Historical Data and Projections for BHI

General assumptions
Ticker Symbol
Latest Fiscal year end (dd/mm/yy)
Current share price

BHI
########
$ 40.88

Financial Statements
Income Statement

Revenues
Costs of Sales, Services, and Rentals
Research and Engineering
Marketing, General, and Administrative
Acquisition-Related Costs
Operating Income
Operating Margin
Interest Expense, net
Other, net
Income (Loss) before Taxes

Actual
Actual
Qtr End
Qtr End
3/30/2009 6/30/2009
$ 2,668 $ 2,336
1,960
1,797
109
102
281
284
$
318 $
153
12%
7%

(34)
284 $

(31)
122

Benefit (Provision) for Income Taxes

Tax Rate
Net Income

(89)
31%
195 $

(35)
29%
87

Weighted-average Shares Outstanding

Earnings (Loss) per Share Attributable to BHI

310
0.63 $

310
0.28

Balance Sheet
Cash and equivalents
Accounts receivable
Inventories
Current deferred tax assets
Other current assets
PP&E, net
Goodwill
Other intangible assets
Other assets
Total Assets

Short-term debt

3/30/2009 6/30/2009
1,179
2,521
2,104
231
182
2,914
1,392
195
296
11,014
-

Revenue and Rig Count Data

Revenues by Region (mln):

North America
Latin America
Europe / Africa / Russia / Caspian
Middle East / Asia Pacific
Industrial and other
Total Revenues

Actual
Actual
Qtr End
Qtr End
3/30/2009 6/30/2009
$ 1,083 $
794
288
276
776
743
521
523
$

2,668 $

2,336

Rig Count by Region:

North America
Latin America
Europe / Africa / Russia / Caspian
Middle East / Asia Pacific
Industrial and other
Total Rig Count

3/30/2009 6/30/2009
1,676
1,024
371
350
148
145
506
488
2,701

2,007

Revenue per Rig (mln):

North America
Latin America
Europe / Africa / Russia / Caspian
Middle East / Asia Pacific
Industrial and other
Revenue per Rig (mln):

3/30/2009 6/30/2009
$
0.65 $
0.78
0.78
0.79
5.24
5.12
1.03
1.07
$
0.99 $
1.16

Sensitivity Analysis

North America

Rig Counts
Minimum Maximum
1,024
1,815

Latin America
Europe / Africa / Russia / Caspian
Middle East / Asia Pacific
Industrial and other

350
135
484
2,007

Rig Count Analysis

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

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)

Strong case
Base case
Weak case
Override
Projected rig count

Europe / Africa / Russia / Caspian Rig Count

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

Strong case
Base case
Weak case
Override
Projected rig count

Middle East / Asia Pacific Rig Count

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

Strong case
Base case
Weak case
Override
Projected rig count

Industrial and Other = Worldwide Rig Count

Select a case (1-best, 2-base, 3-weak, 4-override)
Strong case
Base case
Weak case
Override

384
181
523
2,878

Projected rig count

Revenue per Rig Analysis

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

Strong case
Base case
Weak case
Override
Projected revenue per rig
Comments: BHI also derives decent amount of revenues from deepwater GOM. However as a percentage of overall
but still more than WFT and HAL. But the BJS acquisition has a lot of exposure to shale gas / onshore rigs. Taking eve
this a 'strong' case.

Latin America Revenue per Rig

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

Strong case
Base case
Weak case
Override
Projected revenue per rig
Comments: Revenue per rig in Latin America has been picking up quite a bit for BHI. That leads to a 'strong' case at t

Europe / Africa / Russia / Caspian Revenue per Rig

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

Strong case
Base case
Weak case
Override
Projected revenue per rig
Comments: Last conference call, BHI mentioned delays on projects in Africa and assorted problems in the region curb

Middle East / Asia Pacific Revenue per Rig

Select a case (1-best, 2-base, 3-weak, 4-override)
Strong case
Base case
Weak case
Override

Projected revenue per rig

Comments: Three years ago BHI made significant investment in the Middle East that did not pan out. However now t
Without any significant news, this is rated a 'base' case at the moment.

