Table of Contents
Investment Perspective Page 2
Houston Bus Tour Takeaway: 2010 to be Better than 2009 Page 3
Contract Drilling Markets Page 6
Jackup Dayrates: Historical and Forecast Page 9
Floater Dayrates: Historical and Forecast Page 10
Morgan Stanley Offshore Drilling Dayrates by Company Page 11
Expected Deliveries: Jackups and Floaters Page 12
US and International Rig Counts Page 13
Trading and Valuation Summary: Contract Drillers Page 14
Global Valuation and Ratings Summary Page 15
Trading and Valuation Summary: Oil Services and Drillers Page 16
Consensus Earnings Revisions and Short Interest Ratios Page 17
Morgan Stanley EPS Estimates vs. Consensus Page 18
Morgan Stanley Revenue Growth Projections by Area Page 19
Morgan Stanley EBIT Margins Projections by Area Page 20
Morgan Stanley Oil Services Estimates vs. Consensus Page 21
Morgan Stanley Equipment Estimates vs. Consensus Page 22
Consensus Outlook Page 23
Commodity data and Global Economic Forecast Page 24
Newbuild Orderbook: Jackups and Floaters Page 26
Stocks Performance Review Page 28
Valuation Methodologies and Investment Risks Page 30