the surface
their own weight; and steel pile jackets with steel legs and superstructure piled into the seabed. and a larger diameter hole in the reservoir section.
Perforating - puncturing a well's casing and cement with explosive charges creating a fracture for oil/gas from Valve - A device used to control the rate of flow in a line, to open or shut off a line completely, or to serve as an
the formation to enter the wellbore. automatic or semi-automatic safety device.
Pressure Pumping pumping material into the well for a variety of applications (see fracturing, acidizing, Wellhead Specifically the equipment installed at the surface of a wellbore for installing casing hangers during
cementing, etc.) drilling and supporting the production tubing and Christmas tree; but sometimes used in a general reference to the
entire equipment assembly including Christmas tree.
Production Testing - when each new well is competed, a series of tests are run on the well. The various tests
are used to estimate the reservoir characteristics including flowrate, pressure decline, connectivity, and specific Wireline - Wire or cable used for downhole operations (see formation evaluation, logging, etc).
oil properties (API gravity, chemical composition, etc).
Workover - Re-entry into a completed well to improve flow rates by any number of operations including re-
Progressive cavity pump a pump with a corkscrew shape useful for pumping highly viscous fluids. completions, re-fracturing, stimulations, installing new equipment, etc.
Proppant - small particles ranging in size that are mixed with fracturing fluid to hold fractures open after a * Sources Company reports, industry publications, HW research
hydraulic fracturing treatment. Proppant can be naturally occurring or artificially created such as resin-coated
sand or high-strength ceramic materials.
Drilling and Evaluation - Drilling and Evaluation consists of the following business units.
Drill Bits - product lines include the Tricone roller cone bits and fixed cutter diamond compact bits (PDC).
Drilling Services- services and systems including: MWD/LWD, directional drilling, rotary steerable technology, drilling optimization, coil tubing and wellbore re-entry, coring
drilling, and surface logging.
Baker Hughes Inc. - BHI (NYSE) Wireline Services- services including open-hole and cased-hole logging, casing perforating, pipe recovery, reservoir evaluation coring, fluid characterization, production
www.bakerhughes.com logging, well integrity testing, and seismic/microseismic.
Drilling and Completion Fluids - emulsion and water-based drilling fluids and related services, fluids environmental services (FES).
Share Price (3/13/13) $46.03
Shares Out (mil.) 442 Completion and Production - Completion and Production consists of the following business units.
Market Cap (mil.) $20,338 Completion Systems - products and services include: sand control, liner hangers, wellbore isolation, expandable tubulars, multi-laterals, packers and flow control, and tubing
Avg Daily Volume (mil.) 3.4 conveyed perforating.
52-week range $37.08 - $50.97 Wellbore Intervention - products and services include: thru-tubing fishing and inflatables, conventional fishing, casing exit, production injection packers, remedial and
stimulation tools, and wellbore cleanup.
YTD Return 12.7%
Intelligent Production Systems - products and services to monitor and control production including: chemical injection, well monitoring, intelligent well systems, and artificial
Employees 58,800 lift monitoring.
Artificial Lift - electrical submersible pumping (ESP) systems, progressing cavity pumping (PCP) systems, gas lift systems, and horizontal surface pumping systems.
Management in office since Upstream Chemicals - chemicals and systems to provide flow assurance, integrity management, and hydrocarbon production.
Martin Craighead, Pres./CEO 2012 Pressure Pumping - includes cementing, stimulation, and coiled tubing services for the completion of new wells or remediation of existing wells, both onshore and offshore.
Peter Ragauss, CFO 2006
Industrial Services - downstream chemicals, process and pipeline services, and stimulation chemicals. Also, reservoir technology and consulting services and software.
Investor Relations Contacts
Trey Clark 713-439-8039
$1,000 $2,000
(million)
$10,000
(million)
$1,500
(million)
$2,000
(million)
$1,500
$500 $1,000 $1,000
$1,000 $5,000
$500 $500
$0 $0 $0
$0 $0
WFT
SLB
SLB
BHI
BHI
HAL
BHI
HAL
BHI
SLB
HAL
HAL
NOV
WFT
SLB
SLB
WFT
BHI
Source: Spears & Associates
Completion and Production - delivers cementing, stimulation, intervention, and completion services. Services in this segment include: optimization of oil and
gas production through pressure pumping, fracturing, and acidizing; pipeline and facility testing; sand control services for the prevention of formation sand
Halliburton Co. - HAL (NYSE) production; live well intervention and continuous pipe deployment through the use of hydraulic workover systems and coiled tubing tools; and real-time reservoir
www.halliburton.com analysis. Effective January 1, 2013, Halliburton Artificial Lift will be included as a product service line within this segment.
Share Price (3/13/13) $41.84
Drilling and Evaluation - provides field and reservoir modeling, drilling, evaluation, and precise well-bore placement solutions enabling modeling,
Shares Out (mil.) 932 measurement, and optimization of well construction activities. This segment includes Baroid Fluid Services (fluid systems for workover operations), Sperry
Market Cap (mil.) $38,987 Drilling (directional and horizontal drilling, measurement-while-drilling, and rig site information systems), Halliburton Drill Bits and Services, Wireline and
Avg Daily Volume (mil.) 11.5 Perforating (information on formation evaluation), Testing and Subsea, Landmark (integrated exploration, drilling, and production software information systems),
52-week range $26.28 - $43.96 and project management.
YTD Return 20.6%
Total Employees 73,000
Completions Directional Drilling Drilling & Completion Fluids Pressure Pumping Wireline
$4,000 $15,000
$2,500 $4,000 $6,000
$2,000 $3,000 $3,000
$10,000 $4,000
(million)
(million)
(million)
$1,500
(million)
(million)
$2,000 $2,000
$1,000
$1,000 $5,000 $2,000
$500 $1,000
$0 $0 $0
$0
SLB
$0
HAL
BHI
BHI
SLB
HAL
NR
SLB
HAL
TTI
SLB
HAL
BHI
WFT
BHI
HAL
WFT
WFT
SLB
BHI
Source: Spears & Associates
Share Price (3/13/13) $77.39 Drilling Group: Consists of principal technologies used in the drilling and positioning of oil and gas wells. The group is made up of:
M-I SWACO - provides drilling and completion fluids, solids-control and separation equipment, waste-management services and oilfield production chemicals.
Shares Out (mil.) 1331 Bits & Advanced Technologies Designs - manufactures and markets roller cone and fixed cutter drill bits for all environments.
Market Cap (mil.) $103,007 Geoservices - supplies mud logging services for geological and drilling surveillance.
Drilling & Measurements and PathFinder - supplies directional drilling, measurements-while-drilling, and logging-while-drilling-services.
Avg Daily Volume (mil.) 5.9 Drilling Tools & Remedial - provides bottom hole assembly drilling tools, borehole enlargement technologies and impact tools, as well as a collection of tubular and
52-week range $59.12 - $82.00 tubular services.
Dynamic Pressure Management - consolidates pressure drilling and underbalanced drilling into a single provider of engineered solutions for pressure drilling services.
YTD Return 11.7%
Employees 118,000 Production Group: Consists of Technologies involved in the lifetime production of oil and gas reservoirs. This group is comprised of:
Well Services - provides services to construct oil and gas wells, as well as maintain optimal production through the life of an oil and gas field. These include pressure
pumping, well stimulation services, coiled tubing, cementing, and engineering.
Management in office since Completions - provides completion and production optimization services, including intelligent well completions.
Paal Kibsgard, CEO 2011 Artificial Lift - provides production equipment and optimization services using electrical submersible pumps and gas lift equipment, as well as surface horizontal
Simon Ayat, CFO 2007 pumping systems.
Well Intervention - develops coiled tubing equipment and services and provides slickline services for downhole mechanical well intervention, reservoir monitoring and
downhole data acquisition.
Investor Relations Contact Subsea - provides solutions designed to improved reservoir recovery, optimize production and maximize production uptime of subsea assets.
Malcolm Theobald 713-375-3533 Water Services - specializes in the development, management and environmental protection of water resources
Carbon Services - provides comprehensive geological storage solutions for carbon dioxide.
Share Repurchase Snapshot (mil $)
Current Authorization $8,000
Remaining as of 12/31/12 $879 BUSINESS SEGMENT BREAKDOWN GEOGRAPHIC REVENUE BREAKDOWN*
Potential Buyback of Shares O/S 0.9%
Bits Directional Drilling Drilling & Completion Fluids Pressure Pumping Wireline
$1,500
$4,000 $4,000 $15,000 $6,000
$10,000
(million)
(million)
(million)
(million)
$2,000 $2,000
$500 $2,000
$5,000
$1,000 $1,000
$0
$0
$0 $0 $0
SLB
HAL
BHI
SLB
WFT
BHI
HAL
SLB
HAL
HAL
SLB
NOV
BHI
HAL
SLB
NR
BHI
BHI
TTI
WFT
Artificial Lift Systems - includes progressive cavity pumps, reciprocating rod systems, gas lift systems, electrical submersible pumps, hydraulic lift systems, plunger lift
systems and hybrid lift systems.
Drilling Services - concentrates on directional drilling services (MWD, LWD, rotary steerable systems), drilling-with-casing, controlled pressure drilling (underbalanced drilling)
Weatherford Int'l - WFT (NYSE) & well testing, wireline services (open/cased-hole logging) and geoscience services.
www.weatherford.com Well Construction - includes tubular running services, cementation tools, liner systems, solid tubular expandable technologies, drilling tools (including drill pipe, collars),
intervention services (fishing/re-entry services) and decommissioning services.
Share Price (3/13/13) $11.75
Shares Out (mil.) 765 Drilling Tools - includes drill pipe and related drillstem tools, drill collars, heavyweight pipe and drilling jars, downhole tools, BOP's, high-pressure valves, accumulators,
Market Cap (mil.) $8,990 adapters, manifolds, tubular handling elevators, spiders, slips, tongs and kelly spinners.
Avg Daily Volume (mil.) 8.6 Completion Systems - provides completion products (sand/expandable screens, industrial pumps) as well as engineered and integrated completion systems.
