Table of Contents
‘Backlog cover’ analysis .................................................................... 3
Performance & valuation .................................................................. 4
The companies................................................................................... 6
Company drivers/strengths, catalysts and risks......................................6
Company targets and outlook ....................................................................11
Shareholder register analysis......................................................... 13
Potential M&A scenarios ................................................................ 25
Assumptions behind calculations...............................................................25
Acergy and Subsea 7 .......................................................................26
Amec and Petrofac ..................................................................27
Amec and Wood Group .................................................28

Amec and Worley Parsons..........................................................29
Petrofac and Wood Group ....................................................30
Saipem and Technip........................................................................31
Saipem and Acergy..............................................................32
Saipem and Subsea 7 .........................................................................33
Seadrill and Pride .............................................................34
Transocean and Seadrill ..........................................................................35
Technip and Acergy ...........................................................................36
Technip and Subsea 7............................................................................37
Directors’ share dealings ................................................................ 38
Directors’ share dealings timeline........................................................39
Companies compared ..................................................................... 41
Contract strategy trends................................................................. 43
Asset overviews............................................................................... 45
Valuation and Risks......................................................................... 56
Risks .............................................................................................56
Appendix A: Directors’ share dealings .......................................... 57
Appendix B: DBe vs. consensus ..................................................... 59