Industrial and Other = Worldwide Revenue per Rig

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

Strong case
Base case
Weak case
Override
Projected revenue per rig
Comments: This is a new segment that just started to show up in BHI's filings upon completion of the BJS merger. Las
comparison with one year ago. Not sure the proper way to account for this, but for these purposes it is based as a fu
per global rig count worked out to $0.08 per rig.

Actual
Actual
Actual
Actual
Projected
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)
83 $

(32)
4
122 $

(24)
194 $

(30)
202 $

275 $

293

(28)
34%
55 $

(38)
31%
84 $

(65)
34%
129 $

(109)
54%
93 $

(97)
35%
178 $

(104)
35%
189

301
0.18 $

312
0.27 $

315
0.41 $

399
0.23

#DIV/0!

#DIV/0!

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

Actual
Actual
Actual
Actual
Projected
Qtr End
Qtr End
Qtr End
Qtr End
Qtr End
Qtr End
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
190
484
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

Rig Counts
Average
1,442

Revenue per Rig

Minimum Maximum Average
$
0.57 $
0.89 $
0.71

365
154
502
2,463

$
$
$
$

0.74
4.07
0.91
0.08

$
$
$
$

1.00
5.24
1.07
0.08

$
$
$
$

0.82
4.83
1.01
0.08

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

1
2
3
4

1,815
1,442
1,024
1,978
1,978

1,815
1,442
1,024
2,150
2,150

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

1
2
3
4

384
365
350
385
385

384
365
350
395
395

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

1
2
3
4

181
154
135
176
176

181
154
135
190
190

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

1
2
3
4

523
502
484
549
549

523
502
484
553
553

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

1
2
3
4

2,903
2,463
1,993
3,088

2,903
2,463
1,993
3,288

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
eepwater GOM. However as a percentage of overall regional revenue it should not be as much as SLB
ot of exposure to shale gas / onshore rigs. Taking everything into consideration we can probably give

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

1 $
2
3
4
$

1.00 $
0.82
0.74
0.90
1.00 $

1.00
0.82
0.74
0.95
1.00

p quite a bit for BHI. That leads to a 'strong' case at this point in time.

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

1 $
2
3
4
$
ects in Africa and assorted problems in the region curbing expected growth.

5.24 $
4.83
4.07
4.25
4.07 $

5.24
4.83
4.07
4.50
4.07

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

1 $
2
3
4

1.07 $
1.01
0.91
1.00

1.07
1.01
0.91
1.03

$
1.01 $
1.01
the Middle East that did 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
n BHI's filings upon completion of the BJS merger. Last 10-q showed data for this new segment plus a
ount for this, but for these purposes it is based as a function of global rig activity. In both years, revenue

Revenues by Region and Rig Count for HAL

General assumptions
Ticker Symbol
Latest Fiscal year end (dd/mm/yy)
Current share price

HAL
########
$ 32.77

Revenue and Rig Count Data

Revenues by Region (mln):

North America
Latin America
Europe / Africa / CIS
Middle East / Asia Pacific
Total Revenues

Actual
Actual
Qtr End
Qtr End
3/30/2009 6/30/2009
$ 1,683 $ 1,259
556
544
968
971
700
720
$ 3,907 $ 3,494

Rig Count by Region:

North America
Latin America
Europe / Africa / CIS
Middle East / Asia Pacific
Total Rig Count

3/30/2009 6/30/2009
1,676
1,024
371
350
148
145
506
488
2,701
2,007

Revenue per Rig (mln):

North America
Latin America
Europe / Africa / CIS
Middle East / Asia Pacific
Revenue per Rig (mln):

3/30/2009 6/30/2009
$
1.00 $
1.23
1.50
1.55
6.54
6.70
1.38
1.48
$
1.45 $
1.74

Sensitivity Analysis

North America
Latin America
Europe / Africa / CIS
Middle East / Asia Pacific

Rig Counts
Minimum Maximum
1,024
1,815
350
384
135
181
484
523

Rig Count Analysis

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

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)