52-week range $8.84 - $17.75
Wireline and Evaluation Services - includes open hole wireline, geoscience services, cased hole wireline, slickline services, and integrated evaluation services
YTD Return 5.0%
Employees 70,000 Re-entry and Fishing - includes re-entry services, fishing services, and thru-tubing services.
Management Stimulation and Chemicals - includes production chemicals, capillary injection technology and services and fracturing technologies.
in office since
Bernard Duroc-Danner, Chn/CEO 1998 Pipeline and Specialty Services - provides services used throughout the life cycle of pipelines and process facilities, onshore and offshore, including inspecting, cleaning,
John Briscoe, CFO 2012 drying, testing, improving production, running or establishing integrity from the wellhead out.
Investor Relations Contact Integrated Drilling Services - offers project management services to clients, including the rig.
Karen David-Green 713-836-7430
(million)
(million)
(million)
(million)
$2,000 $3,000
$1,000 $2,000
$1,000 $1,000
$500 $1,000
$0 $0
$0 $0
SLB
HAL
SLB
BHI
HAL
BHI
WFT
WFT
BHI
HAL
BHI
WFT
SLB
SLB
WFT
Drilling & Production Systems - products include surface and subsea drilling and production systems, drilling equipment packages, control systems, blowout
preventers (BOPs), oil and gas separation equipment, gate valves, actuators, chokes, wellheads, drilling riser and aftermarket parts and services. Additionally,
Cameron - CAM (NYSE) DPS manufactures elastomers, which are used in pressure and flow control equipment and other petroleum industry applications, as well as in the petrochemical,
www.c-a-m.com rubber molding and plastics industries.
Share Price (3/13/13) $65.59 Valves & Measurement - valve products include gate valves, ball valves, butterfly valves, Orbit valves, block and bleed valves, plug valves, globe valves,
Shares Out (mil.) 248 check valves, actuators, chokes and aftermarket parts and services. Measurement products include totalizers, turbine meters, flow computers, chart recorders,
Market Cap (mil.) $16,257 ultrasonic flow meters and sampling solutions. Aftermarket services include OEM parts, repair, field service, asset management and remanufactured product to
Avg Daily Volume (mil.) 2.5 customers, particularly in support of the installed base of equipment.
52-week range $38.38 - $66.14
YTD Return 16.2% Process & Compression Systems - provides reciprocating and centrifugal compression equipment and related aftermarket parts and services. The Companys
Employees 27,000 compression equipment is used by gas transmission companies, compression leasing companies, oil and gas producers, independent power producers and in a
variety of other industries. Its aftermarket services include spare parts, technical services, repairs, overhauls and upgrades. The completion of the NATCO
acquisition in late 2009 expanded the size and product offerings of the Company's separation and processing business. Products offered include separators,
Management in office since heaters, dehydration and desalting units, gas conditioning units, membrane separation systems, water processing systems, and aftermarket parts and services.
Jack Moore, CEO 2008
Charles Sledge, CFO 2008 Recent Events: In November 2012, the Company entered into a 60/40 JV agreement with Schlumberger, called OneSubsea. CAM will contribute its Subsea
Investor Relations Contact division and SLB with pay CAM $600 million and contribute its Framo, Surveillance, Flow Assurance, and Power and Controls businesses. CAM will manage the
Jeff Altamari 713-513-3344 JV.
(million)
400 Vetco $5,000
# of Trees
30%
300 FTI $4,000
38% $3,000
200 AKS $2,000
10%
100 $1,000
0 $0
CAM
2004
2005
2004
2006
2005
2007
2006
20%
2007
2008
2008
2009
2009
2010
2010
2011
2011
2012
2012
2013E
* 2013 Estimate per Quest Offshore * Source: Quest Offshore, HW Research DPS V&M PCS
Subsea Technologies - designs and manufactures systems and provides services used by oil and gas companies involved in deepwater exploration and
production of crude oil and gas. This segment is broken down into three products and services divisions: subsea systems, Schilling Robotics, and multi phase
meters.
FMC Technologies - FTI (NYSE) Surface Technologies- designs, manufactures and supplies high pressure valves and fittings for oilfield service customers, involved in land and offshore
www.fmctechnologies.com exploration and production. The three segments are Surface Wellhead, which provides surface wellheads and production systems to service applications. Fluid
Control, which designs and manufactures flowline products, under the Weco/Chicksan trademark, and pumps and valves used in well completion and stimulation
Share Price (3/13/13) $51.86 activities The last segment is Completion Services, which provides frac flowback services, cased hole electric wireline, logging services, pressure analysis, and
Shares Out (mil.) 237 well optimization and swabbing services.
Market Cap (mil.) $12,316 Energy Infrastructure- consists of six different products and services.
Avg Daily Volume (mil.) 2.1 - Measurement Solutions: provides solutions for use in custody transfer of crude oil, natural gas, and refined products.
52-week range $36.89 - $53.18 - Loading Systems: provide land and marine based fluid loading and transfer systems.
YTD Return 21.1% - Material Handling Solutions: products include bulk conveying systems to the power generation industry.
Employees 18,400 - Blending and Transfer Systems: provide engineering, design, and construction management services in connection with the application of blending
technology, process controls, and automation for manufacturers in the energy industry.
Management in office since - Separation Systems: designs and manufactures systems that separate production flows from wells into oil, gas and water.
John Gremp, Pres./CEO 2011 -Direct Drive Systems: develop and manufacture high-performance permanent magnet motors and bearings.
Maryann T. Seaman, CFO 2011 -Automation and Control: provides automation, control, and information technology to oil and gas and other industries.
Investor Relations Contact Recent Events - During 2012 the Company acquired the remainder of Schilling Robotics, 100% of Pure Energy, and 100% of Control Systems International.
Brad Alexander 281-260-3665 Schilling Robotics is a supplier of advanced robotic intervention products, including a line of ROVs, manipulator systems, and subsea controls. Pure Energy is a
provider of frac flowback services and wireline services. Control Systems International is a provider of automation, control and information technology to the oil
Share Repurchase Snapshot (mil shares) and gas industry.
Current Authorization 75.0
Remaining as of 12/31/12 15.1 BUSINESS SEGMENT BREAKDOWN GEOGRAPHIC REVENUE BREAKDOWN
Potential Buyback of Shares O/S 6.4%
2007 2012
BALANCE SHEET (mil.) Total Revenue: $3,650 million Total Revenue: $6,151 million 2012
12/31/12
2007
Cash & Equivalents $342
PP&E (net) $1,244 Energy Energy
Surface United
Goodwill $598 Processing Infrastructure
Technologies 9% States
Systems Other
Total Assets $5,903 26% United States 25%
21% Other 36%
30%
Short-term Debt $60 54%
Long-term Debt $1,580
Total Liabilities $4,050
Minority Interest $16
Shareholder Equity $1,837 Energy Subsea
Technologies Norway
Production Norway
65% Brazil 20%
Working Capital $1,518 Systems 16% Angola
79% 9%
Book Value / Share $7.74 10%
Tangible Book Value / Share $5.22
LT Debt / Capital 46.2%
Total Debt / Capital 47.2%
Net Debt / Capital 41.4%
$5,000
600
$4,000
500
DRQ $3,000
2%
(million)
400
# of Trees
Vetco $2,000
300 30%
$1,000
200 FTI
38% $-
100
2004
AKS
2005
2006
2007
2008
2009
0
2010
10%
2011
2012
2004
2005
2006
2007
2008
2009
2010
2011
CAM
2012
2013E
Rig Technology - designs, manufactures, and sells capital equipment used in the drilling, completion, and servicing of oil and gas wells including equipment for offshore and
onshore drilling rigs; derricks; pipe lifting, racking, rotating and assembly systems; coiled tubing equipment and pressure pumping units; well workover rigs; wireline winches;
cranes, and rig instrumentation systems. The APL acquisition back in 2010 provided the Company with turret morring systems and other FPSO manufacturing capabilities. In
April 2012 the Company acquired NKT Flexibles, which designs and manufactures flexible pipe products and systems for the offshore oil and gas industry, including products
National Oilwell Varco - NOV (NYSE) associated with FPSO's and other offshore vessels, as well as subsea production systems including flow-lines and flexible risers.
www.nov.com
Petroleum Services & Supplies - provides a variety of consumable goods and services used to drill, complete, remediate and workover oil and gas wells and service pipelines,
Share Price (3/13/13) $67.52 flowlines and other oilfield tubular goods. The segment manufactures, rents and sells products and equipment used to perform drilling operations, including drill pipe, transfer
Shares Out (mil.) 427 pumps, solids control systems, drilling motors, drilling fluids, drill bits and other downhole tools, as well as mud pump consumables. The segment also provides pipeline and
Market Cap (mil.) $28,807 tubular inspection and coating services.
Avg Daily Volume (mil.) 4.7
Distribution Services - provides maintenance, repair and operating supplies and spare parts to drill site and production locations throughout North America and to offshore
52-week range $59.07 - $89.95 contractors worldwide. Increasingly, this business is also expanding to locations outside North America, including Mexico, Europe, the Middle East, Southeast Asia and South
YTD Return -1.2% America.
Employees 60,235
Intelliserv - The Company formed a joint venture with Schlumberger to deliver a new technology for instantaneous communication from drill bit to drill floor. NOV retains a 55%
Management in office since stake. NOV initially acquired 100% of Intelliserv through its May 2008 acquisition of Grant Prideco.
Merrill 'Pete' Miller, Chairman/CEO 2001
Clay Williams, COO 2012 Recent Events - In February 2013 the Company announced the completion of the acquisition of Robbins & Myers for approximately $2.5 billion in cash. RBN is a supplier of
engineered, application-critical equipment and systems for global energy, chemical and other industrial markets. The Company provides products and services for upstream oil
Jeremy Thigpen, CFO 2012
and gas, along with industrial processes and flow control products.
