Table of Contents
‘Backlog cover’ analysis…………………………………………………3
DBe vs. consensus ……………………………………….…………………………………….........5
Q2’09 results previews
Acergy (July 15th) …………………………………………………………………………….….........6
Aker Solutions (August 13th) …………………………………………………………………......…..8
Saipem (July 29th ) ………………………………………………………………………………... 10
Seadrill (August 28th) ………………………………………………………………...............……12
Subsea 7 (July 28th) ………………………………………………………………………………..14
Technip (July 23rd) ………………………………………………………………………….………16
Tecnicas Reunidas (na) ………………………………………………………………..…..………18
Appendices
Appendix A: Valuation matrices ………………………………………………………………..…20
Appendix B: Revenue and margin momentum analysis ……………………………….………22
Appendix C: Company targets ………………………………………………….………………...23
Appendix D: Acquisitions by Aker Solutions ……………………………………………………24
Appendix E: Saipem rig schedule ………………………………………………………………..27
Appendix F: Seadrill rig schedule ……………………………………………………………......30
Appendix G: Seadrill DCF valuation and debt schedule ……………………………………….36
Appendix H: Company P&Ls ……………………………………………………………………..39
Appendix I: Contract Synopses …………………………………………………………………..46
Appendix J: Financial calendar …………………………………………………………………...52