Strong case
Base case
Weak case
Override
Projected rig count

Europe / Africa / CIS Rig Count

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

Strong case
Base case
Weak case
Override
Projected rig count

Middle East / Asia Pacific Rig Count

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

Strong case
Base case
Weak case
Override
Projected rig count

Revenue per Rig Analysis

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

Strong case
Base case
Weak case
Override
Projected revenue per rig
Comment: HAL derives revenues from deepwater GOM, but as evidenced in last quarter's report, revenue per rig for

amount of revenues from deepwater GOM to be small compared to the overall region. HAL is very much involved wi
those regions have high activity levels. In the end, consider this to be a 'strong' case.

Latin America Revenue per Rig

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

Strong case
Base case
Weak case
Override
Projected revenue per rig
Comment: Activity in Mexico and some other parts of Latin America are down considerably this year. However HAL i
this should likely come in as a 'base' case.

Europe / Africa / CIS Revenue per Rig

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

Strong case
Base case
Weak case
Override
Projected revenue per rig
Comment: Revenue per rig in this region has been slipping for the last 3 quarters. Do not foresee any catalysts to imp
now.

Middle East / Asia Pacific Revenue per Rig

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

Strong case
Base case
Weak case
Override
Projected revenue per rig

Comment: Last quarter saw a significant improvent in revenue per rig. HAL has been making progress in the Middle E
contracts in Iraq. This is debatable between 'base' case and 'strong' case, but the good jump in rig count should lead
positioned service companies.

Actual
Actual
Actual
Actual
Projected
Qtr End
Qtr End
Qtr End
Qtr End
Qtr End
Qtr End
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

Rig Counts
Average
1,442
365
154
502

Revenue per Rig

Minimum Maximum Average
$
0.94 $
1.26 $
1.11
$
1.31 $
1.55 $
1.48
$
5.42 $
7.50 $
6.41
$
1.24 $
1.55 $
1.41

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

1
2
3
4

1,815
1,442
1,024
1,978
1,978

1,815
1,442
1,024
2,150
2,150

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

1
2
3
4

384
365
350
385
385

384
365
350
395
395

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

1
2
3
4

181
154
135
176
176

181
154
135
190
190

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

1
2
3
4

523
502
484
549
549

523
502
484
553
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
evidenced in last quarter's report, revenue per rig for the region was up. Based on that, consider the

d to the overall region. HAL is very much involved with fracing operations in the shale gas areas and

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

1 $
1.55 $
2
1.48
3
1.31
4
1.52
$
1.48 $
rica are down considerably this year. However HAL is not as affected as some of its peers.

1.55
1.48
1.31
1.52
1.48
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
he last 3 quarters. Do not foresee any catalysts to improve this for 3Q. Consider it a 'weak' case for

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

1 $
2
3
4
$

1.55 $
1.41
1.24
1.60
1.55 $

1.55
1.41
1.24
1.60
1.55

er rig. HAL has been making progress in the Middle East region for sure as they have announced new
ong' case, but the good jump in rig count should lead to improved pricing power for the best

Revenues by Region and Rig Count for SLB

General assumptions
Ticker Symbol
Latest Fiscal year end (dd/mm/yy)
Current share price

SLB
########
$ 60.29

Revenue and Rig Count Data

Revenues by Region (mln):

North America
Latin America
Europe / Africa / Russia / Caspian
Middle East / Asia Pacific
Western GECO
Total Revenues
Western GECO as percent of total

Actual
Actual
Qtr End
Qtr End
3/30/2009 6/30/2009
$ 1,191 $
819
1,029
995
1,803
1,782
1,375
1,233
551
559
$ 5,949 $ 5,388
9.3%
10.4%

Rig Count by Region:

North America
Latin America
Europe / Africa / Russia / Caspian
Middle East / Asia Pacific
Total Rig Count

3/30/2009 6/30/2009
1,676
1,024
371
350
148
145
506
488
2,701
2,007

Revenue per Rig (mln):

