【出版时间及名称】：2009年12月欧洲石油服务行业研究报告
        【作者】：德意志银行
        【文件格式】：PDF
        【页数】：120
        【目录或简介】：
Table of Contents
Executive summary...................................................................................... 3
Exploration and appraisal drilling trends .................................................. 7
Exploration industry dynamics and relative profitability....................... 20
Global engineering and construction outlook......................................... 28
Kicking the foundations reveals some green shoots.............................. 31
E&C industry dynamics and relative profitability ................................... 39
Implications for companies’ earnings outlook 2010 and beyond.......... 45
Sector valuation and company winners and losers................................ 52
Top picks and key recommendation changes ......................................... 55
Appendix A: Valuation matrices ............................................................... 57
Appendix B: Exploration, appraisal and development capex split........ 61
Deepwater drilling activity vs. oil price ................................................... 62
Appendix C: Snapshot of each company’s financing ............................. 63
Appendix D: Shallow water drilling duration.......................................... 66
Appendix E: Regional spread of contracted newbuild rigs.................... 67
Appendix F: NOC/IOC/Independents investment in drilling ................. 68
Appendix G: Calculations behind backlog cover analysis...................... 70
Appendix H: Regional split of shallow water capex ............................... 72
Appendix I: Detailed overview of companies’ fleet ................................ 73
Appendix J: ‘Backlog longevity’ calculation explained.......................... 78
Appendix K: Asset utilisations .................................................................. 80
Appendix L: Gearing analysis.................................................................... 89
Appendix M: Contract strategy analysis.................................................. 90
Appendix N: NOC/IOC exposure .............................................................. 92
Appendix O: Licenses awarded by depth (onshore and offshore) ........ 93
Appendix P: Wind power capacity ........................................................... 94
Appendix Q: Strategic analysis of the E&C themes................................ 96
Appendix R: Porter’s 5 forces on key service segments ........................ 98
Appendix S: The CAPEX/OPEX ‘life cycle’ explained ........................... 104
Appendix T: Global oil service spectrum explained ............................. 107
Appendix U: Glossary of terms and simplifications ............................. 110