ofs comprehensive forecast

8/2/2019 OFS Comprehensive Forecast

1/41

Historical Data and Projections for BHI

General assumptions

Ticker Symbol BHI

Latest Fiscal year end (dd/mm/yy) ########

Current share price 40.88$

Financial Statements

Income Statement

Actual Actual

Qtr End Qtr End

3/30/2009 6/30/2009

Revenues 2,668$ 2,336$

Costs of Sales, Services, and Rentals 1,960 1,797

Research and Engineering 109 102

Marketing, General, and Administrative 281 284

Acquisition-Related Costs - -

Operating Income 318$ 153$

Operating Margin 12% 7%

Interest Expense, net (34) (31)

Other, net - -

Income (Loss) before Taxes 284$ 122$

Benefit (Provision) for Income Taxes (89) (35)

Tax Rate 31% 29%

Net Income 195$ 87$

Weighted-average Shares Outstanding 310 310

Earnings (Loss) per Share Attributable to BHI 0.63$ 0.28$

Balance Sheet

3/30/2009 6/30/2009

Cash and equivalents 1,179

Accounts receivable 2,521

Inventories 2,104

Current deferred tax assets 231

Other current assets 182

PP&E, net 2,914

Goodwill 1,392

Other intangible assets 195

Other assets 296

Total Assets 11,014 -

Short-term debt


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Revenue and Rig Count Data

Revenues by Region (mln):

Actual Actual

Qtr End Qtr End

3/30/2009 6/30/2009

North America 1,083$ 794$

Latin America 288 276

Europe / Africa / Russia / Caspian 776 743

Middle East / Asia Pacific 521 523

Industrial and other

Total Revenues 2,668$ 2,336$

Rig Count by Region:

3/30/2009 6/30/2009

North America 1,676 1,024


Europe / Africa / Russia / Caspian 148 145Middle East / Asia Pacific 506 488

Industrial and other

Total Rig Count 2,701 2,007

Revenue per Rig (mln):

3/30/2009 6/30/2009

North America 0.65$ 0.78$

Latin America 0.78 0.79

Europe / Africa / Russia / Caspian 5.24 5.12

Middle East / Asia Pacific 1.03 1.07

Industrial and other - -

Revenue per Rig (mln): 0.99$ 1.16$

Sensitivity Analysis

Minimum Maximum


Rig Counts


6/41




Industrial and other 2,007 2,878

Rig Count Analysis

North America Rig CountSelect a case (1-best, 2-base, 3-weak, 4-override) 4

Strong case

Base case

Weak case

Override

Projected rig count

Latin America Rig Count

Select a case (1-best, 2-base, 3-weak, 4-override) 4

Strong case

Base case

Weak case

Override

Projected rig count

Europe / Africa / Russia / Caspian Rig Count


Strong case

Base case

Weak caseOverride

Projected rig count

Middle East / Asia Pacific Rig Count


Strong case

Base case

Weak case

Override

Projected rig count

Industrial and Other = Worldwide Rig Count


Strong case

Base case

Weak case

Override


7/41

Projected rig count

Revenue per Rig Analysis

North America Revenue per Rig


Strong caseBase case

Weak case

Override

Projected revenue per rig

Comments: BHI also derives decent amount of revenues from deepwater GOM. How

but still more than WFT and HAL. But the BJS acquisition has a lot of exposure to shal

this a 'strong' case.

Latin America Revenue per Rig


Strong case

Base case

Weak case

Override


Comments: Revenue per rig in Latin America has been picking up quite a bit for BHI.

Europe / Africa / Russia / Caspian Revenue per RigSelect a case (1-best, 2-base, 3-weak, 4-override) 3

Strong case

Base case

Weak case

Override


Comments: Last conference call, BHI mentioned delays on projects in Africa and asso

Middle East / Asia Pacific Revenue per Rig


Strong case

Base case

Weak case

Override


8/41


Comments: Three years ago BHI made significant investment in the Middle East that

Without any significant news, this is rated a 'base' case at the moment.

Industrial and Other = Worldwide Revenue per Rig


Strong case

Base case

Weak case

Override


Comments: This is a new segment that just started to show up in BHI's filings upon co

comparison with one year ago. Not sure the proper way to account for this, but for t

per global rig count worked out to $0.08 per rig.