Investor Relations Contact
Loren Singletary 713-346-7807
(million)
Pipe Handling Aker Kvaerner
(million)
$800 $6,000
BOPs CAM, GE
$600 $4,000
Petroleum Services and Supplies $400
Downhole Drilling Tools & Motors SLB, WFT $200
$2,000
Solids Control SLB, Derrick
$0 $-
2005
SLB
2006
2007
NOV
2008
HAL
2009
2010
BHI
2011
2012
* Note: We believe NOV has a 60-65% share of the onshore installed base of draw
works and mud pumps and an approximate 87% share of the offshore installed base. Source: Spears & Associates Source: Company Reports
Tubes - the segment includes the operations consisting of the production and sales of both seamless and welded steel tubular products and related services for
the oil and gas industry. We estimate that seamless sales account for about 70% of the Company's production volume. Products primarily consist of OCTG used
Tenaris S. A. - TS (NYSE) in drilling operations, and tubular products used in other industrial applications. The Company also provides couplings which serve as fortified connectors between
www.tenaris.com joints of tubing. The Company manufactures its own line of premium connections and purchased Hydril in 2006 to gain its connection competencies. Demand in
this segment has historically been very volatile and directly related to the number of oil and gas wells being drilled and re-worked, along with the depth and drilling
Share Price (3/13/13) $40.30 conditions of the wells. Sales are primarily to end users with exports facilitated through a managed global distribution network and are done through local
Shares Out (mil.) 590 suppliers.
Market Cap (mil.) $23,788
Avg Daily Volume (mil.) 1.3 Geographic Information - is reported in five areas: North America, South America, Europe, Middle East and Africa, and Far East and Oceania. Net sales are
52-week range $29.79 - $44.88 allocated based on the customer's geographic location, while the allocation of assets and capital expenditures is based on the location of the assets.
YTD Return -3.9%
Employees 26,673 Recent Events: In June 2012, the Company announced plans to construct a seamless pipe mill, heat treatment, and premium threading facility in Texas with an
annual production capacity of 650,000 tons of high quality seamless pipes. Operations are expected to commence in 2016.
Management in office since
Paolo Rocca, Chairman/CEO 2006
Ricardo Soler, CFO 2007
Edgardo Carlos, CFO (effective July 1, 2013)
2007 2012
BALANCE SHEET (mil.)
2007 2012
Total Revenue: $10,042 million Total Revenue: $10,834 million
12/31/12
Cash & Equivalents $828
PP&E (net) $4,435 Far East
Far East ME / Africa
Other 4%
Goodwill $3,200 Other 7% North America 12%
Projects 6% 7% 32%
Total Assets $15,964 ME / Africa
9% 21% North
Short-term Debt $1,212 Europe
America
Long-term Debt $532 10%
49%
Total Liabilities $4,404
Shareholder Equity $11,388
Europe South America
Tubes Tubes 17% South
23%
Working Capital $4,159 85% 93% America
Book Value / Share $19.29 25%
Tangible Book Value / Share $13.87
LT Debt / Capital 4.5%
Total Debt / Capital 13.3%
Net Debt / Capital 7.4%
NOV
6% Other Oils
21%
TMK
13%
Other Gas Shales Oil +
USX V&M Tubes Gas USA
17%
13% 18% 23%
Shales Oil +
Gas RoW
2%
Completion and Remedial Services: the segment currently operates the Company's fleet of pressure pumping units, an array of specialized rental equipment
and fishing tools, coiled tubing units, snubbing units, thru-tubing, air compressor packages specially configured for underbalanced drilling operations, cased-hole
Basic Energy Services - BAS (NYSE) wireline units, nitrogen units, and water treatment.
www.basicenergyservices.com
Fluid Services: the segment currently utilizes the Company's fleet of 955 fluid service trucks and related assets, including specialized tank trucks, storage tanks,
Share Price (3/13/13) $14.04 water wells, disposal facilities and construction related equipment. These services are required in most workover, completion, and remedial projects.
Shares Out (mil.) 42
Market Cap (mil.) $586 Well Servicing: the segment currently operates 425 well service rigs and related equipment. The services provided include the installation and removal of
Avg Daily Volume (mil.) 1.1 downhole equipment and elimination of obstructions in the well bore.
52-week range $8.52 - $18.99
YTD Return 23.0% Contract Drilling: the segment currently operates 12 drilling rigs.
Employees 5,600
Permian Appalachia
12% Mid-Con 2%
9% Stacked
Rockies Ark-La-Tex
Rockies Ark-La-Tex 7%
29% 5%
12% 8%
Permian
45% Gulf Coast Permian
12% 45%
Ark-La-Tex
Mid-Con 17% Rockies
54% 14% Mid-Con
Gulf Coast
17% 12%
Ceramic Proppant - the Company primarily manufactures ceramic proppants, including the most expensive of the three primary types of proppant utilized in the
hydraulic fracturing process (white sand, resin-coated sand, and ceramic). Proppant is injected into the fracture to maintain porosity and increase flow to the
wellbore. Ceramic proppants are stronger and more homogeneous than sand-based proppants, which tends to increase productivity in certain wellbores and
Carbo Ceramics, Inc. - CRR (NYSE) enables higher initial production and ultimate recovery over the life of the well. CARBO HSP and CARBO PROP are high strength proppants designed primarily
www.carboceramics.com for deep gas wells. CARBO LITE, CARBO ECONOPROP, and CARBO HYDROPROP are lighter weight ceramic proppants. CARBO LITE is designed for use
in medium depth oil and gas wells; CARBO ECONOPROP is designed to compete directly against sand-based proppants, and CARBO HYDROPROP is
Share Price (3/13/13) $91.55 designed to improve performance in "slickwater" fracture treatments. In 2010, the Company began production of resin-coated ceramic proppant (CARBO BOND
Shares Out (mil.) 23 LITE) and resin-coated sand (CARBO BOND RCS).
Market Cap (mil.) $2,118
Avg Daily Volume (mil.) 0.5 Fracture Simulation and Consulting Services - the Company sells fracture simulation software and provides fracture design, engineering and consulting
52-week range $60.33 - $110.66 services to oil and natural gas companies through its wholly-owned subsidiary, StrataGen, Inc. Simulation software provides real-time analysis to recognize and
YTD Return 16.9% remediate potential stimulation problems and can be integrated with reservoir simulators to optimize production.
Employees 992
Spill Prevention and Containment - in October 2009, the Company acquired BBL Falcon Industries, Ltd, a supplier of spill prevention and containment
Management in office since systems for the oil and natural gas industry. Falcon uses proprietary technology to extend the life of storage assets, reducing the likelihood of spills.
Gary Kolstad, President/CEO 2006
Ernesto Bautista III, CFO 2009
Carimbaba
Other
Location Pounds/Year (MMs)
5%
6%
Eufaula, Alabama 275
McIntyre, Georgia 275
Saint Gobain Toomsboro, Georgia 1,000
27%
Luoyang, China 100
CARBO Kopeysk, Russia 100
62%
Total Manufacturing Capacity 1,750
New Iberia, Louisiana 400*
Total Capacity 2,150
Reservoir Description - the Company analyzes core samples of reservoir rocks for porosity (to determine the reservoir storage capacity) and for permeability
(to define the ability for fluid to flow through the rock). These measurements are used to determine how much oil and gas are present in a given reservoir and at
what rates they can be produced. Proprietary services and technologies are also used to correlate core samples to wireline logs and seismic data.
Core Laboratories NV - CLB (NYSE)
www.corelab.com Production Enhancement - the Company's services and technologies are used to maximize the efficiency of hydraulic fracturing and reservoir flooding
methods. For hydraulic fracturing, the Company provides data on rock strength and type and "tracers" to determine if proppant has been correctly placed in the
Share Price (3/13/13) $135.31 fractures, and to evaluate the quantity of fracture fluid that returns to the wellbore. The Company also manufactures high-performance perforating products that
Shares Out (mil.) 46 result in deeper, cleaner perforation tunnels into oil and gas shale reservoirs.
Market Cap (mil.) $6,255
Avg Daily Volume (mil.) 0.4 Reservoir Management - Core Labs develops and provides industry consortium studies that provide reservoir information to a broad spectrum of clients for
52-week range $94.72 - $143.21 both North American and International projects. Areas of study include, North America natural gas shale reservoirs, deep water Gulf of Mexico, worldwide tight-
YTD Return 23.8% gas sands, deepwater Brazil and West Africa, and international oil and gas shale potential in Europe, North Africa, and Asia.
Employees 5,000
Rig Services: provides services including the completion of newly drilled wells, workover and recompletion of existing wells, well maintenance, and the plugging and
Key Energy Services. - KEG (NYSE) abandonment of wells.
www.keyenergy.com
Fluid Management Services: provides vacuum truck services, fluid transportation services and disposal services for operators during the completion and production phases
Share Price (3/13/13) $8.39 of development.
Shares Out (mil.) 152
Market Cap (mil.) $1,278 Coil Tubing Services: includes coil tubing pumping and nitrogen service offerings. The coil tubing operation consist of both small diameter conventional units and large
Avg Daily Volume (mil.) 2.6 diameter units.
52-week range $5.70 - $17.38
YTD Return 20.7% Fishing and Rental Services: fishing services involve recovering lost or stuck equipment in the well bore utilizing "fishing tools". The rental tool inventory consists of drill pipe,
tubulars, handling tools, pressure-control equipment, pumps, power swivels, reversing units and foam air units, as well as Edge fracstack and flowback iron.
Employees 10,150
International Segment- includes operations in Mexico, Colombia, the Middle East, and Russia. Services include rig-based services such as maintenance, workover,
Management in office since recompletion of wells, completion of new wells, and plugging and abandonment.
Dick Alario, CEO 2006
Trey Wilson, COO 2008
Trey Wichard, CFO 2009
Eurasia
7%
Fluid Mgmt.
22%
SPN
BAS
6%
Source: Spears and Associates 6% Source: Company Filings
Drilling Products and Services: includes downhole drilling tools and surface rentals.
Downhole drilling tools: includes rentals of tubulars and manufacturing and rentals of bottom hole tools.
Surface rentals: includes rentals of temporary onshore and offshore accommodation modules and accessories.
Superior Energy Services - SPN (NYSE)
www.superiorenergy.com Onshore Completion and Workover Services: includes pressure pumping, fluid handling and workover services.
