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8/2/2019 OFS Comprehensive Forecast
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Historical Data and Projections for BHI
General assumptions
Ticker Symbol BHI
Latest Fiscal year end (dd/mm/yy) ########
Current share price 40.88$
Financial Statements
Income Statement
Actual Actual
Qtr End Qtr End
3/30/2009 6/30/2009
Revenues 2,668$ 2,336$
Costs of Sales, Services, and Rentals 1,960 1,797
Research and Engineering 109 102
Marketing, General, and Administrative 281 284
Acquisition-Related Costs - -
Operating Income 318$ 153$
Operating Margin 12% 7%
Interest Expense, net (34) (31)
Other, net - -
Income (Loss) before Taxes 284$ 122$
Benefit (Provision) for Income Taxes (89) (35)
Tax Rate 31% 29%
Net Income 195$ 87$
Weighted-average Shares Outstanding 310 310
Earnings (Loss) per Share Attributable to BHI 0.63$ 0.28$
Balance Sheet
3/30/2009 6/30/2009
Cash and equivalents 1,179
Accounts receivable 2,521
Inventories 2,104
Current deferred tax assets 231
Other current assets 182
PP&E, net 2,914
Goodwill 1,392
Other intangible assets 195
Other assets 296
Total Assets 11,014 -
Short-term debt
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Revenue and Rig Count Data
Revenues by Region (mln):
Actual Actual
Qtr End Qtr End
3/30/2009 6/30/2009
North America 1,083$ 794$
Latin America 288 276
Europe / Africa / Russia / Caspian 776 743
Middle East / Asia Pacific 521 523
Industrial and other
Total Revenues 2,668$ 2,336$
Rig Count by Region:
3/30/2009 6/30/2009
North America 1,676 1,024
Latin America 371 350
Europe / Africa / Russia / Caspian 148 145Middle East / Asia Pacific 506 488
Industrial and other
Total Rig Count 2,701 2,007
Revenue per Rig (mln):
3/30/2009 6/30/2009
North America 0.65$ 0.78$
Latin America 0.78 0.79
Europe / Africa / Russia / Caspian 5.24 5.12
Middle East / Asia Pacific 1.03 1.07
Industrial and other - -
Revenue per Rig (mln): 0.99$ 1.16$
Sensitivity Analysis
Minimum Maximum
North America 1,024 1,815
Rig Counts
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Latin America 350 384
Europe / Africa / Russia / Caspian 135 181
Middle East / Asia Pacific 484 523
Industrial and other 2,007 2,878
Rig Count Analysis
North America Rig CountSelect a case (1-best, 2-base, 3-weak, 4-override) 4
Strong case
Base case
Weak case
Override
Projected rig count
Latin America Rig Count
Select a case (1-best, 2-base, 3-weak, 4-override) 4
Strong case
Base case
Weak case
Override
Projected rig count
Europe / Africa / Russia / Caspian Rig Count
Select a case (1-best, 2-base, 3-weak, 4-override) 4
Strong case
Base case
Weak caseOverride
Projected rig count
Middle East / Asia Pacific Rig Count
Select a case (1-best, 2-base, 3-weak, 4-override) 4
Strong case
Base case
Weak case
Override
Projected rig count
Industrial and Other = Worldwide Rig Count
Select a case (1-best, 2-base, 3-weak, 4-override) 4
Strong case
Base case
Weak case
Override
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Projected rig count
Revenue per Rig Analysis
North America Revenue per Rig
Select a case (1-best, 2-base, 3-weak, 4-override) 1
Strong caseBase case
Weak case
Override
Projected revenue per rig
Comments: BHI also derives decent amount of revenues from deepwater GOM. How
but still more than WFT and HAL. But the BJS acquisition has a lot of exposure to shal
this a 'strong' case.
Latin America Revenue per Rig
Select a case (1-best, 2-base, 3-weak, 4-override) 1
Strong case
Base case
Weak case
Override
Projected revenue per rig
Comments: Revenue per rig in Latin America has been picking up quite a bit for BHI.
