Table of Contents
‘Backlog cover’ analysis .................................................................... 3
Performance & valuation .................................................................. 4
The companies................................................................................... 6
Company drivers/strengths, catalysts and risks........................................................................6
Company targets and outlook .................................................................................................11
Shareholder register analysis......................................................... 13
Potential M&A scenarios ................................................................ 25
Assumptions behind calculations............................................................................................25
Acergy and Subsea 7 ..............................................................................................................26
Amec and Petrofac .................................................................................................................27
Amec and Wood Group ..........................................................................................................28
Amec and Worley Parsons......................................................................................................29
Petrofac and Wood Group ......................................................................................................30
Saipem and Technip................................................................................................................31
Saipem and Acergy.................................................................................................................32
Saipem and Subsea 7 .............................................................................................................33
Seadrill and Pride ....................................................................................................................34
Transocean and Seadrill ..........................................................................................................35
Technip and Acergy ................................................................................................................36
Technip and Subsea 7.............................................................................................................37
Directors’ share dealings ................................................................ 38
Directors’ share dealings timeline...........................................................................................39
Companies compared ..................................................................... 41
Contract strategy trends................................................................. 43
Asset overviews............................................................................... 45
Valuation and Risks......................................................................... 56
Risks ......................................................................................................................................56
Appendix A: Directors’ share dealings .......................................... 57
Appendix B: DBe vs. consensus ..................................................... 59