Pressure pumping: includes hydraulic fracturing and high pressure pumping services.
Share Price (3/13/13) $26.69 Fluid handling: includes services used to obtain, move, store, and dispose of fluids used in exploration, development, and production of reservoirs.
Shares Out (mil.) 159 Workover services: provides a variety of well completion, workover, and maintenance services.
Market Cap (mil.) $4,256
Avg Daily Volume (mil.) 1.9 Production Services: includes intervention services and specialized pressure-control tools.
52-week range $17.54 - $29.96 Intervention services: includes services to enhance, maintain, and extend oil and gas production during the life of the well, including coiled tubing,
YTD Return 28.8% cased hole and mechanical wireline, hydraulic workover and snubbing, and remedial pumping services.
Employees 14,500 Specialized pressure-control tools: downhole and surface products, such as BOPs, choke, manifolds, frac flow back trees and downhole valves,
used to manage and control pressure through the life of the field.
Management in office since
David Dunlap, Chairman/CEO 2010 Subsea and Technical Solutions: include pressure control services, completion tools, subsea construction, end-of-life services, and marine technical services,
Robert Taylor, CFO 1996 which generally address customer specific needs with their application. Most operations in this division require innovative and technical solutions and are
generally in offshore environments during the completion, production and decommissioning phase of the oil and gas well.
Investor Relations Contact
Gregory Rosenstein 504-362-4321
25%
Onshore Completion and Well Servicing #4
20% Workover Services Pressure Pumping #11
Coiled Tubing #4
15%
Production Services Wireline Logging #5
10% Production Testing #5
5% Subsea and Technical
Completion Tools and Products #6
Solutions
0%
Drilling Products and Services Onshore Completion and Production Services Subsea and Technical Solutions
Workover Services
Source: SPN
Fluids Division - manufactures and markets clear brine fluids (CBFs), additives and other associated products and services to the oil and gas industry for use in completion
and workover operations. CBFs are solids-free, clear salt solutions that, like conventional drilling fluids, have high specific gravities and are used as weighting fluids to control
bottom hole pressures during oil and gas completion and workover activities. The use of CBFs increases production by reducing the likelihood of damage to the wellbore and
productive pay zone. The Division also markets certain fluids and dry calcium chloride manufactured at its production facilities to a variety of domestic and international
markets outside the energy industry.
Tetra Technologies - TTI (NYSE)
www.tetratec.com Offshore Division - consists of the two following segments:
-- Offshore Services: provides a broad array of services including diving (Epic), marine, engineering, electric wireline, workover, and drilling services required for the
Share Price (3/13/13) $9.78 abandonment of depleted oil and gas wells and the decommissioning of platforms, pipelines, and other associated equipment. The segment operates primarily in the onshore
Shares Out (mil.) 78 U.S. Gulf Coast region, inland waters and offshore markets of the Gulf of Mexico. The Company owns and operates onshore rigs, barge-mounted rigs, a platform rig, offshore
Market Cap (mil.) $765 rigless packages, three heavy lift vessels, several dive support vessels, and other dive support assets.
-- Maritech: produces oil and gas from properties acquired primarily to support and provide a baseload of business for the WA&D Services segment. During 2011 and 2012
Avg Daily Volume (mil.) 0.7 Maritech sold substantially all of its oil and gas producing properties, and current operations primarily consist of the ongoing abandonment and decommissioning associated
52-week range $5.35 - $9.97 with its remaining operated and non-operated offshore wells, facilities, and production platforms.
YTD Return 28.9%
Employees 3,648 Production Enhancement Division - provides production testing services (flowback, pressure and volume) to the Texas, New Mexico, Louisiana, offshore Gulf of Mexico,
Rockies, Canada, and certain international markets. In addition, it is engaged in the design, fabrication, sale, lease and service of wellhead compression equipment
Management (Compressco) primarily used to enhance production from mature, low pressure natural gas wells located principally in the mid-continent, Rocky Mountain, Texas and Louisiana
in office since regions of the United States and western Canada.
Stuart M. Brightman, CEO 2008
Elijio Serrano, CFO 2012
$4,000
$3,000
FLUIDS
(million)
$2,000
$0
Offshore Services
SLB
HAL
BHI
NR
TTI
Oil & Gas Proppant: the Company's frac sand is used to stimulate and maintain the flow of hydrocarbons in oil and natural gas wells. This segment has
U.S. Silica - SLCA (NYSE) experienced rapid growth due to recent technological advances in the hydraulic fracturing process.
www.ussilica.com
Industrial & Specialty Products: products in this division are used in a wide rang of industrial applications, including glassmaking and chemical
Share Price (3/13/13) $22.79 manufacturing. In recent years new end markets have developed for high-margin, performance silica products, including solar panels, specialty coatings, wind
Shares Out (mil.) 53 turbines, and polymer additives.
Market Cap (mil.) $1,206
Avg Daily Volume (mil.) 0.7
52-week range $8.74 - $28.50
YTD Return 36.2%
Employees 785
Products & Services: applied technology engineered solutions, axial, centrifugal, pipeline, reciprocating, (process and high speed separable) compressors, business
process automation software and services, control systems, field support services (FSS), gas turbines and gas turbine packages, hot gas expanders (FCC, nitric acid),
Dresser-Rand Group - DRC (NYSE) multiphase separation equipment, portable ventilators, OEM parts, remanufactured units, contract compression services, repairs local service centers, rerates/revamps,
www.dresser-rand.com single and multistage steam turbines, training, upgrades.
(million)
Turbo Products
Centrifugal Compressors x x x x x x x x $1,500
Gas Turbines & Power Turbines x x x x x x x x
Power Recovery Expanders x x x x $1,000
Dril-Quip - DRQ (NYSE) Subsea Equipment - products include subsea wellheads, mudline hanger systems, specialty connectors and associated pipe, subsea production trees, valves
www.dril-quip.com and TLP and Spar well systems, liner hangers, multiplex subsea control systems and multi-well subsea manifolds. We believe DRQ is the market leader in
subsea wellheads.
Share Price (3/13/13) $83.37
Shares Out (mil.) 41 Surface Equipment - products include platform wellheads and platform production trees adapted from its existing subsea wellhead and tree technology.
Market Cap (mil.) $3,378
Avg Daily Volume (mil.) 0.3 Offshore Rig Equipment - products include drilling and production riser systems, wellhead connectors and diverters. The drilling riser system consists of (i)
52-week range $57.27 - $85.55 lengths of riser pipe and associated riser connectors that secure one to another; (ii) the telescopic joint, which connects the entire drilling riser system to the
YTD Return 14.1% diverter at the rig and provides a means to compensate for vertical motion of the rig relative to the ocean floor; and (iii) the wellhead connector, which provides a
Employees 2,451 means for remote connection and disconnection of the drilling riser system to and from the blowout preventer stack.
Management in office since Services provided by Dril-Quip include field installation services, reconditioning of customer-owned products and rental running tools for installation and retrieval
Blake DeBerry, CEO 2011 of its products. Dril-Quip has major manufacturing facilities in Houston, Texas; Aberdeen, Scotland; Macao, Brazil; and Singapore able to provide machining,
Jerry Brooks, CFO 1999 fabrication, inspection, assembly and testing. The Houston facility provides forged and heat treated products to all the major manufacturing facilities.
(million)
300 Specialty Connectors Drilling Risers
$400
200 Tieback Connectors Completion Risers
Subsea Production Trees Services $300
100 Production Risers $200
0 Template Systems
$100
Subsea Control Systems Reconditioning
2004
2005
2006
2007
2008
2009
2010
North America Contract Operations - segment provides natural gas compression and production and processing services to meet specific customer
requirements utilizing Exterran-owned assets within the United States and Canada. As of December 31, 2012, the Company had a North American capacity of
3.4 million horsepower.
Exterran Holdings - EXH (NYSE)
www.exterran.com International Contract Operations - segment provides substantially the same services as the North America Contract Operations segment in locations outside
of the United States and Canada. As of December 31, 2012, the Company had an International capacity of 1.3 million horsepower.
Share Price (3/13/13) $26.74
Shares Out (mil.) 65 Aftermarket Services - segment provides services to support the surface production and processing needs of customers and normal maintenance services to
Market Cap (mil.) $1,736 full operation of a customer's owned assets. Additionally, the segment sells parts to customers who own their own equipment.
Avg Daily Volume (mil.) 0.7
52-week range $10.58 - $27.40 Fabrication - segment involves the design, engineering, installation, fabrication, and sale of (i) natural gas compression units and accessories, (ii) production
YTD Return 22.0% and processing equipment to meet standard or unique customer specifications, and (iii) equipment used in the production, treating, and processing of crude oil
Employees 10,000 and natural gas. The segment also provides engineering, procurement and construction services primarily related to the manufacturing of critical process
equipment for refinery and petrochemical facilities, the construction of tank farms, and the construction of evaporators and brine heaters for desalination plants.
Management in office since
D. Bradley Childers, CEO 2011
William Austin, CFO 2011
4,000 $1,200
3,500
$1,000
3,000
2,500 $800
# of Units
2,000
(million) $600
1,500
1,000 $400
500
$200
0
$-
Drilling and Subsea: the segment designs and manufactures products and provides related services to the drilling, well construction, completion, intervention and
subsea construction and services market.
Forum Energy Technologies Inc. - FET (NYSE) -Subsea Technologies: designs and manufactures subsea capital equipment, specialty components and tooling, and applied products for subsea pipelines.
www.f-e-t.com
Share Price (3/13/13) $25.54 -Downhole Technologies: designs and manufactures downhole products that serve the well construction and production enhancement markets.
Shares Out (mil.) 92
-Drilling Technologies: provides both drilling consumables and capital equipment, including tubular handling equipment, torque equipment, offline crane systems, pumps,
Market Cap (mil.) $2,348
valves, and manifolds.
Avg Daily Volume (mil.) 0.4
52-week range $18.60 - $27.56 Production and Infrastructure: the segment designs and manufactures products and provides related equipment and services to the well stimulation, completion,
YTD Return 3.2% production, and infrastructure markets.