Europe / Africa / Russia / Caspian Revenue per RigSelect a case (1-best, 2-base, 3-weak, 4-override) 3
Strong case
Base case
Weak case
Override
Projected revenue per rig
Comments: Last conference call, BHI mentioned delays on projects in Africa and asso
Middle East / Asia Pacific Revenue per Rig
Select a case (1-best, 2-base, 3-weak, 4-override) 2
Strong case
Base case
Weak case
Override
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Projected revenue per rig
Comments: Three years ago BHI made significant investment in the Middle East that
Without any significant news, this is rated a 'base' case at the moment.
Industrial and Other = Worldwide Revenue per Rig
Select a case (1-best, 2-base, 3-weak, 4-override) 4
Strong case
Base case
Weak case
Override
Projected revenue per rig
Comments: This is a new segment that just started to show up in BHI's filings upon co
comparison with one year ago. Not sure the proper way to account for this, but for t
per global rig count worked out to $0.08 per rig.
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Actual Actual Actual Actual
Qtr End Qtr End Qtr End Qtr End Qtr End Qtr End
9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########
2,232$ 2,428$ 2,539$ 3,374$ 3,662$ 3,902$
1,761 1,879 1,912 2,662
88 98 94 112
272 283 305 312
- 18 10 56
111$ 150$ 218$ 232$ 275$ 293$
5% 6% 9% 7% 8% 8%
(28) (32) (24) (30)
- 4 - -
83$ 122$ 194$ 202$ 275$ 293$
(28) (38) (65) (109) (97) (104)
34% 31% 34% 54% 35% 35%
55$ 84$ 129$ 93$ 178$ 189$
301 312 315 399
0.18$ 0.27$ 0.41$ 0.23$ #DIV/0! #DIV/0!
9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########
- - - - - -
Projected
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Actual Actual Actual Actual
Qtr End Qtr End Qtr End Qtr End Qtr End Qtr End
9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########
817$ 890$ 1,030$ 1,486$ 1,761$ 1,914$
265 305 279 384 385$ 395$
666 740 762 736 716$ 773$
484 493 468 545 553$ 557$
223 247$ 263$
2,232$ 2,428$ 2,539$ 3,374$ 3,662$ 3,902$
9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########
1,156 1,312 1,815 1,669 1,978 2,150
350 356 378 384 385 395
135 146 168 181 176 190484 495 517 523 549 553
2,757 3,088 3,288
2,125 2,309 2,878 2,757 3,088 3,288
9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########
0.71$ 0.68$ 0.57$ 0.89$ 0.89$ 0.89$
0.76 0.86 0.74 1.00 1.00 1.00
4.93 5.07 4.54 4.07 4.07 4.07
1.00 1.00 0.91 1.04 1.01 1.01
- - - 0.08 0.08 0.08
1.05$ 1.05$ 0.88$ 1.22$ 1.19$ 1.19$
Average Minimum Maximum Average
1,442 0.57$ 0.89$ 0.71$
Projected
Revenue per Rig
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365 0.74$ 1.00$ 0.82$
154 4.07$ 5.24$ 4.83$
502 0.91$ 1.07$ 1.01$
2,463 0.08$ 0.08$ 0.08$
9/30/2010 #########
1 1,815 1,815
2 1,442 1,442
3 1,024 1,024
4 1,978 2,150
1,978 2,150
9/30/2010 #########
1 384 384
2 365 365
3 350 350
4 385 395
385 395
9/30/2010 #########
1 181 181
2 154 154
3 135 1354 176 190
176 190
9/30/2010 #########
1 523 523
2 502 502
3 484 484
4 549 553
549 553
9/30/2010 #########
1 2,903 2,903
2 2,463 2,463
3 1,993 1,993
4 3,088 3,288
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3,088 3,288
9/30/2010 #########
1 0.89$ 0.89$2 0.71 0.71
3 0.57 0.57
4 0.65 0.70
0.89$ 0.89$
ever as a percentage of overall regional revenue it should not be as much as SLB
e gas / onshore rigs. Taking everything into consideration we can probably give
9/30/2010 #########
1 1.00$ 1.00$
2 0.82 0.82
3 0.74 0.74
4 0.90 0.95
1.00$ 1.00$
hat leads to a 'strong' case at this point in time.