North America
Latin America
Europe / Africa / Russia / Caspian
Middle East / Asia Pacific
Revenue per Rig (mln):

3/30/2009 6/30/2009
$
0.71 $
0.80
2.77
2.84
12.18
12.29
2.72
2.53
$
2.20 $
2.68

Sensitivity Analysis

North America
Latin America
Europe / Africa / Russia / Caspian
Middle East / Asia Pacific

Rig Counts
Minimum Maximum
1,024
1,815
350
384
135
181
484
523

Rig Count Analysis

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

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)

Strong case
Base case
Weak case
Override
Projected rig count

Europe / Africa / Russia / Caspian Rig Count

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

Strong case
Base case
Weak case
Override
Projected rig count

Middle East / Asia Pacific Rig Count

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

Strong case
Base case
Weak case
Override
Projected rig count

Revenue per Rig Analysis

North America Revenue per Rig
Select a case (1-best, 2-base, 3-weak, 4-override)
Strong case
Base case
Weak case
Override
Projected revenue per rig
Comments:

SLB revenues in N. America are typically from higher-margin areas such as deepwater GOM. Due to moratorium, assu
than peers such as WFT and HAL in this region. This leads to using a 'weak' case argument for SLB's revenue per rig in

Latin America Revenue per Rig

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

Strong case
Base case
Weak case
Override
Projected revenue per rig
Comments: Although SLB revenues per rig in the region have slipped year-to-year, they showed improvement last qu
value this quarter. Thus, consider it a 'base' case.

Europe / Africa / Russia / Caspian Revenue per Rig

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

Strong case
Base case
Weak case
Override
Projected revenue per rig
Comments: Over the last two quarters, SLB's revenue per rig in this region has slipped significantly. As such, we cons

Middle East / Asia Pacific Revenue per Rig

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

Strong case
Base case
Weak case
Override
Projected revenue per rig
Comments: Revenues per rig have remained relatively stable in this region in comparison to other areas. Right now,
But at the same time rig count is improving so revenues per rig should not slip. In all, a 'base' case is warranted here
near future.

Actual
Actual
Actual
Actual
Projected
Qtr End
Qtr End
Qtr End
Qtr End
Qtr End
Qtr End
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
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 #########

$
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

Rig Counts
Average
1,442
365
154
502

Revenue per Rig

Minimum Maximum Average
$
0.57 $
0.80 $
0.69
$
2.77 $
3.17 $
2.94
$
9.61 $ 13.20 $ 11.53
$
2.53 $
2.72 $
2.60

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

1
2
3
4

1,815
1,442
1,024
1,978
1,978

1,815
1,442
1,024
2,150
2,150

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

1
2
3
4

384
365
350
385
385

384
365
350
395
395

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

1
2
3
4

181
154
135
176
176

181
154
135
190
190

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

1
2
3
4

523
502
484
549
549

523
502
484
553
553

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

1 $
2
3
4
$

0.80 $
0.69
0.57
0.65
0.57 $

0.80
0.69
0.57
0.70
0.57

as such as deepwater GOM. Due to moratorium, assume SLB revenues are affected more negatively
ng a 'weak' case argument 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
pped year-to-year, they showed improvement last quarter. They should revert back to a more normal

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

1 $
2
3
4
$
this region has slipped significantly. As such, we consider this a 'weak' case.

13.20 $
11.53
9.61
4.25
9.61 $

13.20
11.53
9.61
4.50
9.61

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
this region in comparison to other areas. Right now, nothing stands out to move this to a 'strong' case.
hould not slip. In all, a 'base' case is warranted here and potentially moving to a 'strong' case in the

Revenues by Region and Rig Count for WFT

General assumptions
Ticker Symbol
Latest Fiscal year end (dd/mm/yy)
Current share price

WFT
########
$ 17.40

Revenue and Rig Count Data

Revenues by Region (mln):

North America
Latin America
Europe / West Africa / CIS
Middle East / North Africa / Asia
Total Revenues

