Contents

Investment summary 3
Oilfield services – macro 6
The outlook for E&P spending 6
An update from Brazil 10
Financing in oilfield services 13
HSBC ‘Industry Views’ 15
OFS sub-sector updates 18
Seismic 18
Offshore drilling 19
Supply vessels 22
Engineering & construction 24
Subsea equipment & installation 26
Floating production 29
Well services 31
Oilfield services – stocks 35
Investment summary 35
Oil services – valuation framework 36
Peak cycle valuations: A peek towards the next peak 38
Valuations – a historical snapshot 41
Main changes in this report 43
Near term risks for OFS Oil prices, backlogs & Q3
results 46
Aker Solutions (AKSO.OL) 49
Cameron (CAM) 55
FMC Technologies (FTI) 59
Lamprell (LAM.L) 63
Saipem (SPMI.MI) 67
Technip (TECF.PA) 75
Wellstream (WSML.L) 79
CGGVeritas (GEPH.PA) 85
Fugro (FUGRc.AS) 89
PGS (PGS.OL) 95
TGS Nopec (TGS.OL) 101
Schlumberger (SLB) 105
Schoeller-Bleckmann (SBOE.VI) 111
Bourbon (GPBN.PA) 117
BW Offshore (BWO.OL) 123
SBM Offshore (SBMO.AS) 131
Seadrill (SDRL.OL) 139
Valuations & Risks 143
Disclosure appendix 167
Disclaimer 171