You are on page 1of 62

Conference Edition 2013

An Overview of Select Oilfield Service Companies

Analyst Contacts: Jonathan Donnel K. Blake Hancock Blake Hutchinson Bill Sanchez Dave Wilson
(713) 393-4503 (713) 393-4502 (713) 393-4507 (713) 393-4505 (713) 393-4509

H O W A R D W E I L | 2013 Energy Conference


Introduction

The following pages provide an overview of the Howard Weil Oilfield Service universe.
The purpose of this fact book is to provide investors with a better understanding of
select oilfield service companies and to highlight the scope and scale of their
participation in the oil patch.

Market share figures are compiled using our assumptions based on data collection from
numerous sources, namely Company Reports, HW research and industry publications.

Included is a snapshot of the current worldwide offshore rig landscape and regional
detail on the U.S. land drilling market. Composition of the worldwide fleet, individual
Company fleet size, market share and geographic locations are based on ODS-
Petrodata, the Land Rig Newsletter, Company Filings, Company Reports and HW
research.

H O W A R D W E I L | 2013 Energy Conference 2


Table of Contents
Alphabetical by Company
Atwood Oceanics (ATW) ............................................... 39 Patterson-UTI Energy (PTEN) ....................................... 54
Baker Hughes Incorporated (BHI) ................................. 6 Pioneer Energy Services (PES) ...................................... 55
Basic Energy (BAS) ....................................................... 14 Precision Drilling Corporation (PDS)............................. 56
Bristow Group (BRS) ..................................................... 57 Rowan Companies (RDC) .............................................. 45
Cameron (CAM) ............................................................. 10 Schlumberger Ltd. (SLB) ................................................. 8
Carbo Ceramics, Inc. (CRR) .......................................... 15 Seadrill Ltd. (SDRL) ....................................................... 47
Core Laboratories N.V. (CLB) ........................................ 16 Superior Energy Services (SPN) .................................... 18
Diamond Offshore (DO) ................................................ 40 Tenaris S.A. (TS) ............................................................ 13
Dresser-Rand Group (DRC) ........................................... 21 TETRA Technologies (TTI) ............................................. 19
Dril-Quip, Inc. (DRQ) .................................................... 22 Tidewater Inc. (TDW).................................................... 59
Ensco plc (ESV) ............................................................. 41 Transocean Inc. (RIG) ................................................... 46
Exterran Holdings (EXH) ............................................... 23 U.S. Silica (SLCA) ........................................................... 20
Forum Energy Technologies (FET) ................................ 24 Weatherford International (WFT) ................................... 9
FMC Technologies (FTI) ................................................ 11
Gulf Island Fabrication (GIFI) ...................................... 25 Basic Oilfield Definitions ...........................................4 - 5
Halliburton Co. (HAL) ...................................................... 7 Offshore Drillers Summary ............................................ 30
Helmerich & Payne (HP) ............................................... 52 Offshore Rig Definitions and Descriptions ............. 3133
Hercules Offshore (HERO) ............................................ 42 Offshore Drillers Market Share .............................. 3438
Hornbeck Offshore (HOS) ............................................. 58 Premium Jackups ................................................................. 34
Key Energy Services (KEG) ........................................... 17 Commodity Jackups ............................................................. 35
Lufkin Industries, Inc. (LUFK) ...................................... 26 Midwater Semis.................................................................... 36
Deepwater Floaters .............................................................. 37
McDermott International, Inc. (MDR) .......................... 27
Ultra-deepwater Floaters ..................................................... 38
Nabors Industries (NBR) .............................................. 53
Jackup/Floater Newbuild Schedule ...................... 48 49
National Oilwell Varco, Inc (NOV) ................................ 12
Land Driller Summary ................................................... 50
Noble Corporation (NE) ................................................ 43
Unconventional Drilling Market Share .......................... 51
Oceaneering International (OII) .................................. 28
Valuation Summary. ............................................... 6061
Oil States International, Inc. (OIS) .............................. 29
Pacific Drilling S.A (PACD). ........................................... 44
H O W A R D W E I L | 2013 Energy Conference 3
Basic Definitions*
Acidizing - A technique for increasing the flow of oil and/or gas into a well. Hydrochloric acid is pumped into Subsurface bit location is generally determined by MWD (real-time measurements of location and orientation of