9/41

Actual Actual Actual Actual

Qtr End Qtr End Qtr End Qtr End Qtr End Qtr End

9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########

2,232$ 2,428$ 2,539$ 3,374$ 3,662$ 3,902$

1,761 1,879 1,912 2,662

88 98 94 112

272 283 305 312

- 18 10 56

111$ 150$ 218$ 232$ 275$ 293$

5% 6% 9% 7% 8% 8%

(28) (32) (24) (30)

- 4 - -

83$ 122$ 194$ 202$ 275$ 293$

(28) (38) (65) (109) (97) (104)

34% 31% 34% 54% 35% 35%

55$ 84$ 129$ 93$ 178$ 189$

301 312 315 399

0.18$ 0.27$ 0.41$ 0.23$ #DIV/0! #DIV/0!

9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########

- - - - - -

Projected


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11/41


12/41


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9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########

817$ 890$ 1,030$ 1,486$ 1,761$ 1,914$

265 305 279 384 385$ 395$

666 740 762 736 716$ 773$

484 493 468 545 553$ 557$

223 247$ 263$

2,232$ 2,428$ 2,539$ 3,374$ 3,662$ 3,902$

9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########

1,156 1,312 1,815 1,669 1,978 2,150

350 356 378 384 385 395

135 146 168 181 176 190484 495 517 523 549 553

2,757 3,088 3,288

2,125 2,309 2,878 2,757 3,088 3,288

9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########

0.71$ 0.68$ 0.57$ 0.89$ 0.89$ 0.89$

0.76 0.86 0.74 1.00 1.00 1.00

4.93 5.07 4.54 4.07 4.07 4.07

1.00 1.00 0.91 1.04 1.01 1.01

- - - 0.08 0.08 0.08

1.05$ 1.05$ 0.88$ 1.22$ 1.19$ 1.19$

Average Minimum Maximum Average

1,442 0.57$ 0.89$ 0.71$

Projected

Revenue per Rig


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365 0.74$ 1.00$ 0.82$

154 4.07$ 5.24$ 4.83$

502 0.91$ 1.07$ 1.01$

2,463 0.08$ 0.08$ 0.08$

9/30/2010 #########

1 1,815 1,815

2 1,442 1,442

3 1,024 1,024

4 1,978 2,150

1,978 2,150

9/30/2010 #########

1 384 384

2 365 365

3 350 350

4 385 395

385 395

9/30/2010 #########

1 181 181

2 154 154

3 135 1354 176 190

176 190

9/30/2010 #########

1 523 523

2 502 502

3 484 484

4 549 553

549 553

9/30/2010 #########

1 2,903 2,903

2 2,463 2,463

3 1,993 1,993

4 3,088 3,288


15/41

3,088 3,288

9/30/2010 #########

1 0.89$ 0.89$2 0.71 0.71

3 0.57 0.57

4 0.65 0.70

0.89$ 0.89$

ever as a percentage of overall regional revenue it should not be as much as SLB

e gas / onshore rigs. Taking everything into consideration we can probably give

9/30/2010 #########

1 1.00$ 1.00$

2 0.82 0.82

3 0.74 0.74

4 0.90 0.95

1.00$ 1.00$

hat leads to a 'strong' case at this point in time.

9/30/2010 #########

1 5.24$ 5.24$

2 4.83 4.83

3 4.07 4.07

4 4.25 4.50

4.07$ 4.07$

rted problems in the region curbing expected growth.

9/30/2010 #########

1 1.07$ 1.07$

2 1.01 1.01

3 0.91 0.91

4 1.00 1.03


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1.01$ 1.01$

id not pan out. However now they believe it is beginning to show benefits.

9/30/2010 #########

1 0.08$ 0.08$

2 0.08 0.08

3 0.08 0.08

4 0.08 0.08

0.08$ 0.08$

mpletion of the BJS merger. Last 10-q showed data for this new segment plus a

ese purposes it is based as a function of global rig activity. In both years, revenue