9/30/2010 #########
1 5.24$ 5.24$
2 4.83 4.83
3 4.07 4.07
4 4.25 4.50
4.07$ 4.07$
rted problems in the region curbing expected growth.
9/30/2010 #########
1 1.07$ 1.07$
2 1.01 1.01
3 0.91 0.91
4 1.00 1.03
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1.01$ 1.01$
id not pan out. However now they believe it is beginning to show benefits.
9/30/2010 #########
1 0.08$ 0.08$
2 0.08 0.08
3 0.08 0.08
4 0.08 0.08
0.08$ 0.08$
mpletion of the BJS merger. Last 10-q showed data for this new segment plus a
ese purposes it is based as a function of global rig activity. In both years, revenue
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Revenues by Region and Rig Count for HAL
General assumptions
Ticker Symbol HAL
Latest Fiscal year end (dd/mm/yy) ########
Current share price 32.77$
Revenue and Rig Count Data
Revenues by Region (mln):
Actual Actual
Qtr End Qtr End
3/30/2009 6/30/2009
North America 1,683$ 1,259$
Latin America 556 544
Europe / Africa / CIS 968 971
Middle East / Asia Pacific 700 720
Total Revenues 3,907$ 3,494$
Rig Count by Region:
3/30/2009 6/30/2009
North America 1,676 1,024
Latin America 371 350
Europe / Africa / CIS 148 145
Middle East / Asia Pacific 506 488
Total Rig Count 2,701 2,007
Revenue per Rig (mln):
3/30/2009 6/30/2009
North America 1.00$ 1.23$
Latin America 1.50 1.55
Europe / Africa / CIS 6.54 6.70
Middle East / Asia Pacific 1.38 1.48
Revenue per Rig (mln): 1.45$ 1.74$
Sensitivity Analysis
Minimum Maximum
North America 1,024 1,815
Latin America 350 384
Europe / Africa / CIS 135 181
Middle East / Asia Pacific 484 523
Rig Counts
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Rig Count Analysis
North America Rig Count
Select a case (1-best, 2-base, 3-weak, 4-override) 4
Strong case
Base case
Weak caseOverride
Projected rig count
Latin America Rig Count
Select a case (1-best, 2-base, 3-weak, 4-override) 4
Strong case
Base case
Weak case
Override
Projected rig count
Europe / Africa / CIS Rig Count
Select a case (1-best, 2-base, 3-weak, 4-override) 4
Strong case
Base case
Weak case
Override
Projected rig count
Middle East / Asia Pacific Rig Count
Select a case (1-best, 2-base, 3-weak, 4-override) 4
Strong case
Base case
Weak case
Override
Projected rig count
Revenue per Rig Analysis
North America Revenue per Rig
Select a case (1-best, 2-base, 3-weak, 4-override) 1
Strong case
Base case
Weak case
Override
Projected revenue per rig
Comment: HAL derives revenues from deepwater GOM, but as evidenced in last quar
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amount of revenues from deepwater GOM to be small compared to the overall regio
those regions have high activity levels. In the end, consider this to be a 'strong' case.
Latin America Revenue per Rig
Select a case (1-best, 2-base, 3-weak, 4-override) 2
Strong case
Base case
Weak case
Override
Projected revenue per rig
Comment: Activity in Mexico and some other parts of Latin America are down consid
this should likely come in as a 'base' case.
Europe / Africa / CIS Revenue per Rig
Select a case (1-best, 2-base, 3-weak, 4-override) 3
Strong case
Base case
Weak case
Override
Projected revenue per rig
Comment: Revenue per rig in this region has been slipping for the last 3 quarters. Do
now.
Middle East / Asia Pacific Revenue per Rig
Select a case (1-best, 2-base, 3-weak, 4-override) 1
Strong case
Base case
Weak case
Override
Projected revenue per rig
Comment: Last quarter saw a significant improvent in revenue per rig. HAL has been
contracts in Iraq. This is debatable between 'base' case and 'strong' case, but the goo
positioned service companies.
