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

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Saipem SpARevenues £m:EBITDA £m:EBITDA Margin %:Number of employees: 40,338Headquarters:Principle areas of business:201110,092.02,155.7Italy21.42010 20099,872.72,353.823.8E&C Offshore; E&C Onshore; Drilling; Vessels; YardsSegmental revenue breakdown: Onshore construction (47%); Offshore construction (40%); Offshore drilling (7%); Onshore drilling (6%)9,521.32,354.924.7Saipem is a contractor in the oil and gas industry in remoteareas and deepwater. It supplies engineering, procurement,project management and construction services with thedesign and the execution of large-scale offshore andonshore projects. It is organized into two business units:Engineering & Construction and Drilling.Geographical revenue breakdown: West Africa (25%); North Africa (23%); Middle East (19%); Rest of Europe (13%); Americas (9%); Far East (6%); Italy (5%)Recent M&A activity: • Saipem Portugal acquired European Maritime Commerce BV, a provider of oil and gas exploration services, in June 2010• Has agreed to acquire Terminal Portuario do Guaruja SA, a Brazil-based port operation services company. The deal isexpected to complete in two and a half years.Schlumberger LimitedRevenues £m:EBITDA £m:EBITDA Margin %:Number of employees: 113,000Headquarters:Principle areas of business:United StatesSeismic; Drilling; Characterization; Completions; Subsea; Production; Well InterventionSegmental revenue breakdown: Oilfield Services (93%) made up of: Reservoir Characterization (25%); Drilling (36%); Reservoir Production (32.2%)Eliminations & Other (0.08%) - and Distribution (6.6%)Geographical revenue breakdown:201125,582.06,422.125.12010 200917,760.74,392.824.714,252.94,035.628.3Schlumberger is a leading oilfield services companysupplying technology, information solutions, and integratedproject management that optimise reservoir performance forcustomers working in the oil and gas industry. The companyis present in approximately 85 countries with significantoperations in the UK. Schlumberger supplies a wide rangeof products and services.North America (37.6%); Latin America (16.3%); Europe/CIS/Africa (24.7%); Middle East & Asia (20.4%) and Eliminations &Others (1%)Recent M&A activity: • Signed a definitive agreement to acquire Tesco Corp.’s Casing Drilling division in April 2012 for £28m• Acquired Smith International Inc., a supplier of premium products and services to the oil and gas exploration and productionindustry in Aug 2010, for £7.1bn• Acquired Geoservices SA, a privately owned oilfield services company specialising in mud logging, slickline and productionsurveillance operations, in April 2010 for £712mSubsea 7 ASARevenues £m:EBITDA £m:EBITDA Margin %:Number of employees: 12,000Headquarters:Principle areas of business:LuxembourgDevelopment (Subsea umbilical, Riser and Flowline; Conventional; Flexibles / Heavy Lifting); Production (Life-of-Field;Conventional Refurbishment; Decommissioning); ROV’s; Renewable EnergySegmental revenue breakdown: Africa & Gulf of Mexico (46%); Asia Pacific & Middle East (3%); Brazil (13%); North Sea, Mediterranean & Canada (38%)Geographical revenue breakdown:Recent M&A activity:n/a20113,252.8605.818.62010 20091,521.2359.423.61,345.9318.123.6• Acergy SA and Subsea7 Inc. merged in Jan 2011 to become Subsea7 SASubsea7 was formed from the merger of Acergy SA andSubsea7 Inc in January 2011 and is a seabed-to-surfaceengineering, construction and services contractor to theoffshore energy industry worldwide. The company providesintegrated services to plan, design and deliver complexprojects in deepwater and challenging environments.Technip SA2011 2010 2009Technip is engaged in project management, engineeringand construction for the energy industry, and holds aRevenues £m:4,408.1 3,931.2 4,053.2portfolio of solutions and technologies. The companyEBITDA £m:571.6 502.4 565.5operates in two segments: Subsea, and Onshore/Offshore.Its main markets include onshore plants, offshore platformsEBITDA Margin %:Number of employees:13.031,09212.8 14.0and subsea construction. The company is present in 48countries.Headquarters:Principle areas of business:FranceSegmental revenue breakdown: Subsea (44%); Onshore (43%); Offshore (13%)Subsea: design, manufacture and installation of subsea pipelines and umbilicals; Offshore: Engineering; Procurement;Construction; Installation; Commissioning; Refurbishing of offshore facilities; Onshore: Full range of servicesGeographical revenue breakdown: Europe / Russia / Central Asia (26%); Americas (23%); Middle East (22%); Africa (16%); Asia Pacific (14%)Recent M&A activity: • Agreed to acquire all of the Energy & Chemicals Group business from the Shaw Group in May 2012 for £190m• Acquired Global Industries Limited, an offshore oil and gas support and construction services provider in Dec 2011 for £684m• During 2011, acquired 98.6% of Cybernetix SA, a French designer of robotic systems for offshore oil and natural gas projectsand nuclear facilities• Acquired AETech, a specialist in acoustic technology, in Feb 2011Page 22