17/41

Revenues by Region and Rig Count for HAL

General assumptions

Ticker Symbol HAL





Actual Actual

Qtr End Qtr End

3/30/2009 6/30/2009

North America 1,683$ 1,259$


Europe / Africa / CIS 968 971




3/30/2009 6/30/2009







3/30/2009 6/30/2009



Europe / Africa / CIS 6.54 6.70




Minimum Maximum





Rig Counts


18/41

Rig Count Analysis

North America Rig Count


Strong case

Base case

Weak caseOverride

Projected rig count



Strong case

Base case

Weak case

Override

Projected rig count

Europe / Africa / CIS Rig Count


Strong case

Base case

Weak case

Override

Projected rig count



Strong case

Base case

Weak case

Override

Projected rig count




Strong case

Base case

Weak case

Override


Comment: HAL derives revenues from deepwater GOM, but as evidenced in last quar


19/41

amount of revenues from deepwater GOM to be small compared to the overall regio

those regions have high activity levels. In the end, consider this to be a 'strong' case.



Strong case

Base case

Weak case

Override


Comment: Activity in Mexico and some other parts of Latin America are down consid

this should likely come in as a 'base' case.

Europe / Africa / CIS Revenue per Rig


Strong case

Base case

Weak case

Override


Comment: Revenue per rig in this region has been slipping for the last 3 quarters. Do

now.



Strong case

Base case

Weak case

Override


Comment: Last quarter saw a significant improvent in revenue per rig. HAL has been

contracts in Iraq. This is debatable between 'base' case and 'strong' case, but the goo

positioned service companies.


20/41



9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########

1,285$ 1,435$ 1,704$ 2,111$ 2,502$ 2,719$

542 539 495 567 571$ 586$

1,012 997 920 981 954$ 1,030$

749 715 642 728 850$ 856$

3,588$ 3,686$ 3,761$ 4,387$ 4,877$ 5,191$

9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########

1,156 1,312 1,815 1,669 1,978 2,150

350 356 378 384 385 395

135 146 168 181 176 190

484 495 517 523 549 553

2,125 2,309 2,878 2,757 3,088 3,288

9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########

1.11$ 1.09$ 0.94$ 1.26$ 1.26$ 1.26$

1.55 1.51 1.31 1.48 1.48 1.48

7.50 6.83 5.48 5.42 5.42 5.42

1.55 1.44 1.24 1.39 1.55 1.55

1.69$ 1.60$ 1.31$ 1.59$ 1.58$ 1.58$


1,442 0.94$ 1.26$ 1.11$

365 1.31$ 1.55$ 1.48$

154 5.42$ 7.50$ 6.41$

502 1.24$ 1.55$ 1.41$

Projected

Revenue per Rig


21/41

9/30/2010 #########

1 1,815 1,815

2 1,442 1,442

3 1,024 1,0244 1,978 2,150

1,978 2,150

9/30/2010 #########

1 384 384

2 365 365

3 350 350

4 385 395

385 395

9/30/2010 #########

1 181 181

2 154 154

3 135 135

4 176 190

176 190

9/30/2010 #########

1 523 523

2 502 502

3 484 484

4 549 553

549 553

9/30/2010 #########

1 1.26$ 1.26$

2 1.11 1.11

3 0.94 0.94

4 1.20 1.25

1.26$ 1.26$

ter's report, revenue per rig for the region was up. Based on that, consider the


22/41

. HAL is very much involved with fracing operations in the shale gas areas and

9/30/2010 #########

1 1.55$ 1.55$

2 1.48 1.48

3 1.31 1.31

4 1.52 1.52

1.48$ 1.48$

rably this year. However HAL is not as affected as some of its peers. In all

9/30/2010 #########

1 7.50$ 7.50$

2 6.41 6.41

3 5.42 5.42

4 7.00 7.00

5.42$ 5.42$

not foresee any catalysts to improve this for 3Q. Consider it a 'weak' case for

9/30/2010 #########

1 1.55$ 1.55$

2 1.41 1.41

3 1.24 1.24

4 1.60 1.60

1.55$ 1.55$

making progress in the Middle East region for sure as they have announced new

d jump in rig count should lead to improved pricing power for the best


23/41

Revenues by Region and Rig Count for SLB

General assumptions

Ticker Symbol SLB





Actual Actual

Qtr End Qtr End

3/30/2009 6/30/2009


Latin America 1,029 995

Europe / Africa / Russia / Caspian 1,803 1,782

Middle East / Asia Pacific 1,375 1,233

Western GECO 551 559


Western GECO as percent of total 9.3% 10.4%


3/30/2009 6/30/2009




Middle East / Asia Pacific 506 488Total Rig Count 2,701 2,007


3/30/2009 6/30/2009



Europe / Africa / Russia / Caspian 12.18 12.29




Minimum Maximum





Rig Counts


24/41

Rig Count Analysis



Strong case

Base caseWeak case

Override

Projected rig count



Strong case

Base case

Weak case

Override

Projected rig count

Europe / Africa / Russia / Caspian Rig Count


Strong case

Base case

Weak case

Override

Projected rig count

Middle East / Asia Pacific Rig CountSelect a case (1-best, 2-base, 3-weak, 4-override) 4