the oil-bearing rock. The acid dissolves limestone in the producing zone enlarging pores and flow into the well the bottom hole assembly). Deviated drilling is often used in offshore production so multiple reservoirs can be
bore with less restrictions. produced from a single platform.
Actuator - A hydraulic or electric motor used to open or close valves. Draw Works the hoisting mechanism on a drill rig used to raise and lower the drill stem and apply the desired
pressure on the bit; essentially a large winch consisting of a wire reel and brake.
AHTS - Anchor-handling towing supply vessel.
Drill Bits - 1) Tricone bits - made of hardened steel or tungsten carbide mounted on three rotating cones. Used in a
Artificial Lift - The process of producing oil or water from wells that do not flow under their own pressure. wide variety of applications, 2) PDC or diamond bits - use fixed position cutters; excellent for soft drilling for-
Techniques include 1) Electric Submersible Pumps, 2) Progressive Cavity Pumps, 3) Gas Lift mations b/c they offer higher penetration rates and longer life than Tricone
Bbl - Barrels. mmbbls: million barrels. 1 barrel equals 42 U.S. gallons of oil at 60 degrees Fahrenheit. Drill Collars - used to place weight on the drill bit for better control and penetration. Collars are located directly
above the drill bit and are essentially very thick-walled drill pipe or a solid steel bar to provide necessary weight.
Blowout - An unexpected violent eruption of oil and gas from a well during the drilling phase of operation.
Occurs when high pressure gas is unexpectedly encountered and the proper precautions have not been taken. Drill pipe - Its primary purpose is to connect the above-surface drilling rig to the drill bit, provide a mechanism to
The initial eruption is followed by an uncontrolled flow of fluids from the well. steer the drill bit and serve as a conduit for drilling fluids and cuttings. A drilling rig will typically have an invento-
ry of 10,000 to 25,000 feet of drill pipe depending on the size and service requirements of the rig. When a drilling
Blowout Preventer - A "BOP" is a large, specially designed valve mounted on top of the well during the drill- rig is operating, motors mounted on the rig rotate the drill pipe and drill bit. Drill pipe is a capital good that can be
ing and completion stages of operation. The operator can close this valve to stop the flow of oil or gas in case used for the drilling of multiple wells. Once a well is completed, the drill pipe may be used again in drilling another
of emergency. well until the drill pipe becomes damaged or wears out.
Casing - Steel lining used to prevent caving of the sides of a well, to exclude unwanted fluids and to provide Drill-Ship - Free-floating, offshore drilling unit shaped like a ship, positioned by anchors or dynamic positioning.
means of control of well pressures and oil and gas production.
Drilling Fluids also referred to as drilling mud; pumped through the drill string, exiting nozzles in the drill bit.
Cementing - A process whereby cement is pumped into the hole between the walls of the hole and the outside Cleans the bottom of the well by transporting cuttings to the surface while also cooling and lubricating the bit and
of the casing. Upon hardening, the cement holds the pipe in place and prevents fluid movement in the hole drill string. Barite or bentonite contained in the fluid provides weight which allows the fluid to hold the wellbore
between strata that have been drilled through. open to achieve total depth. Types of drilling fluids: 1) Water-base - most widely used for both land and offshore,
2) Oil-base - used to drill water sensitive shales and are used in areas where stuck pipe is likely to occur. Typically
Centrifugal compressor - A compressor with an impeller or rotor, a rotor shaft and a casing which discharges yield higher penetration rates vs. water-based systems, 3) Synthetic-base - used where oil-base fluids are prohibit-
gases under pressure by centrifugal force. ed; advantageous in the deepwater.
Choke - A type of valve used to control the rate and pressure of the flow of production from a well or through Drilling with Casing - not typical, but does eliminate the need for drill pipe and allows operators to simultaneously
flowlines. drill, case and evaluate wells.
Christmas Tree - Assembly of valves and fittings located at the head of a well to control flow of oil and gas. Dynamic Positioning - a series of propellers placed around a ship, and linked to a GPS system, used to maintain
the ships position without anchors.
Coil Tubing - A generic term relating to the use of a coiled tubing string (small diameter reeled pipe) and
associated equipment. Generally used in for well workover and intervention, but can also be used for drilling Fishing - equipment used to locate, dislodge, and retrieve damaged or stuck pipe, tools, or other objects from inside
and production. Coil tubing offers a midpoint between using drill pipe and wireline for well work. the wellbore.
Completion Fluids fluids used at the conclusion of drilling during the well completion phase to minimize Floater - An offshore drilling platform without a fixed base.
formation damage. Typically a solids-free brine liquid used to maintain downhole pressure and prevent the
well from flowing until production starts. Seldom is drilling mud suitable for completion due to its solids Flowline A flexible or rigid pipe from a few hundred meters to several kilometers designed to transport hydrocar-
content, pH, etc. bons, injection or control fluids between production facilities, subsea equipment, or onshore delivery points, etc.