Actual
Actual
Qtr End
Qtr End
3/30/2009 6/30/2009
$
837 $
571
468
466
582
593
369
365
$ 2,256 $ 1,995

Rig Count by Region:

North America
Latin America
Europe / West Africa / CIS
Middle East / North Africa / Asia
Total Rig Count

3/30/2009 6/30/2009
1,676
1,024
371
350
104
94
550
539
2,701
2,007

Revenue per Rig (mln):

North America
Latin America
Europe / West Africa / CIS
Middle East / North Africa / Asia
Revenue per Rig (mln):

3/30/2009 6/30/2009
$
0.50 $
0.56
1.26
1.33
5.60
6.31
0.67
0.68
$
0.84 $
0.99

Sensitivity Analysis

North America
Latin America
Europe / West Africa / CIS
Middle East / North Africa / Asia

Rig Counts
Minimum Maximum
1,024
1,815
350
384
89
123
530
578

Rig Count Analysis

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

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)

Strong case
Base case
Weak case
Override
Projected rig count

Europe / West Africa / CIS Rig Count

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

Strong case
Base case
Weak case
Override
Projected rig count

Middle East / North Africa / Asia Pacific Rig Count

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

Strong case
Base case
Weak case
Override
Projected rig count

Revenue per Rig Analysis

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

Strong case
Base case
Weak case
Override
Projected revenue per rig
Comment: As noted in a previous conference call, only 4% of WFT revenues come from deepwater GOM. They have

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

Latin America Revenue per Rig

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

Strong case
Base case
Weak case
Override
Projected revenue per rig
Comment: WFT is the most negatively affected of the companies in this region. However, consensus is the downwar
a 'weak' region overall.

Europe / West Africa / CIS Revenue per Rig

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

Strong case
Base case
Weak case
Override
Projected revenue per rig
Comment: WFT divides up Africa different from the other companies. They separate it into West Africa and North A
to be the countries of Angola, Congo, Gabon, and Nigeria. West Africa saw a decent rig count increase this quarter. A
consider this a 'strong' region.

Middle East / North Africa / Asia Pacific Revenue per Rig

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

Strong case
Base case
Weak case
Override
Projected revenue per rig
Comment: Revenue per rig has steadily increased in this region. Consider it a 'strong' case.

Actual
Actual
Actual
Actual
Projected
Qtr End
Qtr End
Qtr End
Qtr End
Qtr End
Qtr End
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

Rig Counts
Average
1,442
365
103
552

Revenue per Rig

Minimum Maximum Average
$
0.49 $
0.56 $
0.53
$
1.07 $
1.74 $
1.34
$
4.87 $
6.74 $
5.80
$
0.67 $
0.88 $
0.78

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

1
2
3
4

1,815
1,442
1,024
1,978
1,978

1,815
1,442
1,024
2,150
2,150

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

1
2
3
4

384
365
350
385
385

384
365
350
395
395

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

1
2
3
4

123
103
89
125
125

123
103
89
130
130

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

1
2
3
4

578
552
530
600
600

578
552
530
616
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
FT revenues come from deepwater GOM. They have much more exposure to Canada land and shale gas

ven a 'strong' case for 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
es in this region. However, 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
panies. They separate it into West Africa and North Africa. For these purposes, West Africa is considered
Africa saw a decent rig count increase this quarter. Also, WFT has a good presence in CIS so

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

1 $
2
3
4
$
Consider it a 'strong' case.

0.88 $
0.78
0.67
1.60
0.88 $

0.88
0.78
0.67
1.60
0.88

Revenues by Region and Rig Count for SII

General assumptions
Ticker Symbol
Latest Fiscal year end (dd/mm/yy)
Current share price

SII
########
n/a

Revenue and Rig Count Data

Revenues by Region (mln):

North America
Latin America
Europe / Africa / CIS
Middle East / Asia Pacific
Total Revenues

Actual
Actual
Qtr End
Qtr End
3/30/2009 6/30/2009
$ 1,282 $
906
276
227
540
511
314
300
$ 2,412 $ 1,944

Rig Count by Region:

