Table of Contents
Investment Perspective Page 2
Int’l rig count to gain 4%/10% in 2010/2011 Page 3
Contract Drilling Markets Page 5
Jackup Dayrates: Historical and Forecast Page 8
Floater Dayrates: Historical and Forecast Page 9
Morgan Stanley Offshore Drilling Dayrates by Company Page 10
Expected Deliveries: Jackups and Floaters Page 11
US and International Rig Counts Page 12
Trading and Valuation Summary: Contract Drillers Page 13
Global Valuation and Ratings Summary Page 14
Trading and Valuation Summary: Oil Services and Drillers Page 15
Consensus Earnings Revisions and Short Interest Ratios Page 16
Morgan Stanley EPS Estimates vs. Consensus Page 17
Morgan Stanley Revenue Growth Projections by Area Page 18
Morgan Stanley EBIT Margins Projections by Area Page 19
Morgan Stanley Oil Services Estimates vs. Consensus Page 20
Morgan Stanley Equipment Estimates vs. Consensus Page 21
Consensus Outlook Page 22
Commodity data and Global Economic Forecast Page 23
Newbuild Orderbook: Jackups and Floaters Page 25
Stocks Performance Review Page 27
Valuation Methodologies and Investment Risks Page 29