Barclays U.S. Oil Services & Drilling: April 2012 - Focus on Backlog

Barclays U.S. Oil Services & Drilling: The Oil Services & Drilling Monthly: April 2012

Focus on Backlog

Analyst, James C. West, said, "For the capital equipment providers, the ordering upcycle for new offshore capital equipment continued strongly in 1Q with all companies reporting book to bill ratios above 1x and expressing confidence in the outlook for future orders for offshore rigs, subsea trees, and a soon-to-accelerate ordering cycle for FPSOs. Backlog currently stands at record levels for Cameron International (NYSE: CAM), Chart Industries (Nasdaq: GTLS), and FMC Technologies (NYSE: FTI) and near record levels for National Oilwell Varco (NYSE: NOV)."

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