Strong case

Base case

Weak case

Override

Projected rig count




Strong case

Base case

Weak case

Override


Comments:


25/41

SLB revenues in N. America are typically from higher-margin areas such as deepwater

than peers such as WFT and HAL in this region. This leads to using a 'weak' case argu



Strong case

Base case

Weak case

Override


Comments: Although SLB revenues per rig in the region have slipped year-to-year, th

value this quarter. Thus, consider it a 'base' case.

Europe / Africa / Russia / Caspian Revenue per Rig


Strong case

Base case

Weak case

Override


Comments: Over the last two quarters, SLB's revenue per rig in this region has slippe



Strong case

Base case

Weak case

Override


Comments: Revenues per rig have remained relatively stable in this region in compar

But at the same time rig count is improving so revenues per rig should not slip. In all,

near future.


26/41



9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########

823$ 874$ 1,033$ 1,115$ 1,126$ 1,224$

1,071 1,130 1,057 1,144 1,131$ 1,160$

1,782 1,783 1,625 1,740 1,692$ 1,827$

1,233 1,314 1,322 1,371 1,430$ 1,440$

549 463 472 476 491$ 514$

5,458$ 5,564$ 5,509$ 5,846$ 6,992$ 9,218$

10.1% 8.3% 8.6% 8.1%

9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########

1,156 1,312 1,815 1,669 1,978 2,150

350 356 378 384 385 395

135 146 168 181 176 190

484 495 517 523 549 5532,125 2,309 2,878 2,757 3,088 3,288

9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########

0.71$ 0.67$ 0.57$ 0.67$ 0.57$ 0.57$

3.06 3.17 2.80 2.98 2.94 2.94

13.20 12.21 9.67 9.61 9.61 9.61

2.55 2.65 2.56 2.62 2.60 2.60

2.57$ 2.41$ 1.91$ 2.12$ 2.26$ 2.80$


1,442 0.57$ 0.80$ 0.69$

365 2.77$ 3.17$ 2.94$

154 9.61$ 13.20$ 11.53$

502 2.53$ 2.72$ 2.60$

Projected

Revenue per Rig


27/41

9/30/2010 #########

1 1,815 1,815

2 1,442 1,4423 1,024 1,024

4 1,978 2,150

1,978 2,150

9/30/2010 #########

1 384 384

2 365 365

3 350 350

4 385 395

385 395

9/30/2010 #########

1 181 181

2 154 154

3 135 135

4 176 190

176 190

9/30/2010 #########

1 523 523

2 502 502

3 484 484

4 549 553

549 553

9/30/2010 #########

1 0.80$ 0.80$

2 0.69 0.69

3 0.57 0.57

4 0.65 0.70

0.57$ 0.57$


28/41

GOM. Due to moratorium, assume SLB revenues are affected more negatively

ent for SLB's revenue per rig in N. America.

9/30/2010 #########

1 3.17$ 3.17$

2 2.94 2.94

3 2.77 2.77

4 0.90 0.95

2.94$ 2.94$

ey showed improvement last quarter. They should revert back to a more normal

9/30/2010 #########

1 13.20$ 13.20$

2 11.53 11.53

3 9.61 9.61

4 4.25 4.50

9.61$ 9.61$

significantly. As such, we consider this a 'weak' case.

