Table of Contents
Q1’09 results previews
Aker Solutions (April 30th) ...........................................................................................4
Saipem (April 22nd ) ....................................................................................................6
Seadrill (May 29th) .......................................................................................................8
Subsea 7 (April 21st)..................................................................................................10
Technip (April 30th )...................................................................................................12
Tecnicas Reunidas (na) ..............................................................................................14
Appendices
Appendix A: Valuation matrices.................................................................................16
Appendix B: Backlog realisation ................................................................................18
Appendix C: DBe vs consensus ................................................................................19
Appendix D: Revenue and margin momentum analysis ...........................................20
Appendix E: Company targets...................................................................................21
Appendix F: Acquisitions by Aker Solutions..............................................................22
Appendix G: Saipem rig schedule .............................................................................25
Appendix H: Seadrill rig schedule..............................................................................28
Appendix I: Seadrill DCF valuation and debt schedule..............................................34
Appendix J: Company P&Ls......................................................................................36
Appendix K: Financial calendar ..................................................................................42