Barclays on U.S. Oil Services & Drilling: The Oil Service & Drilling Monthly Part II: Company Details and Models July 2011
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Up: 7 | Down: 5 | New: 25
Rating Summary:
20 Buy, 23 Hold, 7 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 7 | Down: 5 | New: 25
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Barclays on U.S. Oil Services & Drilling: The Oil Service & Drilling Monthly Part II: Company Details and Models July 2011
Barclays analyst says, "We rolled out 2013 estimates for our coverage universe and made some modest adjustments to 2011 and 2012 estimates for select companies. Our 2013 estimates incorporate international E&P spending growth in the mid-teens and growth in North American spending in the high single digits compared to 2012 levels."
"NOV Acquires Ameron. National Oilwell Varco (NYSE: NOV) agreed to acquire Ameron International (NYSE: AMN) in an all cash deal which values the company at roughly $772 million ($85 per share). We believe this represents a multiple of roughly 10x FY2011E EBITDA and 7.1x FY2012E EBITDA. Ameron is a leading manufacturer of fiberglass-composite pipe used to transport oil, chemicals and other corrosive fluids for infrastructure projects."
"Weatherford (NYSE: WFT) to Shed Non-Core Assets. Weatherford will likely sell non-core assets valued between $500 million and $1 billion. These assets are smaller product lines, mainly non-oil and non-gas, and the process should take another year to year-and-a-half. Furthermore, COO Peter Fontana is restructuring the business and reducing headcount and management layers in certain regions."
"Rowan (NYSE: RDC) received three-year extensions for its three Tarzan jackups working with Saudi Aramco. The Hank Boswell, Bob Keller and Scooter Yeargain each received three-year extensions with Saudi Aramco through August, May and October 2014, respectively, at dayrates in the high $120k's (versus our estimates of $140k)."
Barclays analyst says, "We rolled out 2013 estimates for our coverage universe and made some modest adjustments to 2011 and 2012 estimates for select companies. Our 2013 estimates incorporate international E&P spending growth in the mid-teens and growth in North American spending in the high single digits compared to 2012 levels."
"NOV Acquires Ameron. National Oilwell Varco (NYSE: NOV) agreed to acquire Ameron International (NYSE: AMN) in an all cash deal which values the company at roughly $772 million ($85 per share). We believe this represents a multiple of roughly 10x FY2011E EBITDA and 7.1x FY2012E EBITDA. Ameron is a leading manufacturer of fiberglass-composite pipe used to transport oil, chemicals and other corrosive fluids for infrastructure projects."
"Weatherford (NYSE: WFT) to Shed Non-Core Assets. Weatherford will likely sell non-core assets valued between $500 million and $1 billion. These assets are smaller product lines, mainly non-oil and non-gas, and the process should take another year to year-and-a-half. Furthermore, COO Peter Fontana is restructuring the business and reducing headcount and management layers in certain regions."
"Rowan (NYSE: RDC) received three-year extensions for its three Tarzan jackups working with Saudi Aramco. The Hank Boswell, Bob Keller and Scooter Yeargain each received three-year extensions with Saudi Aramco through August, May and October 2014, respectively, at dayrates in the high $120k's (versus our estimates of $140k)."
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