TransOcean IncRevenues £m:EBITDA £m:EBITDA Margin %:Number of employees: 18,700Headquarters:Principle areas of business:20115,914.9-2,194.6n.a.United StatesOffshore drilling using Ultra Deep Floaters; Deepwater Floaters; Harsh-Environment Floaters; Midwater Floater; HighSpecification Jackups; Standard Jackups; Swamp BargeSegmental revenue breakdown: Contract Drilling Services (94%); Drilling Management Services (6%)Geographical revenue breakdown: United States (22%); Rest of the World (54%); United Kingdom (13%); Brazil (11%)Recent M&A activity: • Acquired Aker Drilling, a Norway-based drilling rig operator in Oct 201120106,118.62,180.235.620097,255.13,685.350.8TransOcean is a provider of offshore contract drillingservices for oil and gas wells. The company owns orpartially owns and operates a fleet of 132 mobile offshoredrilling units. The company specialises in technicallydemanding sectors of the global offshore drilling businesswith a particular focus on deepwater and harsh environmentdrilling services.Wärtsilä OyjRevenues £m:EBITDA £m:EBITDA Margin %:Number of employees: 17,913Headquarters:Principle areas of business:FinlandPower Plants; Ship Power; ServicesSegmental revenue breakdown: Power Plants (32%); Ship Power (24%); Services (43%)Geographical revenue breakdown: Asia (38%); Other European (29%); Americas (20%); Rest of the World (12%); Finland (1%)Recent M&A activity:20113,526.4469.113.320103,899.9583.315.020094,733.2633.413.4Wärtsilä is involved in complete lifecycle power solutionsfor the marine and energy markets. The company hasoperations in nearly 170 locations in 70 countries. For theoil & gas industry, Wärtsilä offers power solutions for everyphase of oil & gas exploration, production, transportationand refining, both onshore and offshore. The companyoffers state-of-the-art prime movers, complete pumping,compression and power plant solutions.• Acquired MMI Boiler Management Pte Limited, a Singapore-based company specialising in the service and maintenance ofboilers for marine and industrial applications, in March 2012• Acquired Hamworthy Plc, a global provider of specialist equipment and services to the marine, oil & gas and industrial sectorsin Jan 2012• Acquired Cedervall & Sönar AB, a leading manufacturer of shaft seal and bearing systems for the marine industry In July 2011Weatherford International LimitedRevenues £m:EBITDA £m:EBITDA Margin %:Number of employees: 61,000Headquarters:Principle areas of business:Segmental revenue breakdown:SwitzerlandDrilling, Evaluation; Completion, Production; Interventionn/a20118,404.61,523.718.120106,606.61,071.716.2Weatherford is a provider of equipment and services whoseportfolio spans the life cycle of a well-drilling, evaluation,completion, production and intervention. The companyoperates in over 100 countries and has manufacturingfacilities and sales, service and distribution locations inapproximately all of the oil and natural gas producingregions in the world.Geographical revenue breakdown: North America (46%); Middle East/North Africa/Asia (19%); Europe/West Africa/FSU (18%); Latin America (17%)Recent M&A activity: • Acquired Sicom AS, a Norway-based subsea communication and control systems developer, in Sept 2011• Acquired CygNet Software Inc, a company which collects and manages real time data from oilfields, in May 201120095,545.5978.817.7John Wood Group PlcRevenues £m:EBITDA £m:EBITDA Margin:Number of employees: 39,200Headquarters:Principle areas of business:United KingdomEPCM; Operations & Maintenance; Power Solutions; Rotating Equipment Services; Specialist ServicesSegmental revenue breakdown: Wood Group PSN (56%); Wood Group Engineering (24%); Wood Group GTS (20%)Geographical revenue breakdown:20113,915.6258.16.620103,272.6223.06.820093,093.2224.77.3Europe (32%); North America (31%); Middle East & Africa (15%); Asia Pacific (13%); Central & South America (6%); CIS &Caspian (3%)Recent M&A activity: • Acquired Duval Lease Services Inc, a Texas-based provider of maintenance, installation and fabrication services in Aug 2012• Acquired Production Services Network Limited (PSN), a UK-based provider of oil and gas field support services, in April 2011for £585mPage 23John Wood Group is an independent services provider forthe oil & gas and power generation markets. Worldwide,these services include engineering, procurementand construction management, facility operations &maintenance, and repair and overhaul of turbines andother high speed rotating equipment. The group has threebusinesses: Wood Group Engineering; Wood Group PSNand Wood Group GTS.
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 and 14: One of the most hotly debatedtopics
Page 15 and 16: Equipment & Services dealsOaktree C
Page 17 and 18: General Electric Company / Wellstre
Page 19 and 20: Company ProfilesAker Solutions ASAR
Page 21: Halliburton CompanyRevenues £m:EBI

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