9/30/2010 #########

1 2.72$ 2.72$

2 2.60 2.60

3 2.53 2.53

4 1.00 1.03

2.60$ 2.60$

ison to other areas. Right now, nothing stands out to move this to a 'strong' case.

a 'base' case is warranted here and potentially moving to a 'strong' case in the


29/41

Revenues by Region and Rig Count for WFT

General assumptions

Ticker Symbol WFT





Actual Actual

Qtr End Qtr End

3/30/2009 6/30/2009

North America 837$ 571$


Europe / West Africa / CIS 582 593

Middle East / North Africa / Asia 369 365



3/30/2009 6/30/2009







3/30/2009 6/30/2009



Europe / West Africa / CIS 5.60 6.31

Middle East / North Africa / Asia 0.67 0.68



Minimum Maximum





Rig Counts


30/41

Rig Count Analysis



Strong case

Base case

Weak caseOverride

Projected rig count



Strong case

Base case

Weak case

Override

Projected rig count

Europe / West Africa / CIS Rig Count


Strong case

Base case

Weak case

Override

Projected rig count

Middle East / North Africa / Asia Pacific Rig Count


Strong case

Base case

Weak case

Override

Projected rig count




Strong case

Base case

Weak case

Override


Comment: As noted in a previous conference call, only 4% of WFT revenues come fro


31/41

areas. Those activities are up considerably so WFT should be given a 'strong' case for



Strong case

Base case

Weak case

Override


Comment: WFT is the most negatively affected of the companies in this region. How

a 'weak' region overall.

Europe / West Africa / CIS Revenue per Rig


Strong case

Base case

Weak case

Override


Comment: WFT divides up Africa different from the other companies. They separate

to be the countries of Angola, Congo, Gabon, and Nigeria. West Africa saw a decent r

consider this a 'strong' region.

Middle East / North Africa / Asia Pacific Revenue per Rig


Strong case

Base case

Weak case

Override


Comment: Revenue per rig has steadily increased in this region. Consider it a 'strong'


32/41



9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########

620$ 738$ 891$ 921$ 1,113$ 1,209$

525 618 428 410 411$ 422$

600 593 565 601 843$ 876$

404 478 455 506 525$ 539$

2,149$ 2,427$ 2,339$ 2,438$ 2,892$ 3,047$

9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########

1,156 1,312 1,815 1,669 1,978 2,150

350 356 378 384 385 395

89 93 116 123 125 130

530 548 569 578 600 616

2,125 2,309 2,878 2,754 3,088 3,291

9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########

0.54$ 0.56$ 0.49$ 0.55$ 0.56$ 0.56$

1.50 1.74 1.13 1.07 1.07 1.07

6.74 6.38 4.87 4.89 6.74 6.74

0.76 0.87 0.80 0.88 0.88 0.88

1.01$ 1.05$ 0.81$ 0.89$ 0.94$ 0.93$


1,442 0.49$ 0.56$ 0.53$

365 1.07$ 1.74$ 1.34$

103 4.87$ 6.74$ 5.80$

552 0.67$ 0.88$ 0.78$

Projected

Revenue per Rig


33/41

9/30/2010 #########

1 1,815 1,815

2 1,442 1,442

3 1,024 1,0244 1,978 2,150

1,978 2,150

9/30/2010 #########

1 384 384

2 365 365

3 350 350

4 385 395

385 395

9/30/2010 #########

1 123 123

2 103 103

3 89 89

4 125 130

125 130

9/30/2010 #########

1 578 578

2 552 552

3 530 530

4 600 616

600 616

9/30/2010 #########

1 0.56$ 0.56$

2 0.53 0.53

3 0.49 0.49

4 0.54 0.54

0.56$ 0.56$

m deepwater GOM. They have much more exposure to Canada land and shale gas


34/41

this region for now.

9/30/2010 #########

1 1.74$ 1.74$

2 1.34 1.34

3 1.07 1.07

4 1.25 1.25

1.07$ 1.07$

ever, consensus is the downward pressure is done. But for now consider this still as

9/30/2010 #########

1 6.74$ 6.74$

2 5.80 5.80

3 4.87 4.87

4 6.25 6.25

6.74$ 6.74$

it into West Africa and North Africa. For these purposes, West Africa is considered

ig count increase this quarter. Also, WFT has a good presence in CIS so

9/30/2010 #########

1 0.88$ 0.88$

2 0.78 0.78

3 0.67 0.67

4 1.60 1.60

0.88$ 0.88$

' case.