Completions - equipment installed in a well after it is drilled to produce the oil/gas to the surface such as 1) Formation Evaluation - measure/analyze physical properties of wellbore such as volume of oil/gas and ability to
Liner hangers - suspend a section of casing inside the bottom of the previous section of casing, 2) Packers - produce. Two common methods of data collection are wireline logging (pull/push instruments through the wellbore
seal the annular space b/w the production tubing & casing (control flow of fluids in the well and protect the after it is drilled) and LWD (logging-while-drilling, instruments are attached to the drill string and collect data as
casing), zonal isolation, 3) Subsurface safety valves - shut off flow of fluids to the surface in emergency well is drilled).
(required in most offshore wells), 4) Gravel Packs/Sand control - used in loosely consolidated formations to
prevent sand from commingling with oil/gas in production. FPSO - Floating Production Storage and Offloading. A ship-shaped vessel used to produce, separate, store and
offload offshore oil and gas. Similar in functionality to a SPAR.
Decommissioning/Abandonment - Removal of production equipment from depleted oil fields.
Fracturing - The process of pumping fluids into a productive formation at high rates of injection to hydraulically
Directional Drilling - used to guide a well along a predetermined path on vertical, horizontal, and extended break the rock. The "fractures" which are created in the rock act as flow channels for the oil and gas to the well.
reach wells, using either a downhole motor (turns the bit independently of the drill string and is placed just
above the bit to steer the well's course) or a rotary steerable (the entire drill string is turned from the surface to
supply energy to the bit). H O W A R D W E I L | 2013 Energy Conference 4
Basic Definitions* (cont)
Horizontal Drilling essentially directional drilling when the wellbore is at least 80% from vertical Riser - Flexible or rigid pipe used to connect the wellbore of offshore wells to drilling or production equipment on
the surface, and through which drilling fluids or hydrocarbons travel.
Jacket - Supporting structure for an offshore platform and can range from 10-1,000 feet.
ROV Remotely Operated Vehicles used for underwater construction, pipeline/structural surveys, etc.
Jack-up - Mobile offshore drilling platform consisting of a floating platform with retractable legs the platform
extends to the seabed when operational. Subgroups include independent leg, mat-supported, cantilever, slot, Seismic - a general term referring to the process of utilizing seismic waves to interpret reservoir geology. Pressure
etc. waves created at the surface (for example by dynamite or compressed-air guns) penetrate the earth and bounce back
at each change in subsurface layer. Geologists use this data to map the folds inside the earth and predict the pres-
Liner - Small diameter casing extending into the producing layer from just inside the bottom of the final string ence of reservoirs.
of casing cemented in a well.
Semisubmersible - Mobile offshore drilling platform with floats or pontoons, kept in position by anchors or dy-
Logging the process of gathering data typically done by sending instruments down-hole. Open hole logging namic positioning.
involves measurements made before casing is set to provide info on porosity, rock composition, and well tem-
perature. Cased hole logging is done after the casing is set and typically involves cement/pipe evaluation and SPAR - A single buoy mooring which includes production equipment and oil storage capacity so that production
reservoir monitoring. can continue even if the weather is too severe for tanker loading. Similar in functionality to an FPSO.

LWD Logging while drilling offers real-time data acquisition of formation parameters (resistivity, porosity, Surface Pipe typically a large-diameter pipe through the shallow water sands, cemented in place, and used to
etc.). protect shallow aquifers, support equipment (BOPs, etc) and support the remaining casing strings.

MPSV - Multi-purpose service vessel. Topsides - The top part of a platform positioned on the jacket supporting the production processing equipment,
living accommodations, etc.
Mud Pumps typically large, high-pressure reciprocating pumps used to circulate drilling fluid; part of the
larger drilling system of screeners, hydrocyclones, mud tanks, etc. Tubing - small diameter pipe installed in the casing. Oil is typically produced through tubing.