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Actual Actual Actual Actual
Qtr End Qtr End Qtr End Qtr End Qtr End Qtr End
9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########
1,285$ 1,435$ 1,704$ 2,111$ 2,502$ 2,719$
542 539 495 567 571$ 586$
1,012 997 920 981 954$ 1,030$
749 715 642 728 850$ 856$
3,588$ 3,686$ 3,761$ 4,387$ 4,877$ 5,191$
9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########
1,156 1,312 1,815 1,669 1,978 2,150
350 356 378 384 385 395
135 146 168 181 176 190
484 495 517 523 549 553
2,125 2,309 2,878 2,757 3,088 3,288
9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########
1.11$ 1.09$ 0.94$ 1.26$ 1.26$ 1.26$
1.55 1.51 1.31 1.48 1.48 1.48
7.50 6.83 5.48 5.42 5.42 5.42
1.55 1.44 1.24 1.39 1.55 1.55
1.69$ 1.60$ 1.31$ 1.59$ 1.58$ 1.58$
Average Minimum Maximum Average
1,442 0.94$ 1.26$ 1.11$
365 1.31$ 1.55$ 1.48$
154 5.42$ 7.50$ 6.41$
502 1.24$ 1.55$ 1.41$
Projected
Revenue per Rig
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9/30/2010 #########
1 1,815 1,815
2 1,442 1,442
3 1,024 1,0244 1,978 2,150
1,978 2,150
9/30/2010 #########
1 384 384
2 365 365
3 350 350
4 385 395
385 395
9/30/2010 #########
1 181 181
2 154 154
3 135 135
4 176 190
176 190
9/30/2010 #########
1 523 523
2 502 502
3 484 484
4 549 553
549 553
9/30/2010 #########
1 1.26$ 1.26$
2 1.11 1.11
3 0.94 0.94
4 1.20 1.25
1.26$ 1.26$
ter's report, revenue per rig for the region was up. Based on that, consider the
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. HAL is very much involved with fracing operations in the shale gas areas and
9/30/2010 #########
1 1.55$ 1.55$
2 1.48 1.48
3 1.31 1.31
4 1.52 1.52
1.48$ 1.48$
rably this year. However HAL is not as affected as some of its peers. In all
9/30/2010 #########
1 7.50$ 7.50$
2 6.41 6.41
3 5.42 5.42
4 7.00 7.00
5.42$ 5.42$
not foresee any catalysts to improve this for 3Q. Consider it a 'weak' case for
9/30/2010 #########
1 1.55$ 1.55$
2 1.41 1.41
3 1.24 1.24
4 1.60 1.60
1.55$ 1.55$
making progress in the Middle East region for sure as they have announced new
d jump in rig count should lead to improved pricing power for the best
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Revenues by Region and Rig Count for SLB
General assumptions
Ticker Symbol SLB
Latest Fiscal year end (dd/mm/yy) ########
Current share price 60.29$
Revenue and Rig Count Data
Revenues by Region (mln):
Actual Actual
Qtr End Qtr End
3/30/2009 6/30/2009
North America 1,191$ 819$
Latin America 1,029 995
Europe / Africa / Russia / Caspian 1,803 1,782
Middle East / Asia Pacific 1,375 1,233
Western GECO 551 559
Total Revenues 5,949$ 5,388$
Western GECO as percent of total 9.3% 10.4%
Rig Count by Region:
3/30/2009 6/30/2009
North America 1,676 1,024
Latin America 371 350
Europe / Africa / Russia / Caspian 148 145
Middle East / Asia Pacific 506 488Total Rig Count 2,701 2,007
Revenue per Rig (mln):
3/30/2009 6/30/2009
North America 0.71$ 0.80$
Latin America 2.77 2.84
Europe / Africa / Russia / Caspian 12.18 12.29
Middle East / Asia Pacific 2.72 2.53
Revenue per Rig (mln): 2.20$ 2.68$
Sensitivity Analysis
Minimum Maximum
North America 1,024 1,815
Latin America 350 384
Europe / Africa / Russia / Caspian 135 181
Middle East / Asia Pacific 484 523
Rig Counts
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Rig Count Analysis
North America Rig Count
Select a case (1-best, 2-base, 3-weak, 4-override) 4
Strong case
Base caseWeak case
Override
Projected rig count
Latin America Rig Count
Select a case (1-best, 2-base, 3-weak, 4-override) 4
Strong case
Base case
Weak case
Override
Projected rig count
Europe / Africa / Russia / Caspian Rig Count
Select a case (1-best, 2-base, 3-weak, 4-override) 4
Strong case
Base case
Weak case
Override
Projected rig count
Middle East / Asia Pacific Rig CountSelect a case (1-best, 2-base, 3-weak, 4-override) 4
Strong case
Base case
Weak case
Override
Projected rig count
Revenue per Rig Analysis
North America Revenue per Rig
Select a case (1-best, 2-base, 3-weak, 4-override) 3
Strong case
Base case
Weak case
Override
Projected revenue per rig
Comments:
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SLB revenues in N. America are typically from higher-margin areas such as deepwater
than peers such as WFT and HAL in this region. This leads to using a 'weak' case argu
Latin America Revenue per Rig
Select a case (1-best, 2-base, 3-weak, 4-override) 2
Strong case
Base case
Weak case
Override
Projected revenue per rig
Comments: Although SLB revenues per rig in the region have slipped year-to-year, th
value this quarter. Thus, consider it a 'base' case.