North America
Latin America
Europe / Africa / CIS
Middle East / Asia Pacific
Total Rig Count

3/30/2009 6/30/2009
1,676
1,024
371
350
148
145
506
488
2,701
2,007

Revenue per Rig (mln):

North America
Latin America
Europe / Africa / CIS
Middle East / Asia Pacific
Revenue per Rig (mln):

3/30/2009 6/30/2009
$
0.76 $
0.88
0.74
0.65
3.65
3.52
0.62
0.61
$
0.89 $
0.97

Sensitivity Analysis

North America
Latin America
Europe / Africa / CIS
Middle East / Asia Pacific

Rig Counts
Minimum Maximum
1,024
1,815
350
384
135
181
484
523

Rig Count Analysis

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

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)

Strong case
Base case
Weak case
Override
Projected rig count

Europe / Africa / CIS Rig Count

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

Strong case
Base case
Weak case
Override
Projected rig count

Middle East / Asia Pacific Rig Count

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

Strong case
Base case
Weak case
Override
Projected rig count

Revenue per Rig Analysis

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

Strong case
Base case
Weak case
Override
Projected revenue per rig
Comment: We need to include expected SII revenues into SLB's numbers since the SII / SLB merger was completed on

North America, however M-I SWACO which comprises approximately 50% of SII revenues is more slanted towards de
base' case for now.

Latin America Revenue per Rig

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

Strong case
Base case
Weak case
Override
Projected revenue per rig
Comment: SII lost share in Latin America to rivals late in 2009 but appears to be coming off the lows. It is debatable
Overall things should start to improve so consider it a 'base' case.

Europe / Africa / CIS Revenue per Rig

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

Strong case
Base case
Weak case
Override
Projected revenue per rig
Comment: Revenue per rig has been steadily falling in the region. Until strength is observed, consider it a 'weak' cas

Middle East / Asia Pacific Revenue per Rig

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

Strong case
Base case
Weak case
Override
Projected revenue per rig
Comment: SII has made big strides in Asia Pacific particularly as well as the Middle East in comparison to past period

Actual
Actual
Actual
Actual
Projected
Qtr End
Qtr End
Qtr End
Qtr End
Qtr End
Qtr End
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

Rig Counts
Average
1,442
365
154
502

Revenue per Rig

Minimum Maximum Average
$
0.59 $
0.88 $
0.73
$
0.65 $
0.76 $
0.70
$
3.09 $
3.67 $
3.47
$
0.50 $
0.62 $
0.58

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

1
2
3
4

1,815
1,442
1,024
1,978
1,978

1,815
1,442
1,024
2,150
2,150

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

1
2
3
4

384
365
350
388
388

384
365
350
395
395

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

1
2
3
4

181
154
135
175
175

181
154
135
190
190

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

1
2
3
4

523
502
484
541
541

523
502
484
553
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
numbers since the SII / SLB merger was completed on 27 August. SII has a good presence in all of

mately 50% of SII revenues 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
ut appears to be coming off the lows. It is debatable whether this one should be rated 'base' or 'weak'.

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

1 $
2
3
4
$

3.67 $
3.47
3.09
7.00
3.09 $

3.67
3.47
3.09
7.00
3.09

n. Until strength is observed, consider it a 'weak' case.

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

1 $
0.62 $
2
0.58
3
0.50
4
1.60
$
0.62 $
well as the Middle East in comparison to past periods. This is rated 'strong' for now.

0.62
0.58
0.50
1.60
0.62

Symbol
BHI
HAL
SLB
WFT

Revenue
Forecast
$
$
$
$

3,662
4,877
6,992
2,892

3Q 2010
Revenue
Consensus
$
$
$
$

3,780
4,580
6,840
2,610

% Change
-3.1%
6.5%
2.2%
10.8%

Revenue
Forecast
$
$
$
$

3,902
5,191
9,218
3,047

4Q 2010
Revenue
Consensus
$
$
$
$

3,970
4,730
8,660
2,790

% Change
-1.7%
9.7%
6.4%
9.2%