Multi-lateral wells a well with more than one branch radiating from the main borehole. Turnkey Contract a contract in which an operator or drilling contractor agrees to furnish all labor and materials
necessary to drill a well to a certain depth or stage of completion for a specified sum of money. The operator or
MWD Measurement while drilling offers real-time data acquisition for a variety of information such as down contractor assumes all of the responsibility and risks involved in completing the operation.
-hole pressure, temperature, and trajectory. Also see LWD.
Umbilical a flexible bundle of small tubes and wires typically used to link remote subsea drill centers to a central
OCTG Oil Country Tubular Goods; oil well casing, tubing, drill pipe, drill collars, etc. hub. Umbilicals can control electric or hydraulic valves, carry production chemicals, provide flow assurance during
shut-ins, etc, and can be the size from inches to a foot or two in diameter.
Packers equipment lowered and expanded to seal-off the sections of the well. Used for both short-term and
long-term applications to isolate specific reservoir sections. Underbalanced Drilling - occurs when the bottom hole pressure exerted by the hydrostatic head of the drilling
fluid column is less than the pressure of the formation being drilled. The reservoir is able to flow while drilling
Platform - A fixed structure resting on the seabed or piled into it from which development wells are drilled to takes place, protecting the formation from damage by the drilling fluids.
exploit an oil or gas field. Platforms are typically of two kinds, although several novel designs are in exist-
ence. Gravity structures, either concrete or hybrid with concrete base, which rest on the seabed by virtue of Underream enlarging a wellbore beyond its original size allowing a smaller hole to be drilled near the surface
their own weight; and steel pile jackets with steel legs and superstructure piled into the seabed. and a larger diameter hole in the reservoir section.

Perforating - puncturing a well's casing and cement with explosive charges creating a fracture for oil/gas from Valve - A device used to control the rate of flow in a line, to open or shut off a line completely, or to serve as an
the formation to enter the wellbore. automatic or semi-automatic safety device.

Pressure Pumping pumping material into the well for a variety of applications (see fracturing, acidizing, Wellhead Specifically the equipment installed at the surface of a wellbore for installing casing hangers during
cementing, etc.) drilling and supporting the production tubing and Christmas tree; but sometimes used in a general reference to the
entire equipment assembly including Christmas tree.
Production Testing - when each new well is competed, a series of tests are run on the well. The various tests
are used to estimate the reservoir characteristics including flowrate, pressure decline, connectivity, and specific Wireline - Wire or cable used for downhole operations (see formation evaluation, logging, etc).
oil properties (API gravity, chemical composition, etc).
Workover - Re-entry into a completed well to improve flow rates by any number of operations including re-
Progressive cavity pump a pump with a corkscrew shape useful for pumping highly viscous fluids. completions, re-fracturing, stimulations, installing new equipment, etc.

Proppant - small particles ranging in size that are mixed with fracturing fluid to hold fractures open after a * Sources Company reports, industry publications, HW research
hydraulic fracturing treatment. Proppant can be naturally occurring or artificially created such as resin-coated
sand or high-strength ceramic materials.

H O W A R D W E I L | 2013 Energy Conference 5


Company Profile:
Baker Hughes provides drilling, formation evaluation, completion and production products and services to the worldwide oil and gas industry. Baker Hughes operates in over
80 countries worldwide providing products and technologies to international oil and gas companies, independent oil and gas companies, and national oil companies.

Drilling and Evaluation - Drilling and Evaluation consists of the following business units.
Drill Bits - product lines include the Tricone roller cone bits and fixed cutter diamond compact bits (PDC).
Drilling Services- services and systems including: MWD/LWD, directional drilling, rotary steerable technology, drilling optimization, coil tubing and wellbore re-entry, coring
drilling, and surface logging.
Baker Hughes Inc. - BHI (NYSE) Wireline Services- services including open-hole and cased-hole logging, casing perforating, pipe recovery, reservoir evaluation coring, fluid characterization, production
www.bakerhughes.com logging, well integrity testing, and seismic/microseismic.
Drilling and Completion Fluids - emulsion and water-based drilling fluids and related services, fluids environmental services (FES).
Share Price (3/13/13) $46.03
Shares Out (mil.) 442 Completion and Production - Completion and Production consists of the following business units.
Market Cap (mil.) $20,338 Completion Systems - products and services include: sand control, liner hangers, wellbore isolation, expandable tubulars, multi-laterals, packers and flow control, and tubing
Avg Daily Volume (mil.) 3.4 conveyed perforating.
52-week range $37.08 - $50.97 Wellbore Intervention - products and services include: thru-tubing fishing and inflatables, conventional fishing, casing exit, production injection packers, remedial and
stimulation tools, and wellbore cleanup.
YTD Return 12.7%
Intelligent Production Systems - products and services to monitor and control production including: chemical injection, well monitoring, intelligent well systems, and artificial
Employees 58,800 lift monitoring.
Artificial Lift - electrical submersible pumping (ESP) systems, progressing cavity pumping (PCP) systems, gas lift systems, and horizontal surface pumping systems.
Management in office since Upstream Chemicals - chemicals and systems to provide flow assurance, integrity management, and hydrocarbon production.
Martin Craighead, Pres./CEO 2012 Pressure Pumping - includes cementing, stimulation, and coiled tubing services for the completion of new wells or remediation of existing wells, both onshore and offshore.
Peter Ragauss, CFO 2006
Industrial Services - downstream chemicals, process and pipeline services, and stimulation chemicals. Also, reservoir technology and consulting services and software.
Investor Relations Contacts
Trey Clark 713-439-8039

