2010年3月芬兰中小石油服务行业研究报告

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【出版时间及名称】：2010年3月芬兰中小石油服务行业研究报告
        【作者】：Finn Cap
        【文件格式】：pdf
        【页数】：56
        【目录或简介】：
Pump it up!

We believe that the oil services sector is poised to see an improvement in trading
conditions in 2010, after experiencing a very difficult 2009. We expect order intake
will start to see signs of revival over coming months, which should progressively
feed through to revenues possibly towards the end of the second half.

2009 was characterised by lower investment and project work resulting from the
collapse in the oil price in 3Q08, the recession and a squeeze on oil companies’ cash
flows. The oil price is stable and comfortably above the level where most projects
are viable. Most IOCs have improved cash generation, giving greater ability to fund
an increase in capex and exploration activity. Crucially confidence is returning.

The oil services companies’ order books are now at relatively low levels, as they
have worked through the orders placed in a more prosperous environment, but
should see some recovery in 2010 as new and delayed projects come back on
stream. There is a lag effect between order placement and contracts moving into
revenue generation.

Risks remain on 2010 earnings forecasts for this reason: it is difficult to determine
exactly when customers start placing orders and how quickly this transmits to
production. We believe the weakest trading period is now fully factored in and that
the market is looking for recovery. Anecdotal evidence is starting to point to an
increase in enquiries and background activity.

We see that M&A activity has already started to increase among the larger US oil
services companies and see this as a positive pointer. The pace of acquisitions is
likely to increase as acquisitors position themselves whilst cyclical earnings are low.

Our recommendations are weighted towards companies with strong technology. As
E&P activity moves to ever more demanding environments. We cover a number of
companies with a technology angle, such as Wellstream and Plexus. With plenty
of cash to move up the technology ladder we also point to Hunting as an
interesting play. Equally we remain positive on the ongoing trend for larger
companies to outsource capabilities and costs. Outsourced hydrocarbon facility
management and efficiency projects should provide growth opportunities and are
positive for players such as Velosi and KBC Advanced Technologies.
Analyst:
David Buxton (020 3207 3229)
dbuxton@finncap.com
FinnCap.
4, Coleman Street
London EC2R 5TA

Contents
Key Recommendations page 3
Sector Overview page 4
Growth Drivers page 5
The Hunters and the Hunted page 6
The Oil & Gas Outlook page 7
Themes and Recommendations page 10
Sector Valuations page 11
Comparative Company Indicators page 15
Company Commentaries
Hunting page 19
KBC Advanced Technologies page 27
Plexus page 35
Velosi page 41
Wellstream page 47

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关键词：行业研究报告 研究报告 行业研究 服务行业 Technologies 研究报告 石油 服务行业 芬兰