Europe / Africa / Russia / Caspian Revenue per Rig
Select a case (1-best, 2-base, 3-weak, 4-override) 3
Strong case
Base case
Weak case
Override
Projected revenue per rig
Comments: Over the last two quarters, SLB's revenue per rig in this region has slippe
Middle East / Asia Pacific Revenue per Rig
Select a case (1-best, 2-base, 3-weak, 4-override) 2
Strong case
Base case
Weak case
Override
Projected revenue per rig
Comments: Revenues per rig have remained relatively stable in this region in compar
But at the same time rig count is improving so revenues per rig should not slip. In all,
near future.
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Actual Actual Actual Actual
Qtr End Qtr End Qtr End Qtr End Qtr End Qtr End
9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########
823$ 874$ 1,033$ 1,115$ 1,126$ 1,224$
1,071 1,130 1,057 1,144 1,131$ 1,160$
1,782 1,783 1,625 1,740 1,692$ 1,827$
1,233 1,314 1,322 1,371 1,430$ 1,440$
549 463 472 476 491$ 514$
5,458$ 5,564$ 5,509$ 5,846$ 6,992$ 9,218$
10.1% 8.3% 8.6% 8.1%
9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########
1,156 1,312 1,815 1,669 1,978 2,150
350 356 378 384 385 395
135 146 168 181 176 190
484 495 517 523 549 5532,125 2,309 2,878 2,757 3,088 3,288
9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########
0.71$ 0.67$ 0.57$ 0.67$ 0.57$ 0.57$
3.06 3.17 2.80 2.98 2.94 2.94
13.20 12.21 9.67 9.61 9.61 9.61
2.55 2.65 2.56 2.62 2.60 2.60
2.57$ 2.41$ 1.91$ 2.12$ 2.26$ 2.80$
Average Minimum Maximum Average
1,442 0.57$ 0.80$ 0.69$
365 2.77$ 3.17$ 2.94$
154 9.61$ 13.20$ 11.53$
502 2.53$ 2.72$ 2.60$
Projected
Revenue per Rig
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9/30/2010 #########
1 1,815 1,815
2 1,442 1,4423 1,024 1,024
4 1,978 2,150
1,978 2,150
9/30/2010 #########
1 384 384
2 365 365
3 350 350
4 385 395
385 395
9/30/2010 #########
1 181 181
2 154 154
3 135 135
4 176 190
176 190
9/30/2010 #########
1 523 523
2 502 502
3 484 484
4 549 553
549 553
9/30/2010 #########
1 0.80$ 0.80$
2 0.69 0.69
3 0.57 0.57
4 0.65 0.70
0.57$ 0.57$
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GOM. Due to moratorium, assume SLB revenues are affected more negatively
ent for SLB's revenue per rig in N. America.
9/30/2010 #########
1 3.17$ 3.17$
2 2.94 2.94
3 2.77 2.77
4 0.90 0.95
2.94$ 2.94$
ey showed improvement last quarter. They should revert back to a more normal
9/30/2010 #########
1 13.20$ 13.20$
2 11.53 11.53
3 9.61 9.61
4 4.25 4.50
9.61$ 9.61$
significantly. As such, we consider this a 'weak' case.
