【出版时间及名称】：2010年5月全球石油开采设备行业研究报告
【作者】：摩根斯坦利
【文件格式】：pdf
【页数】：40
【目录或简介】：
We spent four days conducting “shoe leather”
research at OTC and concluded that rig and subsea
equipment orders are picking up at a fast clip with
healthy pricing, while some of the more
commoditized equipment and services demand is
about half way between the trough and prior peak.
We spoke with product managers of various
divisions of public and private companies at the
conference. We focused on seeking out order and
pricing trends, as well as hiring activity (a key leading
indicator of incremental demand coming from
customers). In particular, we looked at (i) drilling
equipment, which we separated into rigs, large rig
components and more commoditized supplies, (ii)
subsea equipment, such as umbilicals and trees, and
(iii) other key services such as pressure pumping, coiled
tubing and drill bit rentals.
Major rig equipment and subsea orders are on the
rise. We see increased demand for land rigs coming
from several key international markets, while orders for
major rig components such as top drives are driven by
the US, where contractors have been scrambling to
make their rigs capable of bidding on major shale jobs.
Pricing for much of this equipment has remained fairly
stable. However, we found sales managers of more
commoditized drilling supplies seeing activity roughly
half way between the trough and prior peak, with pricing
only starting to pick up.
On the services side, we’re right around the 50 yard
line – that is, halfway between the trough and prior
peak. Pressure pumpers are seeing heavy activity in
services-intensive shale plays, and are focused on
adding the necessary fleets to meet demand. The
production/completion side of larger services firms is a
bit ahead of the drilling side, but overall firms are hiring
aggressively as this upcycle kicks into high gear.

Table of Contents
Investment Perspective Page 2
Postcard from OTC Page 3
Contract Drilling Markets Page 7
Jackup Dayrates: Historical and Forecast Page 10
Floater Dayrates: Historical and Forecast Page 11
Morgan Stanley Offshore Drilling Dayrates by Company Page 12
Expected Deliveries: Jackups and Floaters Page 13
US and International Rig Counts Page 14
Trading and Valuation Summary: Contract Drillers Page 15
Trading and Valuation Summary: Oil Services and Drillers Page 16
Morgan Stanley EPS Estimates vs. Consensus Page 17
Consensus Earnings Revisions and Short Interest Ratios Page 19
Global Valuation and Ratings Summary Page 20
Morgan Stanley Revenue Growth Projections by Area Page 21
Morgan Stanley EBIT Margins Projections by Area Page 22
Morgan Stanley Revenue & EBIT Estimates vs. Consensus Page 23
Consensus Outlook Page 27
Commodity Data and Global Economic Forecast Page 28
Newbuild Orderbook: Jackups and Floaters Page 30
Stocks Performance Review Page 32
Valuation Methodologies and Investment Risks Page 34