Oilfield Equipment & Services Report 2013 - Clearwater Corporate ...

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EuropeEurope is beginning to excite the industry on the back of a number of significant natural gas finds in the Levantine basin, an area thatruns from Egypt north to Turkey. According to the US Geological Survey the basin contains 1.7bn barrels of oil and 122tn cubic feet ofgas. Since 2009 around 35tn cubic feet of gas has been discovered in waters off Israel and Cyprus.Israel's Leviathan field, discovered in 2010, was the world's largest deepwater gas find in a decade, and in December 2012 theAustralian Woodside Petroleum group signed an agreement with the Leviathan Joint Venture to acquire a 30% participating interestin the Leviathan field for £435m.Located at a depth of 5,550 feet, the Leviathan field contains about 17 trillion cubic feet of recoverable natural gas. Other companiesparticipating in the project include Noble Energy Mediterranean, Delek Drilling, Avner Oil Exploration and Ratio Oil Exploration.While Noble Energy will continue as the upstream operator, Woodside will develop any liquefied natural gas (LNG) in the fields.Woodside will also be allowed to participate in further exploration opportunities in the Leviathan licences.In other recent developments, in 2012 Genel Energy acquired a 75% interest in Mediterranean Oil and Gas's licence interests inoffshore Malta. The blocks, which lie to the south of Malta, are within the Medina Bank area. An initial exploration well is planned forlate 2013/early 2014. Meantime Cairn also has plans to drill in the Valencia Basin off the eastern coast of Spain in 2014.BrazilIn terms of new oil discoveries few parts of the world have created as muchexcitement in recent years as Brazil. The rush of interest was sparked afterstate-owned Petrobas made significant discoveries in Brazil’s pre-salt layerwhich lies beneath a layer of salt up to 2km thick on the seabed off thecountry’s south-east coast. It is thought the reserves may contain as much as80 billion barrels of oil.However interest has waned since the initial euphoria as Brazil mulls new lawsthat would give the state a larger stake in oil and gas production from pre-saltareas. Although Petrobras has still been able to buy new exploration rights,independent oil and gas producers have been forced into M&A activity to gaina share of existing blocks.However some companies have found a way into the market. For instancePetrobras and oilfield services giant Schlumberger have signed a cooperationagreement for pre-salt research and development.Yet despite the regulatory concerns, longer term Brazil remains an attractiveproposition for OFS players given its huge untapped reserves and widereconomic stability.Page 14
Equipment & Services dealsOaktree Capital Management LP / Integrated Subsea Services LimitedAnnounced: 17/07/2012Target:Integrated Subsea Services LimitedTotal Transaction Value (£m)n.aPurchaser:Oaktree Capital Management LPStake Acquired (%): 62.5%Implied Enterprise Value / Revenues:n.aImplied Enterprise Value / EBITn.aImplied Enterprise Value / EBITDAn.aOaktree Capital Management of the US acquired a majoritystake in Integrated Subsea Services Limited, an Aberdeenbasedoil and gas diving company, from private equityfirm LDC. The acquisition is a powerful step in Oaktree’sstrategy to strengthen its inspection, maintenance andrepair subsea services.Parker Hannifin Corp / Olaer Group LimitedAnnounced: 02/07/2012Target:Olaer Group LimitedTotal Transaction Value (£m)n.aPurchaser:Parker Hannifin CorpStake Acquired (%): 100Implied Enterprise Value / Revenues:n.aImplied Enterprise Value / EBITn.aImplied Enterprise Value / EBITDAn.aParker Hannifin Corp acquired Olaer Group, a UK-basedaccumulator, oil cooler and filter manufacturer, fromGresham Private Equity Limited. The acquisition allowedParker Hannifin to strengthen its position in key growthareas both geographically and by end market.ENSCO Plc / Pride International IncAnnounced: 31/05/2012Target:Pride International IncTotal Transaction Value (£m)£4.4bnPurchaser:ENSCO PlcStake Acquired (%): 100Implied Enterprise Value / Revenues: 10.78xImplied Enterprise Value / EBITn.aImplied Enterprise Value / EBITDA 17.8xENSCO Plc, a UK based provider of contract drilling andmarine transportation services, acquired the US companyPride International Inc, an offshore oil drilling company. Theacquisition is seen as an ideal fit for both companies as theirrig types, markets, customers and expertise complementeach other with minimal overlap.Siemens AG/ Expro International Group Limited’s subsea power and data connectionsystems businessAnnounced: 01/05/2012Target:Total Transaction Value (£m) £396mPurchaser:Stake Acquired (%): 100Implied Enterprise Value / Revenues: 5.2xImplied Enterprise Value / EBITImplied Enterprise Value / EBITDAExpro International Group Limited’s subsea powerand data connection systems businessSiemens AGn.an.a.Expro International Group Limited’s subsea power anddata connection systems business, a UK based well flowmanagement service provider, was acquired by Siemens AGthe German communications operator, electrical equipmentand mobile phone manufacturer. The sale of the businessgave Expro the opportunity to invest in the growth strategyof their core business.Page 15
Page 1: Oilfield Equipment & ServicesReport
Page 6 and 7: The UK marketAlthough North Sea oil
Page 8: M&A activityDespite strong price vo
Page 11 and 12: DrillingAdvances in the techniques
Page 13: One of the most hotly debatedtopics
Page 17 and 18: General Electric Company / Wellstre
Page 19 and 20: Company ProfilesAker Solutions ASAR
Page 21 and 22: Halliburton CompanyRevenues £m:EBI
Page 23 and 24: TransOcean IncRevenues £m:EBITDA

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