Share Repurchase Snapshot (mil $)


Current Authorization $1,250
Remaining as of 12/31/12 $1,197 BUSINESS SEGMENT BREAKDOWN GEOGRAPHIC REVENUE BREAKDOWN
Potential Buyback of Shares O/S 5.9%
2007 2012 2007 2012
BALANCE SHEET (mil.) Total Revenue: $10,428 million Total Revenue: $21,361 million
12/31/12
Cash & Short Term Investments $1,015
PP&E (net) $8,707
Goodwill $5,958 Hughes
Industrial Mid East,
Christensen
Total Assets $26,689 INTEQ and Other Asia Pac United
10% 18% Drilling & Other United States
6% 16% States
Short-term Debt $1,079 Centrilift
Evaluation 37% 36%
46%
Long-term Debt $3,837 BHI Drilling Fluids 34% Europe/Africa/CIS
10%
10% 19%
Total Liabilities $9,421
Shareholder Equity $17,069
Baker Petrolite Baker Atlas
15% Completion Canada
12% Mid East, Asia Pac
Working Capital $6,293 Baker Oil Tools & 5% Latin
5% Canada
Book Value / Share $38.63 25% Production America
Latin America 8%
60% Europe/Africa/CIS 11%
Tangible Book Value / Share $25.15 15% 2%
LT Debt / Capital 18.4%
Total Debt / Capital 22.4%
Net Debt / Capital 18.6%

Key Competitor Landscape by Product Line for 2012

Bits Completions Directional Drilling Artificial Lift Pressure Pumping


$4,000
$1,500 $2,500 $3,000
$15,000
$2,000 $3,000 $2,500
(million)

$1,000 $2,000

(million)
$10,000
(million)

$1,500
(million)

$2,000

(million)
$1,500
$500 $1,000 $1,000
$1,000 $5,000
$500 $500
$0 $0 $0
$0 $0

WFT
SLB
SLB

BHI

BHI
HAL
BHI
HAL

BHI

SLB

HAL
HAL
NOV

WFT
SLB

SLB
WFT

BHI
Source: Spears & Associates

H O W A R D W E I L | 2013 Energy Conference 6


Company Profile:
Halliburton is one of the world's largest providers of products and services to the oil and gas industries with operations in approximately 80 countries. The
Company operates under two main segments:

Completion and Production - delivers cementing, stimulation, intervention, and completion services. Services in this segment include: optimization of oil and
gas production through pressure pumping, fracturing, and acidizing; pipeline and facility testing; sand control services for the prevention of formation sand
Halliburton Co. - HAL (NYSE) production; live well intervention and continuous pipe deployment through the use of hydraulic workover systems and coiled tubing tools; and real-time reservoir
www.halliburton.com analysis. Effective January 1, 2013, Halliburton Artificial Lift will be included as a product service line within this segment.
Share Price (3/13/13) $41.84
Drilling and Evaluation - provides field and reservoir modeling, drilling, evaluation, and precise well-bore placement solutions enabling modeling,
Shares Out (mil.) 932 measurement, and optimization of well construction activities. This segment includes Baroid Fluid Services (fluid systems for workover operations), Sperry
Market Cap (mil.) $38,987 Drilling (directional and horizontal drilling, measurement-while-drilling, and rig site information systems), Halliburton Drill Bits and Services, Wireline and
Avg Daily Volume (mil.) 11.5 Perforating (information on formation evaluation), Testing and Subsea, Landmark (integrated exploration, drilling, and production software information systems),
52-week range $26.28 - $43.96 and project management.
YTD Return 20.6%
Total Employees 73,000