Employees 3,400
-Flow Equipment: designs, manufactures, and provides flow equipment to the well stimulation, testing, and flowback markets.
Management in office since
Christopher Gaut, President and CEO 2010 -Production Equipment: designs, manufactures, and provides engineering process systems and related field services from the wellhead to inside the refinery fence.
James Harris, CFO 2010
-Valve Solutions: designs, manufactures, and provides a wide range of industrial valves that serve the upstream, midstream, and downstream markets.
Investor Relations Contact
Mark Traylor 281-368-1108
$450
Latin America $400 Drilling Technologies
Flow Equipment
Middle East 4% $350 11% 30%
Asia-Pacific 4% $300 Valve Solutions
7% 15%
Canada $250
8% $200
U.S. $150
63% $100
Europe & Africa $50 Production Equipment
14% $0 16%
2010 Subsea Technologies
2011 Downhole Technologies 18%
2012 10%
Source: Company Reports
The Company fabricates various structures, including jackets and deck sections of fixed production platforms; hull, tendon, and/or deck sections of floating
production platforms (such as tension leg platforms (TLPs)), SPARs and FPSOs, piles, wellhead protectors, subsea templates and various production,
compressor and utility modules, offshore living quarters, tanks and barges.
Gulf Island Fabrication - GIFI (NYSE)
www.gulfisland.com Services provided by the Company include offshore interconnect pipe hook-up's, inshore marine construction, manufacture and repair of pressure vessels,
heavy lifts such as ship integration and TLP module integration, loading and offloading jack-up drilling rigs or production hulls, semi-submersible drilling rigs,
Share Price (3/13/13) $21.95 TLPs, SPARs or other similar cargo and steel warehousing and sales.
Shares Out (mil.) 14
Market Cap (mil.) $319 To capitalize on refinery expansions, the Company is also capable of fabricating large processing modules to be shipped and installed in petro-chemical plants.
Avg Daily Volume (000s) 31.8
52-week range $19.89 - $31.69 In August 2008, GIFI formed a limited liability company, Gulf Island Marine Fabricators, L.L.C. (Gulf Island Marine), to further develop marine construction
YTD Return -8.6% operations by constructing a Dry Dock to supplement the marine construction operations in Houma. The supplement, is able to lift up to 9,000 tons, suitable to
Employees 2,200 perform maintenance and repairs to third party marine vessels, and newly-fabricated vessels being launched on site.
$400 24%
Short-term Debt $0
Long-term Debt $0 $300
Total Liabilities $130
$200
Shareholder Equity $274
$100
Working Capital $81 United States United
Book Value / Share $18.92 $- 76% States
2003
Oilfield Division
- Pumping Units: five basic types of units are manufactured including air-balanced, beam-balanced, crank-balanced, Mark II Unitorque, and hydraulic. The primary
difference in these units is related to the counter-balancing system.
Lufkin Industries, Inc. - LUFK (NYSE) - Pumping Unit Service: the Company transports and repairs pumping units, as well as refurbishing used pumping units.
www.lufkin.com - Automation: design, manufacture, installation, and service of computer control equipment for artificial lift equipment to lower production costs and optimize well
Share Price (3/13/13) $67.28 efficiency.
- Gas Lift/Plunger Lift: the Company designs, manufactures, installs, and services gas lift, plunger lift, and completion equipment.
Shares Out (mil.) 34
- Progressing Cavity Pumps: the Company designs, manufactures, installs and services progressing cavity pump equipment.
Market Cap (mil.) $2,267
- Foundry Castings: operation of an iron foundry to produce castings for new pumping equipment. Also sells castings to third parties.
Avg Daily Volume (mil.) 0.6
52-week range $45.11 - $82.82 Power Transmission
YTD Return 15.7% - High Speed Gearboxes: single stage gearboxes with pinch line velocities equal to or greater than 35 meters per second or rotational speeds greater than 4,500 rpm.
Employees 4,400 These gearboxes typically service the energy markets including petrochemicals, refineries, offshore production, and oil and gas transmission.
- Low Speed Gearboxes: do not meet the pinch line or rotational speed criteria of high speed gearboxes. These gearboxes typically service commodity-related
Management in office since industries including rubber, sugar, paper, steel, plastics, mining, cement, and marine propulsion.
John (Jay) Glick, CEO 2008 - Parts: manufacture of capital spares in conjunction with its new gearboxes and aftermarket services.
Chris Boone, CFO 2008 - Repair and Service: off-site repair and service for the Company's products and those manufactured by others.
- Lufkin RMT: through a 2009 acquisition, the Company analyzes, designs, and manufactures precision tilting-pad bearings and related components for high-speed
Investor Relations Contact turbo equipment. Also repairs, services, and upgrades turbo-expanding process units for air and gas separation.
Chris Boone 936-631-2749
PCP $100
7%
$-
DOV BHI
SLB 14% 2007 2008
7% LUFK ESP 2009
14% 2010
10% 46% 2011
2012
Asia Pacific Segment- segment serves the needs of major integrated and other oil and gas companies in Australia, Indonesia, Vietnam, Malaysia and Thailand. The primary
fabrication facility is located in Indonesia with approximately 5,300 employees.
McDermott International - MDR (NYSE)
www.mcdermott.com Atlantic Segment- segment serves the needs of major integrated and other oil and gas companies in the United States, Brazil, Mexico, Trinidad and West Africa. The primary
fabrication facilities for this segment are located in Morgan City, LA and Altamira, Mexico with approximately 1,700 employees.
Share Price (3/13/13) $11.11
Shares Out (mil.) 236 Middle East Segment - segment serves the needs of major integrated and other oil and gas companies Saudi Arabia, Qatar, the U.A.E., Kuwait, India, Azerbaijan, Russia and
Market Cap (mil.) $2,621 Turkmenistan. The primacy fabrication facility for this region is located in Dubai, U.A.E. with approximately 7,000 employees.
Avg Daily Volume (000s) 4613.9
52-week range $9.04 - $14.06
YTD Return 0.8%
Employees 14,400
Vessels by Region
Year End Backlog
$6,000
6 Facility Location Acres Largest Jacket (tons) Largest Deck (tons)
$5,000
Batam Indonesia 301 17,000 18,000
5 $4,000
4 Jebel Ali Dubai, UAE 145 7,000 12,000 $3,000
3 $2,000
Morgan City Louisiana, USA 323 38,000 23,000 $1,000
2
$-
1 Altamira Tampico, Mexico 118 3,500 25,000
2006 2007
2008 2009
0 2010 2011 2012
Atlantic Middle East Asia Pacific Under
Construction
Asia Pacific Atlantic Middle East Offshore Oil and Gas
Management Advanced Technologies - provides underwater intervention, engineering services and related manufacturing to meet a variety of industrial requirements,
officer since
including search and recovery, maintenance and repair, civil works projects, commercial theme park equipment and engineering services and products for the
Kevin McEvoy, CEO 2011
space industry. The segments customers have specialized requirements in underwater or other hazardous environments outside the oil and gas industry and
Cardon Gerner, CFO 2011
including the US Navy and NASA.
Investor Relations Contact
Jack Jurkoshek 713-329-4670
Other $700
23%
OII $600
36%
$500
$400
Canyon
6% $300
$200
$100
Fugro
7% $0
Subsea 7 2007 2008 2009 2010 2011 2012
Sonsub 21%
7%
*Source: OII, HW Estimate *Source: Company Reports
Accommodations - OIS is the largest integrated services provider of accommodations for remote locations and has installed over 11,000 rooms, since mid-
Oil States International, Inc. - OIS (NYSE) 2006, in four major lodge properties supporting oil sands developments. The Company acquired The MAC in 2010 and is Australia's largest integrated
www.oilstatesintl.com accommodations provider that primarily serves coal bed methane mining operations. The MAC operates in eight villages with over 8,600 rooms.
Share Price (3/13/13) $78.51 Well Site Services - the Company's Well Site Services segment is broken down into drilling services and completion services. The Company provides land
Shares Out (mil.) 55 drilling services for shallow to medium depth wells and has 33 drilling rigs as of December 31, 2012. The Company's completion services provides services such
Market Cap (mil.) $4,308 as wireline and coiled tubing, wellhead isolation, pipe recovery, blow out preventers, and well testing equipment.
Avg Daily Volume (mil.) 0.7
52-week range $60.03 - $87.63 Offshore Products - OIS designs, manufactures, fabricates, inspects, assembles, repairs, tests, and markets subsea equipment and offshore vessel and rig
YTD Return 9.7% equipment. The Company's products are used for the drilling and production of oil and natural gas wells on offshore fixed platforms and mobile production units,
Employees 8,716 and on other marine vessels, floating rigs, and jack-up rigs. The Company derives the bulk of its offshore products revenues from the USGOM.
Tubulars - the Company's Tubular services segment primarily distributes OCTG in two forms: (i) casing that forms the structural wall in an oil or natural well and
Management in office since provides support, controls pressure, and prevents caving during drilling; and (ii) production tubing that is used to bring hydrocarbons to the surface and may be
Cindy Taylor, CEO 2007 replaced during the life of a well. The Company distributes OCTG produced by domestic and foreign mills to major and independent oil and gas producers and
Bradley Dodson, CFO 2006 other OCTG distributors. OIS does not manufacture any of the OCTG that it distributes.
$500 20,000
Floating Production Subsea Pipelines
Steel catenary riser connectors and receptacles Collet connectors and jumpers
TLP tendon connectors Pipeline end manifolds and pipeline tie-in sleds $400 15,000
Riser tensioning equipment Pipeline repair equipment and services
Cranes 10,000
$300
Ultra-
Jackups Midwater Deepwater deepwater Total
Transocean 10 29 16 28 83
ENSCO plc 43 5 8 12 68
Noble Corporation 40 4 9 9 62
Diamond Offshore 7 18 9 6 40
Seadrill Limited 16 1 1 15 33
Hercules Offshore 37 0 0 0 37
Rowan Companies 31 0 0 0 31
Atwood Oceanics 5 1 3 2 11
Pacific Drilling 0 0 0 4 4
Source: Company Fleet Reports, ODS as of 3/8/13; does not include rigs under construction
Semisubmersibles
Semisubmersibles are floating vessels that can be submerged by means of a water ballast system such that the
lower hulls are below the water surface during drilling operations. These rigs maintain their position over the well
through the use of an anchoring system or computer controlled dynamic positioning thruster system. Some
semisubmersible rigs are self-propelled and move between locations under their own power when afloat on the
pontoons, although most are relocated with the assistance of tugs. Typically, semisubmersibles are better
suited for operations in rougher water conditions than drillships. Semisubmersibles are used in varying water
depth ranging from 500' to 8,000'+ and are subcategorized according to age, variable deck load and water depth
capability.