9/30/2010 #########
1 2.72$ 2.72$
2 2.60 2.60
3 2.53 2.53
4 1.00 1.03
2.60$ 2.60$
ison to other areas. Right now, nothing stands out to move this to a 'strong' case.
a 'base' case is warranted here and potentially moving to a 'strong' case in the
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Revenues by Region and Rig Count for WFT
General assumptions
Ticker Symbol WFT
Latest Fiscal year end (dd/mm/yy) ########
Current share price 17.40$
Revenue and Rig Count Data
Revenues by Region (mln):
Actual Actual
Qtr End Qtr End
3/30/2009 6/30/2009
North America 837$ 571$
Latin America 468 466
Europe / West Africa / CIS 582 593
Middle East / North Africa / Asia 369 365
Total Revenues 2,256$ 1,995$
Rig Count by Region:
3/30/2009 6/30/2009
North America 1,676 1,024
Latin America 371 350
Europe / West Africa / CIS 104 94
Middle East / North Africa / Asia 550 539
Total Rig Count 2,701 2,007
Revenue per Rig (mln):
3/30/2009 6/30/2009
North America 0.50$ 0.56$
Latin America 1.26 1.33
Europe / West Africa / CIS 5.60 6.31
Middle East / North Africa / Asia 0.67 0.68
Revenue per Rig (mln): 0.84$ 0.99$
Sensitivity Analysis
Minimum Maximum
North America 1,024 1,815
Latin America 350 384
Europe / West Africa / CIS 89 123
Middle East / North Africa / Asia 530 578
Rig Counts
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Rig Count Analysis
North America Rig Count
Select a case (1-best, 2-base, 3-weak, 4-override) 4
Strong case
Base case
Weak caseOverride
Projected rig count
Latin America Rig Count
Select a case (1-best, 2-base, 3-weak, 4-override) 4
Strong case
Base case
Weak case
Override
Projected rig count
Europe / West Africa / CIS Rig Count
Select a case (1-best, 2-base, 3-weak, 4-override) 4
Strong case
Base case
Weak case
Override
Projected rig count
Middle East / North Africa / Asia Pacific Rig Count
Select a case (1-best, 2-base, 3-weak, 4-override) 4
Strong case
Base case
Weak case
Override
Projected rig count
Revenue per Rig Analysis
North America Revenue per Rig
Select a case (1-best, 2-base, 3-weak, 4-override) 1
Strong case
Base case
Weak case
Override
Projected revenue per rig
Comment: As noted in a previous conference call, only 4% of WFT revenues come fro
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areas. Those activities are up considerably so WFT should be given a 'strong' case for
Latin America Revenue per Rig
Select a case (1-best, 2-base, 3-weak, 4-override) 3
Strong case
Base case
Weak case
Override
Projected revenue per rig
Comment: WFT is the most negatively affected of the companies in this region. How
a 'weak' region overall.
Europe / West Africa / CIS Revenue per Rig
Select a case (1-best, 2-base, 3-weak, 4-override) 1
Strong case
Base case
Weak case
Override
Projected revenue per rig
Comment: WFT divides up Africa different from the other companies. They separate
to be the countries of Angola, Congo, Gabon, and Nigeria. West Africa saw a decent r
consider this a 'strong' region.
