Table of Contents
Investment Perspective Page 2
Contract Drilling Markets Page 3
Jackup Dayrates: Historical and Forecast Page 6
Floater Dayrates: Historical and Forecast Page 7
Morgan Stanley Offshore Drilling Dayrates by Company Page 8
Expected Deliveries: Jackups and Floaters Page 9
US and International Rig Counts Page 10
Trading and Valuation Summary: Contract Drillers Page 11
Global Valuation and Ratings Summary Page 12
Trading and Valuation Summary: Oil Services and Drillers Page 13
Consensus Earnings Revisions and Short Interest Ratios Page 14
Morgan Stanley EPS Estimates vs. Consensus Page 15
Morgan Stanley Revenue Growth Projections by Area Page 16
Morgan Stanley EBIT Margins Projections by Area Page 17
Morgan Stanley Oil Services Estimates vs. Consensus Page 18
Morgan Stanley Equipment Estimates vs. Consensus Page 19
Consensus Outlook Page 20
Commodity data and Global Economic Forecast Page 21
Newbuild Orderbook: Jackups and Floaters Page 23
Stocks Performance Review Page 25
Valuation Methodologies and Investment Risks Page 27