Midwater: Generally older units, often referred to as conventional or midwater semis, that typically operate in
water depths of < 4,500
Deepwater: Units that can operate in water depth of >4,500' and extend to 7,500. This group included many
units which were constructed and/or upgraded in the deepwater newbuild cycle of the mid 1990's to early
2000's. Units within this group are becoming increasingly bifurcated into a "non-newbuild" and "ultra-
deepwater newbuild" subset.
Ultra-deepwater: Units that can operate in water depths >7,500 and up to 12,000. This group includes units
which were constructed and/or upgraded in the newbuild cycle of the mid-to-late 2000s and make up the
vast majority of the current newbuilds.
Heavy Duty Harsh Environment (HDHE): Designed to operate year-round in the harsh environments of the
North Sea and offshore Eastern Canada, typically in water depths > 300'.
Premium Jackups: Typically defined as independent legged, cantilever units operating in 250' of water or
greater. Growing subcategory "ultra" premium jackups are generally newer units, and in many cases
newbuilds, capable of drilling in 350'-400' of water.
Commodity Jackups: Units whose water depth capability is less than 250'. These units are generally older
and often mat and/or slot units (rather than independent legged and/or cantilevered).
ESV
DO HERO
Other 10%
12% 3%
12%
NE
RDC
12%
23%
Other RDC
HERO ESV SDRL 11%
47% 58%
6% 6%
Mexico - 39
West Africa/Med - 41 SE Asia - 103
ESV Other
DO
Other 12% NE 25%
25%
40% 12%
RDC
SDRL RIG 18%
6% 12% RDC
50%
HERO
ESV 7% NE
Other
4%
25% 7%
RDC
7% HERO Other
64% 86%
Mexico - 2
West Africa/Med - 3 SE Asia - 26
HERO
8%
NE
33%
South America - 10
North Sea - 10
Other
20% ESV
40%
Other
NE 100%
40%
DO
Other 10% ESV
15% DO 3%
RIG 57%
14% RIG
23%
NE Other
14% 64%
ATW
10% DO
27%
Other Other
40% 41%
ESV
RIG NE
RIG 18%
9% 5%
50%
DO
11% NE
Other 3%
46%
RIG
SDRL 37% DO
3% 100%
Other ATW
SDRL 3% ESV
9%
6% 25%
RIG NE
PACD RIG
38% 16% 100%
3%
Mexico - 4
West Africa/Med - 23 SE Asia - 17
South America - 41
North Sea - 9
ESV
DO 5%
7% NE
RIG 7% PACD
22% 2%
Other
45% Other RIG
64% 7%
SDRL
SDRL
33%
7%
Notes:
Investor Relations Contact -The Company has four rigs under construction, three ultra-deepwater floaters and one high-spec jackup
Mark Mey 281-749-7902 -Helmerich & Payne, Inc owns approximately 12% of the issued shares outstanding.
Share Repurchase Snapshot
Notes:
Investor Relations Contact - The Company has four drillships under construction.
Darren Daugherty 281-492-5370 - The current annualized dividend is $3.50/share, $0.125/share regular quarterly dividend
plus $0.75/share special quarterly dividend.
Share Repurchase Snapshot
Recent Events: In February, the Company agreed to purchase a jackup rig, the Ben Avon, from KCA Deutag for $55 million and the acquisition is
expected to close late March 2013. In February, the Company also agreed to purchase the liftboat Titan 2, from KS Energy for $42 million with the
acquisition expected to close in early March 2013.
Hercules Offshore - HERO (NASD)
www.herculesoffshore.com Fleet Mix: Segment Revenue:
Share Price (3/13/13) $6.96 Total Offshore Rigs = 37* Total Liftboats = 63* 2007 = $726 mil 2012 = $710 mil
Shares Out (mil.) 159
Market Cap (mil.) $1,103
Premium
Avg Daily Volume (mil.) 3.3 International Mexico Other Other
Jackups
38% 4% 10% 14%
52-week range $2.91 - $7.42 14%
YTD Return 12.6% India Saudi Arabia
7% 8%
Div. Yield 0.0%
Employees 2,600 Nigeria
U.S. 8% U.S.
Commodity Nigeria
62% U.S. 63%
Management in office since Jackups 15%
86% 71%
John T. Rynd, CEO/Pres. 2008 *Does not include recent acquisitions
Stephen Butz, CFO 2010 Notes:
Currently cold stacked assets 2/21/13:
Investor Relations Contact 2 - International Jackups
Son Vann 713-350-8508 10 - GoM Jackups
10 - Inland barges (the Company has three other barges that are currently marketed)
Share Repurchase Snapshot
Maersk Drilling Maersk XL Enhanced 3 492 2Q12 Singapore $650 1Q15 Future Contracted
National Drilling NDC JU Tbn6 200 2Q12 Hamriyah, Sharjah $167 1Q15 Future Contracted
Foresight Drilling Foresight JU Tbn1 350 3Q12 Dalian $170 1Q15 Not Contracted
PEMEX PEMEX JU Tbn1 400 4Q12 Singapore $210 1Q15 Not Contracted
PEMEX PEMEX JU Tbn2 400 4Q12 Singapore $210 1Q15 Not Contracted
Teniz Burgylau Teniz Burgylau JU Tbn1 262 3Q12 $242 1Q15 Future Contracted
Seadrill Ltd West Titan 400 1Q13 Dalian $230 1Q15 Not Contracted
Perisai Perisai JU Tbn2 400 1Q13 Tuas $208 2Q15 Not Contracted
Explorer I Explorer I JU Tbn1 350 4Q12 Jiangsu Province $170 2Q15 Not Contracted
Seadrill Ltd West Proteus 400 1Q13 Dalian $230 2Q15 Not Contracted
Seadrill Ltd Seadrill JU Tbn17 400 1Q13 Dalian $230 3Q15 Not Contracted
Seadrill Ltd Seadrill JU Tbn18 400 1Q13 Dalian $230 4Q15 Not Contracted
2015+ Deliveries 12
H O W A R D W E I L | 2013 Energy Conference
Newbuild
Newbuild Jackups on Order: 88 as %
Worldwide Jackup Supply: 486 18.1% Avg. Cost per Rig $230
Worldwide Premium Jackup Supply: 345 25.5% (in $MM)
Source: ODS-Petrodata, HW Research as of March 8, 2013
48
Floater Newbuilds
Owner Rig Name Water Depth (ft) Ordered Location Cost est. $MM Delivery Contract/Comments
Newbuild Drillships
Seadrill Ltd West Auriga 10,000 4Q10 Geoje $595 1Q13 Future Contracted
Seadrill Ltd West Vela 10,000 4Q10 Geoje $595 2Q13 Future Contracted
Noble Noble Don Taylor 10,000 1Q11 Ulsan $605 2Q13 Future Contracted
Tungsten Explorer Company Tungsten Explorer 10,000 2Q11 Okpo $590 2Q13 Future Contracted
Noble Noble Globetrotter II 10,000 2Q10 Dalian $550 2Q13 Future Contracted
Dalian Deepwater Developer Ltd Dalian Developer 10,000 2Q06 Dalian 2Q13 Not Contracted
Diamond Offshore Ocean BlackHawk 12,000 1Q11 Ulsan $640 2Q13 Future Contracted
Pacific Drilling Ltd Pacific Khamsin 10,000 1Q11 Geoje $608 2Q13 Future Contracted
Ensco ENSCO DS-7 10,000 4Q10 Geoje $600 3Q13 Future Contracted
DryShips Inc Ocean Rig Mylos 12,000 2Q11 Geoje $670 3Q13 Future Contracted
Seadrill Ltd West Tellus 10,000 2Q11 Geoje $600 3Q13 Not Contracted
Fred Olsen Energy Bolette Dolphin 10,000 2Q11 Ulsan $615 3Q13 Future Contracted
Atwood Atwood Advantage 10,000 1Q11 Okpo $600 3Q13 Future Contracted
Maersk Drilling Maersk Drsh Tbn1 12,000 2Q11 Geoje $650 3Q13 Future Contracted
DryShips Inc Ocean Rig Skyros 10,000 2Q11 Geoje $669 4Q13 Not Contracted
DryShips Inc Ocean Rig Athena 10,000 2Q11 Geoje $679 4Q13 Future Contracted
Noble Noble Bob Douglas 10,000 1Q11 Ulsan $605 4Q13 Future Contracted