Middle East / North Africa / Asia Pacific Revenue per Rig
Select a case (1-best, 2-base, 3-weak, 4-override) 1
Strong case
Base case
Weak case
Override
Projected revenue per rig
Comment: Revenue per rig has steadily increased in this region. Consider it a 'strong'
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Actual Actual Actual Actual
Qtr End Qtr End Qtr End Qtr End Qtr End Qtr End
9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########
620$ 738$ 891$ 921$ 1,113$ 1,209$
525 618 428 410 411$ 422$
600 593 565 601 843$ 876$
404 478 455 506 525$ 539$
2,149$ 2,427$ 2,339$ 2,438$ 2,892$ 3,047$
9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########
1,156 1,312 1,815 1,669 1,978 2,150
350 356 378 384 385 395
89 93 116 123 125 130
530 548 569 578 600 616
2,125 2,309 2,878 2,754 3,088 3,291
9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########
0.54$ 0.56$ 0.49$ 0.55$ 0.56$ 0.56$
1.50 1.74 1.13 1.07 1.07 1.07
6.74 6.38 4.87 4.89 6.74 6.74
0.76 0.87 0.80 0.88 0.88 0.88
1.01$ 1.05$ 0.81$ 0.89$ 0.94$ 0.93$
Average Minimum Maximum Average
1,442 0.49$ 0.56$ 0.53$
365 1.07$ 1.74$ 1.34$
103 4.87$ 6.74$ 5.80$
552 0.67$ 0.88$ 0.78$
Projected
Revenue per Rig
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9/30/2010 #########
1 1,815 1,815
2 1,442 1,442
3 1,024 1,0244 1,978 2,150
1,978 2,150
9/30/2010 #########
1 384 384
2 365 365
3 350 350
4 385 395
385 395
9/30/2010 #########
1 123 123
2 103 103
3 89 89
4 125 130
125 130
9/30/2010 #########
1 578 578
2 552 552
3 530 530
4 600 616
600 616
9/30/2010 #########
1 0.56$ 0.56$
2 0.53 0.53
3 0.49 0.49
4 0.54 0.54
0.56$ 0.56$
m deepwater GOM. They have much more exposure to Canada land and shale gas
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this region for now.
9/30/2010 #########
1 1.74$ 1.74$
2 1.34 1.34
3 1.07 1.07
4 1.25 1.25
1.07$ 1.07$
ever, consensus is the downward pressure is done. But for now consider this still as
9/30/2010 #########
1 6.74$ 6.74$
2 5.80 5.80
3 4.87 4.87
4 6.25 6.25
6.74$ 6.74$
it into West Africa and North Africa. For these purposes, West Africa is considered
ig count increase this quarter. Also, WFT has a good presence in CIS so
9/30/2010 #########
1 0.88$ 0.88$
2 0.78 0.78
3 0.67 0.67
4 1.60 1.60
0.88$ 0.88$
' case.
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Revenues by Region and Rig Count for SII
General assumptions
Ticker Symbol SII
Latest Fiscal year end (dd/mm/yy) ########
Current share price n/a
Revenue and Rig Count Data
Revenues by Region (mln):
Actual Actual
Qtr End Qtr End
3/30/2009 6/30/2009
North America 1,282$ 906$
Latin America 276 227
Europe / Africa / CIS 540 511
Middle East / Asia Pacific 314 300
Total Revenues 2,412$ 1,944$
Rig Count by Region:
3/30/2009 6/30/2009
North America 1,676 1,024
Latin America 371 350
Europe / Africa / CIS 148 145
Middle East / Asia Pacific 506 488
Total Rig Count 2,701 2,007
Revenue per Rig (mln):
3/30/2009 6/30/2009
North America 0.76$ 0.88$
Latin America 0.74 0.65
Europe / Africa / CIS 3.65 3.52
Middle East / Asia Pacific 0.62 0.61
Revenue per Rig (mln): 0.89$ 0.97$
Sensitivity Analysis
Minimum Maximum
North America 1,024 1,815
Latin America 350 384
Europe / Africa / CIS 135 181
Middle East / Asia Pacific 484 523
Rig Counts
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Rig Count Analysis
North America Rig Count
Select a case (1-best, 2-base, 3-weak, 4-override) 4
Strong case
Base case
Weak caseOverride
Projected rig count
Latin America Rig Count
Select a case (1-best, 2-base, 3-weak, 4-override) 4
Strong case
Base case
Weak case
Override
Projected rig count
Europe / Africa / CIS Rig Count
Select a case (1-best, 2-base, 3-weak, 4-override) 4
Strong case
Base case
Weak case
Override
Projected rig count
Middle East / Asia Pacific Rig Count
Select a case (1-best, 2-base, 3-weak, 4-override) 4
Strong case
Base case
Weak case
Override
Projected rig count
Revenue per Rig Analysis
North America Revenue per Rig
Select a case (1-best, 2-base, 3-weak, 4-override) 2
Strong case
Base case
Weak case
Override
Projected revenue per rig
Comment: We need to include expected SII revenues into SLB's numbers since the SII
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North America, however M-I SWACO which comprises approximately 50% of SII reven
base' case for now.