35/41

Revenues by Region and Rig Count for SII

General assumptions

Ticker Symbol SII


Current share price n/a



Actual Actual

Qtr End Qtr End

3/30/2009 6/30/2009







3/30/2009 6/30/2009







3/30/2009 6/30/2009



Europe / Africa / CIS 3.65 3.52




Minimum Maximum





Rig Counts


36/41

Rig Count Analysis



Strong case

Base case

Weak caseOverride

Projected rig count



Strong case

Base case

Weak case

Override

Projected rig count

Europe / Africa / CIS Rig Count


Strong case

Base case

Weak case

Override

Projected rig count



Strong case

Base case

Weak case

Override

Projected rig count




Strong case

Base case

Weak case

Override


Comment: We need to include expected SII revenues into SLB's numbers since the SII


37/41

North America, however M-I SWACO which comprises approximately 50% of SII reven

base' case for now.



Strong case

Base case

Weak case

Override


Comment: SII lost share in Latin America to rivals late in 2009 but appears to be comi

Overall things should start to improve so consider it a 'base' case.

Europe / Africa / CIS Revenue per Rig


Strong case

Base case

Weak case

Override


Comment: Revenue per rig has been steadily falling in the region. Until strength is ob



Strong case

Base case

Weak case

Override


Comment: SII has made big strides in Asia Pacific particularly as well as the Middle Ea


38/41



9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########

859$ 911$ 1,066$ 1,173$ 1,443$ 1,569$

232 269 271 262 272$ 277$

495 533 541 559 540$ 587$

292 271 259 302 336$ 343$

1,878$ 1,984$ 2,137$ 2,296$ 2,591$ 2,776$

9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########

1,156 1,312 1,815 1,669 1,978 2,150

350 356 378 384 388 395

135 146 168 181 175 190

484 495 517 523 541 553

2,125 2,309 2,878 2,757 3,082 3,288

9/30/2009 ######### 3/30/2010 6/30/2010 9/30/2010 #########

0.74$ 0.69$ 0.59$ 0.70$ 0.73$ 0.73$

0.66 0.76 0.72 0.68 0.70 0.70

3.67 3.65 3.22 3.09 3.09 3.09

0.60 0.55 0.50 0.58 0.62 0.62

0.88$ 0.86$ 0.74$ 0.83$ 0.84$ 0.84$


1,442 0.59$ 0.88$ 0.73$

365 0.65$ 0.76$ 0.70$

154 3.09$ 3.67$ 3.47$

502 0.50$ 0.62$ 0.58$

Projected

Revenue per Rig


39/41

9/30/2010 #########

1 1,815 1,815

2 1,442 1,442

3 1,024 1,0244 1,978 2,150

1,978 2,150

9/30/2010 #########

1 384 384

2 365 365

3 350 350

4 388 395

388 395

9/30/2010 #########

1 181 181

2 154 154

3 135 135

4 175 190

175 190

9/30/2010 #########

1 523 523

2 502 502

3 484 484

4 541 553

541 553

9/30/2010 #########

1 0.88$ 0.88$

2 0.73 0.73

3 0.59 0.59

4 1.20 1.25

0.73$ 0.73$

/ SLB merger was completed on 27 August. SII has a good presence in all of


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ues is more slanted towards deepwater GOM. Because of that this is rated a

9/30/2010 #########

1 0.76$ 0.76$

2 0.70 0.70

3 0.65 0.65

4 1.52 1.52

0.70$ 0.70$

ng off the lows. It is debatable whether this one should be rated 'base' or 'weak'.

9/30/2010 #########

1 3.67$ 3.67$

2 3.47 3.47

3 3.09 3.09

4 7.00 7.00

3.09$ 3.09$

served, consider it a 'weak' case.

9/30/2010 #########

1 0.62$ 0.62$

2 0.58 0.58

3 0.50 0.50

4 1.60 1.60

0.62$ 0.62$

st in comparison to past periods. This is rated 'strong' for now.


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Revenue Revenue Revenue Revenue

Symbol Forecast Consensus % Change Forecast Consensus % Change

BHI 3,662$ 3,780$ -3.1% 3,902$ 3,970$ -1.7%

HAL 4,877$ 4,580$ 6.5% 5,191$ 4,730$ 9.7%

SLB 6,992$ 6,840$ 2.2% 9,218$ 8,660$ 6.4%

WFT 2,892$ 2,610$ 10.8% 3,047$ 2,790$ 9.2%

3Q 2010 4Q 2010

ofs comprehensive forecast

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