Pacific Drilling Ltd Pacific Sharav 10,000 1Q11 Geoje $663 4Q13 Future Contracted
Rowan Rowan Renaissance 12,000 2Q11 Ulsan $749 4Q13 Future Contracted
Maersk Drilling Maersk Drsh Tbn2 10,000 2Q11 Geoje $650 4Q13 Future Contracted
Diamond Offshore Ocean BlackHornet 12,000 1Q11 Ulsan $640 4Q13 Future Contracted
2013 Deliveries 21
Transocean Deepwater Asgard 10,000 1Q11 Okpo $725 1Q14 Not Contracted
Transocean Deepwater Invictus 10,000 1Q11 Okpo $735 2Q14 Future Contracted
Seadrill Ltd West Saturn 12,000 2Q12 Geoje $600 2Q14 Not Contracted
Opus Offshore Opus Tiger 1 5,000 3Q11 Shanghai 2Q14 Not Contracted
Noble Noble Sam Croft 10,000 1Q11 Ulsan $615 2Q14 Not Contracted
Pacific Drilling Ltd Pacific Meltem 10,000 1Q12 Geoje $628 2Q14 Not Contracted
Maersk Drilling Maersk Drsh Tbn3 10,000 3Q11 Geoje $650 2Q14 Not Contracted
Atwood Eagle Company Atwood Achiever 10,000 4Q11 Okpo $600 2Q14 Not Contracted
Diamond Offshore Ocean BlackRhino 12,000 2Q11 Ulsan $640 2Q14 Not Contracted
Rowan Rowan Resolute 12,000 2Q11 Ulsan $743 2Q14 Not Contracted
Seadrill Ltd West Neptune 10,000 1Q12 Geoje $600 2Q14 Not Contracted
Maersk Drilling Maersk Drsh Tbn4 10,000 3Q11 Geoje $650 3Q14 Not Contracted
Ensco ENSCO DS-8 10,000 2Q12 Geoje $645 3Q14 Not Contracted
Seadrill Ltd West Jupiter 12,000 1Q12 Geoje $600 3Q14 Not Contracted
Noble Noble Drsh Tbn8 10,000 3Q11 Ulsan $630 3Q14 Not Contracted
Rowan Rowan Reliance 12,000 4Q11 Ulsan $729 4Q14 Not Contracted
Ensco ENSCO DS-9 10,000 2Q12 Geoje $645 4Q14 Not Contracted
Seadrill Ltd West Carina 12,000 3Q12 Geoje $600 4Q14 Not Contracted
Queiroz Galvao Queiroz Galvao Drsh Tbn3 10,000 4Q12 Geoje 4Q14 Not Contracted
Opus Offshore Opus Tiger 2 3,000 3Q11 Shanghai 4Q14 Not Contracted
Diamond Offshore Ocean BlackLion 10,000 2Q12 Ulsan $655 4Q14 Not Contracted
2014 Deliveries 21
DryShips Inc OCR Drillship Tbn9 10,000 3Q12 Geoje $683 1Q15 Not Contracted
Pacific Drilling Ltd Pacific Drilling Drsh Tbn1 10,000 1Q13 Geoje $620 1Q15 Not Contracted
Rowan Rowan Relentless 12,000 3Q12 Ulsan $773 1Q15 Not Contracted
Atwood Atwood Admiral 10,000 3Q12 Okpo $635 1Q15 Not Contracted
Sete Brasil Sete Brasil Drsh Tbn8 10,000 1Q12 Espirito Santo $793 2Q15 Future Contracted
Transocean Transocean Drsh Tbn1 12,000 3Q12 Okpo $750 2Q15 Future Contracted
Sigma Drilling Palladium Explorer 12,000 4Q12 Jinhae $700 4Q15 Not Contracted
Transocean Transocean Drsh Tbn2 12,000 3Q12 Okpo $750 4Q15 Future Contracted
2015 Deliveries 8
Sete Brasil Sete Brasil Drsh Tbn1 10,000 1Q11 Pernambuco $662 1Q16 Future Contracted
Sete Brasil Cassino 10,000 3Q12 Rio Grande do Sul 1Q16 Future Contracted
Sete Brasil Ondina 10,000 3Q12 Bahia 2Q16 Future Contracted
Transocean Transocean Drsh Tbn3 12,000 3Q12 Okpo $750 2Q16 Future Contracted
Sete Brasil Sete Brasil Drsh Tbn2 10,000 1Q11 Pernambuco $662 3Q16 Future Contracted
Sete Brasil Deepsea Guarapari 10,000 3Q12 Espirito Santo 3Q16 Future Contracted
Sete Brasil Sete Brasil Drsh Tbn23 10,000 4Q12 Espirito Santo $806 3Q16 Future Contracted
Transocean Transocean Drsh Tbn4 12,000 3Q12 Okpo $750 4Q16 Future Contracted
Sete Brasil Sete Brasil Drsh Tbn3 10,000 1Q11 Pernambuco $662 1Q17 Future Contracted
Sete Brasil Pituba 10,000 3Q12 Bahia 2Q17 Future Contracted
Sete Brasil Sete Brasil Drsh Tbn4 10,000 1Q11 Pernambuco $662 3Q17 Future Contracted
Sete Brasil Curumim 10,000 3Q12 Rio Grande do Sul 3Q17 Future Contracted
Sete Brasil Sete Brasil Drsh Tbn14 10,000 3Q12 Espirito Santo 4Q17 Future Contracted
Sete Brasil Boipeba 10,000 3Q12 Bahia 1Q18 Future Contracted
Sete Brasil Sete Brasil Drsh Tbn5 10,000 1Q11 Pernambuco $662 1Q18 Future Contracted
Sete Brasil Salinas 10,000 3Q12 Rio Grande do Sul 2Q18 Future Contracted
Sete Brasil Sete Brasil Drsh Tbn6 10,000 1Q11 Pernambuco $662 3Q18 Future Contracted
Sete Brasil Interlagos 10,000 3Q12 Bahia 1Q19 Future Contracted
Sete Brasil Sete Brasil Drsh Tbn7 10,000 1Q11 Pernambuco $662 1Q19 Future Contracted
Sete Brasil Siri 10,000 3Q12 Espirito Santo 1Q19 Future Contracted
Sete Brasil Sete Brasil Drsh Tbn19 10,000 3Q12 Espirito Santo 2Q19 Future Contracted
Sete Brasil Itaoca 10,000 3Q12 Espirito Santo 2Q19 Future Contracted
Sete Brasil Itapema 10,000 3Q12 Bahia 3Q19 Future Contracted
Sete Brasil Comandatuba 10,000 3Q12 Bahia 2Q20 Future Contracted
2016+ Deliveries 24
Newbuild Semis
Sevan Drilling Sevan UDW3 10,000 2Q11 Jiangsu $526 4Q13 Future Contracted
2013 Deliveries 1
Odfjell Drilling Deepsea Aberdeen 7,500 4Q11 Okpo $702 2Q14 Future Contracted
Sevan Drilling Sevan UDW4 10,000 2Q11 Jiangsu $526 2Q14 Not Contracted
Songa Rig AS Songa Equinox 1,640 3Q11 Okpo $600 2Q14 Future Contracted
COSL COSLProspector 5,000 4Q11 Yantai 3Q14 Not Contracted
Songa Rig AS Songa Endurance 1,640 3Q11 Okpo $600 4Q14 Future Contracted
Naftogaz Naftogaz Semi Tbn1 3,280 2Q13 Singapore $600 4Q14 Not Contracted
Naftogaz Naftogaz Semi Tbn2 3,280 2Q13 Singapore $600 4Q14 Not Contracted
2014 Deliveries 7
Seadrill Ltd West Mira 10,000 2Q12 Samho $650 1Q15 Future Contracted
North Atlantic Drilling West Rigel 10,000 1Q12 Jurong $650 1Q15 Not Contracted
Songa Rig AS Songa Encourage 1,640 1Q12 Okpo $600 1Q15 Future Contracted
Fred Olsen Energy Bollsta Dolphin 10,000 2Q12 Ulsan $740 1Q15 Future Contracted
Songa Rig AS Songa Enabler 1,640 1Q12 Okpo $600 2Q15 Future Contracted
Sete Brasil Urca 10,000 4Q11 Angra dos Reis $809 4Q15 Future Contracted
North Sea Rigs North Dragon 3,937 1Q12 Yantai 4Q15 Not Contracted
Frigstad Offshore Frigstad Semi Tbn1 12,000 1Q13 Yantai $650 4Q15 Not Contracted
2015 Deliveries 8
Frigstad Offshore Frigstad Semi Tbn2 12,000 1Q13 Yantai $650 2Q16 Not Contracted
Sete Brasil Sete Brasil Semi Tbn2 10,000 2Q12 Angra dos Reis $820 4Q16 Future Contracted
Sete Brasil Bracuhy 10,000 2Q12 Angra dos Reis $820 3Q17 Future Contracted
Sete Brasil Sete Brasil Semi Tbn4 10,000 2Q12 Angra dos Reis $820 2Q18 Future Contracted
H O W A R D W E I L | 2013 Energy Conference
Sete Brasil Mangaratiba 10,000 2Q12 Angra dos Reis $820 4Q18 Future Contracted
Sete Brasil Botinas 10,000 2Q12 Angra dos Reis $820 3Q19 Future Contracted
2016+ Deliveries 6
Summary Newbuild
Newbuild/Upgraded Floaters on Order: 96 as %
49
Worldwide Floater Supply: 301 31.9% Avg. Cost per Rig $665
Worldwide Deepwater Floater (+4,500')Supply: 188 51.1% (in $MM)
Source: ODS-Petrodata, HW Research as of March 8, 2013
U.S. Land Drilling Summary
Total Fleet Mkt'd Units Active Units Mkt'd Util.