Latin America Revenue per Rig
Select a case (1-best, 2-base, 3-weak, 4-override) 2
Strong case
Base case
Weak case
Override
Projected revenue per rig
Comment: SII lost share in Latin America to rivals late in 2009 but appears to be comi
Overall things should start to improve so consider it a 'base' case.
Europe / Africa / CIS Revenue per Rig
Select a case (1-best, 2-base, 3-weak, 4-override) 3
Strong case
Base case
Weak case
Override
Projected revenue per rig
Comment: Revenue per rig has been steadily falling in the region. Until strength is ob
Middle East / Asia Pacific Revenue per Rig
Select a case (1-best, 2-base, 3-weak, 4-override) 1
Strong case
Base case
Weak case
Override
Projected revenue per rig
Comment: SII has made big strides in Asia Pacific particularly as well as the Middle Ea
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Actual Actual Actual Actual
Qtr End Qtr End Qtr End Qtr End Qtr End Qtr End
9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########
859$ 911$ 1,066$ 1,173$ 1,443$ 1,569$
232 269 271 262 272$ 277$
495 533 541 559 540$ 587$
292 271 259 302 336$ 343$
1,878$ 1,984$ 2,137$ 2,296$ 2,591$ 2,776$
9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########
1,156 1,312 1,815 1,669 1,978 2,150
350 356 378 384 388 395
135 146 168 181 175 190
484 495 517 523 541 553
2,125 2,309 2,878 2,757 3,082 3,288
9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########
0.74$ 0.69$ 0.59$ 0.70$ 0.73$ 0.73$
0.66 0.76 0.72 0.68 0.70 0.70
3.67 3.65 3.22 3.09 3.09 3.09
0.60 0.55 0.50 0.58 0.62 0.62
0.88$ 0.86$ 0.74$ 0.83$ 0.84$ 0.84$
Average Minimum Maximum Average
1,442 0.59$ 0.88$ 0.73$
365 0.65$ 0.76$ 0.70$
154 3.09$ 3.67$ 3.47$
502 0.50$ 0.62$ 0.58$
Projected
Revenue per Rig
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9/30/2010 #########
1 1,815 1,815
2 1,442 1,442
3 1,024 1,0244 1,978 2,150
1,978 2,150
9/30/2010 #########
1 384 384
2 365 365
3 350 350
4 388 395
388 395
9/30/2010 #########
1 181 181
2 154 154
3 135 135
4 175 190
175 190
9/30/2010 #########
1 523 523
2 502 502
3 484 484
4 541 553
541 553
9/30/2010 #########
1 0.88$ 0.88$
2 0.73 0.73
3 0.59 0.59
4 1.20 1.25
0.73$ 0.73$
/ SLB merger was completed on 27 August. SII has a good presence in all of
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ues is more slanted towards deepwater GOM. Because of that this is rated a
9/30/2010 #########
1 0.76$ 0.76$
2 0.70 0.70
3 0.65 0.65
4 1.52 1.52
0.70$ 0.70$
ng off the lows. It is debatable whether this one should be rated 'base' or 'weak'.
9/30/2010 #########
1 3.67$ 3.67$
2 3.47 3.47
3 3.09 3.09
4 7.00 7.00
3.09$ 3.09$
served, consider it a 'weak' case.
9/30/2010 #########
1 0.62$ 0.62$
2 0.58 0.58
3 0.50 0.50
4 1.60 1.60
0.62$ 0.62$
st in comparison to past periods. This is rated 'strong' for now.
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Revenue Revenue Revenue Revenue
Symbol Forecast Consensus % Change Forecast Consensus % Change
BHI 3,662$ 3,780$ -3.1% 3,902$ 3,970$ -1.7%
HAL 4,877$ 4,580$ 6.5% 5,191$ 4,730$ 9.7%
SLB 6,992$ 6,840$ 2.2% 9,218$ 8,660$ 6.4%
WFT 2,892$ 2,610$ 10.8% 3,047$ 2,790$ 9.2%
3Q 2010 4Q 2010