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【出版时间及名称】：2010年1月全球石油开采设备与服务行业研究报告
【作者】：三星证券
【文件格式】：pdf
【页数】：57
【目录或简介】：
Oil Services & Equipment
INDEX
1. Investment Summary
p4
2. Sector Fundamentals
p9
3. Sector Valuations
p22
4. COSL
p25
5. Sembcorp Marine
P46
AT A GLANCE
Sector Overview We believe the offshore services and equipment sector will enter a multi-year boom because of strong oil demand and rising oil price outlook. Drilling services providers and equipment manufacturers with high exposure to deepwater E&P should benefit most as we are seeing tight supply. Key Players COSL, the largest offshore China oil services provider, has around 70% market share. Sembcorp Marine, the second largest global rig building company, claims around a 30% share. Samsung Heavy Industries, the largest drill ships provider, takes around 70% of global share in that sector. Maturity Demand growth for offshore oil & gas exploration will outpace that of the inland activities over the coming years. Offshore China in particular remains relatively unexplored. Growth Demand from offshore exploration and development activities will start to grow rapidly as the days of easy onshore oil have gone. Going forward, global E&P producers will put more resources into offshore oil drilling. M&A Activity Low possibility given that both COSL and SMM are already well-positioned. Competitiveness Limited competition from peers as barriers to entry are high
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