HP 296 250 206 82%
PTEN 293 203 178 88%
NBR 298 181 144 80%
PDS 128 94 70 74%
Nomac 97 80 62 78%
Ensign USA 119 78 60 77%
Unit 127 67 55 82%
Trinidad 67 52 43 83%
PES 68 56 39 70%
Sidewinder 59 46 34 74%
Source: Land Rig Newsletter (2/28/13)
HP HP
Sidewinder Scan 10% Frontier 10%
HP Latshaw PTEN
5% Trinidad 10% 5% PDS Nomac
5% 4% 8%
10% Sidewinder 9% 10%
9%
PTEN Desoto
18% 60%
HP
Sidewinder 16%
20% PDS
NBR PTEN
Felderhoff 8%
11% 9%
10%
Woodford - 3 Piceance - 12
Other Haynesville - 14
Savanna
7%
PTEN 8% NBR
Nomac 36% 42%
7% Cactus
33% Sidewinder
67% Cyclone
Trinidad 17%
21%
NBR
29% PTEN
33%
Marcellus - 62
Greater Green River - 13 Eagle Ford - 199
PTEN NBR
18% PDS 15% Other
13% Ensign 34%
Other 39%
HP
50%
36%
PTEN
15%
Sidewinder PTEN
11% Unit PDS 13%
31% 8%
Falcon NBR
8% 9%
Horizontal Drilling - 1,034 Directional Drilling - 91
NBR
HP
13% PTEN
17%
PTEN 12%
14%
Other Other
46% 45%
HP
NBR 11%
PDS 11%
6%
Unit Ensign
Nomac 9% 10%
6%
Patterson-UTI Energy - PTEN (NASD) Fleet Mix Segment Revenue (all North America):
www.patenergy.com Total Drilling Rigs = 314* 2007 = $2,114 mil 2012 = $2,723 mil
Share Price (3/13/13) $24.48
Shares Out (mil.) 146 Canadian Oil and Gas
Market Cap (mil.) $3,572 Land Rigs Fluids 2%
Oil and Gas
Avg Daily Volume (mil.) 4.2 6% Pressure 6% 2%
Pumping Pressure
52-week range $12.81 - $24.89 10% Pumping
YTD Return 31.4% 31%
Div. Yield 0.8%
U.S. Land
Employees 7,300 Rigs
94% Contract Contract
Drilling Drilling
Management in office since 82% 67%
Douglas Wall, CEO 2007
John Vollmer, CFO 2005 * Note: As of 12/31/2012, includes 18 rigs located in Canada
Pioneer Energy Services - PES (NYSE) Fleet Mix Segment Revenue (all North America):
www.pioneeres.com Total Drilling Rigs = 70 2007 = $417 mil 2012 = $919 mil
Share Price (3/13/13) $8.30
Shares Out (mil.) 62
Market Cap (mil.) $515 Colombian
Land Rigs
Avg Daily Volume (mil.) 0.7 Drilling
11%
Services
52-week range $5.91 - $9.91 Production 54%
YTD Return 14.3% Services
46%
Div. Yield 0.0%
U.S. Land
Employees 3,750 Rigs
89% Drilling
Management in office since Services
Stacy Locke, CEO 2003 100%
Loren Phillips, CFO 2009 Note: the Company has two rigs under construction
2012/2013
High-End Top Drive High- Newbuild
Mechanical End Mechanical Electric Deliveries
Share Repurchase Authorization (mil $)
Rigs 23 10 29 10
Current Authorization n/a
Remaining as of 12/31/12 n/a % of Fleet 32% 14% 40% 14%
Potential Buyback of Shares O/S n/a
BALANCE SHEET (mil.) * Based on a fleet of 72 rigs
12/31/12
Cash + Equivalents $24 Geographic Composition of PES U.S. Land Rig Fleet
PP&E (net) $1,014
Goodwill $86
Total Assets $1,340
Short-term Debt $1
Long-term Debt $519 North Dakota East Tx West Tx South Tx Utah Appalachia Colombia Total
Total Liabilities $792 Drilling Rigs (1) 12 4 23 14 5 4 8 70
Shareholder Equity $548 Percentage of Fleet 17% 6% 33% 20% 7% 6% 11% 4%
The Company provides helicopters to transport personnel and time-sensitive equipment from onshore bases to offshore drilling rigs, platforms and other
installations. Customers include major integrated, national, and independent oil and gas companies. The segment also includes technical service operations
Bristow Group Inc. - BRS (NYSE) that provide helicopter repair and overhaul services, engineering and design services, technical manpower support and transmission testing from facilities in the
www.bristowgroup.com U.S. and abroad for both Company owned aircraft and third parties. The Company also operates a training business unit, Bristow Academy, that operates
helicopter training facilities in Titusville, FL, Concord, CA, New Iberia, LA, and Gloucestershire, England.
Share Price (3/13/13) $58.26
Shares Out (mil.) 36 As of December 31, 2012, the Company operated 356 aircraft (17 of the owned aircraft are held for sale) and unconsolidated affiliates operated an additional
Market Cap (mil.) $2,101 200 aircraft. Contracts are generally based on a two-tier rate structure consisting of a daily or monthly fixed fee plus additional fees for each hour flown. The
Avg Daily Volume (mil.) 0.3 Company also provides services to customers on an ad hoc basis, which usually entails a shorter notice period and shorter duration typically at higher rates.
52-week range $37.92 - $61.65
YTD Return 8.6% The Company recently completed the acquisition of eight helicopters and associated facilities in Canada from Cougar Helicopter. BRS purchased the assets
Employees 3,281 and will lease them back to Cougar on a long-term basis.
Bristow Academy
200
35
Other International 30
150
25 45
Australia 20
100
20 36 36
West Africa 4
50 15 26
0 North America 10 18
15 12
BRS PHIIK 5 8 9
ERA Europe 3
CHC 0
0 20 40 60 80 100
Light Medium Heavy Fixed Wing
Small Medium Large Fixed Wing Training Actual Ordered Options
Source: Company Filings, HW Research, *excludes training count
Hornbeck Offshore - HOS (NYSE) The Upstream portion of their business caters to the deepwater drilling and production market. The Company operates primarily in the GOM, but also has exposure to Latin
www.hornbeckoffshore.com America, the Middle East, and W. Africa markets. The Company also contracts some of its OSVs to the U.S. military. OSVs assist in offshore and subsea construction,
maintenance, repair and decommissioning activities. Unlike conventional cargo ships, OSVs are able to carry liquid mud, potable and drilling water, diesel fuel, dry bulk cement
Share Price (3/13/13) $43.69
and personnel to and from offshore drilling and production facilities. Included in the company's upstream fleet are four MPSV's (Multi Purpose Service Vessels) and an AHTS
Shares Out (mil.) 35
(Anchor Handling Towing Supply) vessel.
Market Cap (mil.) $1,550
Avg Daily Volume (mil.) 0.7
The Downstream segment operates in the Northeast region of the US and Great Lakes as well as in the GOM and Puerto Rico. The vessels are used to assist in the transfer
52-week range $31.68 - $46.09 of petroleum products to shore. The company owns nine tugs and nine double-hulled barges, which is the new standard.
YTD Return 27.2%
Employees 1,263 The Company commenced on its fifth OSV newbuild program in late-2011, which also includes the construction of MPSVs. Following the completion of the vessels currently
contracted or approved for construction under this program the expected Upstream fleet will increase to 73 OSVs and six MPSVs. The Company also has additional options to
Management in office since build another 40 300-class vessels and has indicated intentions to build a total of 8 MPSVs.
Todd Hornbeck, Pres/CEO/Chairman 1997
James Harp, CFO 2001
Investor Relations Contact
James Harp 985-727-6802
No Authorization in Place
BUSINESS SEGMENT BREAKDOWN GEOGRAPHIC REVENUE BREAKDOWN
BALANCE SHEET (mil.) 2012 2007 2012
12/31/12
2007
Total Revenue: $339 million Total Revenue: $513 million
Cash & Equivalents $577
PP&E (net) $1,812
Goodwill $0
Downstream Downstream International
Total Assets $2,632 33%
International
10% 13% 34%
Short-term Debt $239
Long-term Debt $851
Total Liabilities $1,466
Shareholder Equity $1,166 United
States
Upstream Upstream 66%
Working Capital $388 90% United States
67% 87%
Book Value / Share $32.86
Tangible Book Value / Share $32.86
LT Debt / Capital 42.2%
Total Debt / Capital 48.3%
Net Debt / Capital 30.5%
Downstream Fleet*
Domestic Average Dayrate by Class
10
Upstream Fleet* 9
$27,000
30 1 1
8
25 $24,000 7 2 2
1
6
20 $21,000
5
15 4
$18,000
22 24 3
10 21 6 6
$15,000 2
5 2
1
4 4
0 1 $12,000 0
MPSV 300 Class 280 Class 240 Class 200 Class Tugs DH Barges
$9,000
Active Under Construction Inactive GOM Northeast Puerto Rico
2006 2007 2008 2009 2010 2011 2012
Double-hulled Tank Barges OSV *Note: Includes only active Tugs and Barges
Source: Company Reports
Deepwater Vessels - this segment includes large platform supply vessels and large, high-horsepower (generally greater than 10,000 horsepower) anchor handling towing
supply vessels. Vessels are chartered to customers for use in transporting supplies and equipment from shore bases to deepwater and intermediate offshore drilling rigs,
Tidewater Inc. - TDW (NYSE) platforms and other installations. Platform supply vessels, which have large cargo handling capabilities, serve drilling and production facilities and support offshore construction
www.tdw.com and maintenance work. The anchor handling towing supply vessels are equipped for and are capable of towing drilling rigs and other marine equipment, as well as setting
anchors for positioning and mooring drilling rigs.
Share Price (3/13/13) $46.80
Shares Out (mil.) 49 Towing Supply and Supply Vessels - the Companys largest fleet class by number of vessels includes anchor handling towing supply vessels and supply vessels with
Market Cap (mil.) $2,312 average horsepower below 10,000HP, and platform supply vessels that are generally less than 230 feet. Vessels in this class perform the same functions and services as their
Avg Daily Volume (mil.) 0.7 deepwater vessel class counterparts except they are primarily chartered to customers for use in the intermediate and shallow waters.
52-week range $42.33 - $56.97
YTD Return 4.7% Crewboats and Utility Vessels - crewboats and utility vessels are chartered to customers for use in transporting personnel and small quantities of supplies from shore bases
Employees 7,650 to offshore drilling rigs, platforms and other installations.
Management in office since Offshore Tugs - offshore tugs tow floating drilling rigs; dock tankers; tow barges; assist pipe laying, cable laying and construction barges; and are used in a variety of other
Jeff Platt, CEO 2012 commercial towing operations, including towing barges carrying a variety of bulk and containerized cargo.
Quinn P. Fanning, CFO 2008
Investor Relations Contact
Joseph Bennett 713-470-5305
120
Americas
100 $15,000
$9,000
80
60 $11,000
40 $6,000
20 $7,000
0 $3,000
Towing-supply Deepwater Vessels Other 2010 2011 2012 $3,000
2010 2011 2012
Americas Asia/Pacific
* Note: excluding 2 vessels withdrawn from active service & 10 vessels in JV Deepwater Towing-Supply Crew/Utility Offshore Tugs
Middle East/N. Africa Sub-Saharan Africa/Europe
Emily M. Morrison (504) 582-2533 The information contained herein has been prepared from sources believed reliable, but is not guaranteed by us and is not a complete summary or
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