Management in office since


David J. Lesar, Chairman/CEO 2000
Mark A. McCollum, CFO 2008
Jeff Miller, COO 2012
BUSINESS SEGMENT BREAKDOWN GEOGRAPHIC REVENUE BREAKDOWN
Investor Relations Contact
Kelly Youngblood 281-871-2633

2007 2012 2007 2012


Share Repurchase Snapshot (mil $)
Total Revenue: $15,264 million Total Revenue: $28,503 million
Current Authorization $5,000
Remaining as of 12/31/12 $1,731
Potential Buyback of Shares O/S 4.4%
Middle
BALANCE SHEET (mil.) Drilling & Middle East North America East
12/31/12 Drilling & Evaluation Evaluation 17% 47% 15%
Cash & Equivalents $2,484 45% 39%
North
PP&E (net) $10,257 America
Europe/
Goodwill $2,135 Africa 56%
Total Assets $27,410 16%
Short-term Debt $0
Europe/ Africa
Long-term Debt $4,820 24%
Completion & Latin
Total Liabilities $11,620 Completion & Latin America
Production America
Production 12%
Minority Interest $25 55% 13%
61%
Shareholder Equity $15,765

Working Capital $8,334


Book Value / Share $16.92
Tangible Book Value / Share $14.63
LT Debt / Capital 23.4%
Total Debt / Capital 23.4%
Net Debt / Capital 12.9%

Key Competitor Landscape by Product Line for 2012

Completions Directional Drilling Drilling & Completion Fluids Pressure Pumping Wireline
$4,000 $15,000
$2,500 $4,000 $6,000
$2,000 $3,000 $3,000
$10,000 $4,000
(million)

(million)
(million)

$1,500
(million)

(million)
$2,000 $2,000
$1,000
$1,000 $5,000 $2,000
$500 $1,000

$0 $0 $0
$0
SLB

$0
HAL
BHI

BHI
SLB
HAL

NR

SLB
HAL

TTI
SLB

HAL
BHI
WFT

BHI
HAL
WFT

WFT
SLB

BHI
Source: Spears & Associates

H O W A R D W E I L | 2013 Energy Conference 7


Company Profile:
Schlumberger Ltd. operates in each of the major oilfield service markets covering the entire life cycle of the reservoir, managing its business through three major Groups:
Reservoir Characterization Group: Consists of the main Technologies involved in finding and defining hydrocarbon reserves. The group consists of :
WesternGeco - provides reservoir imaging, monitoring, and development services, with seismic crews and data processing centers, as well as seismic libraries.
Services range from 3D and time-lapse(4D) seismic surveys to multi-component surveys for delineating prospects and reservoir management. Operates in land,
marine, and shallow-water transition-zone areas.
Wireline - provides the information necessary to evaluate the formation, plan and monitor well construction, and monitor and evaluate production.
Testing Services - includes surface and downhole testing and perforating services.
Schlumberger Information Solutions - provides consulting, software, information management and IT infrastructure services.
Schlumberger Ltd. - SLB (NYSE) PetroTechnical Services- supplies measurement, interpretation and integration of all exploration and production data types, as well as expert consulting services for
www.slb.com reservoir characterization, production enhancement, field development planning, and multi-disciplinary reservoir and production solutions.

Share Price (3/13/13) $77.39 Drilling Group: Consists of principal technologies used in the drilling and positioning of oil and gas wells. The group is made up of:
M-I SWACO - provides drilling and completion fluids, solids-control and separation equipment, waste-management services and oilfield production chemicals.
Shares Out (mil.) 1331 Bits & Advanced Technologies Designs - manufactures and markets roller cone and fixed cutter drill bits for all environments.
Market Cap (mil.) $103,007 Geoservices - supplies mud logging services for geological and drilling surveillance.
Drilling & Measurements and PathFinder - supplies directional drilling, measurements-while-drilling, and logging-while-drilling-services.
Avg Daily Volume (mil.) 5.9 Drilling Tools & Remedial - provides bottom hole assembly drilling tools, borehole enlargement technologies and impact tools, as well as a collection of tubular and
52-week range $59.12 - $82.00 tubular services.
Dynamic Pressure Management - consolidates pressure drilling and underbalanced drilling into a single provider of engineered solutions for pressure drilling services.
YTD Return 11.7%
Employees 118,000 Production Group: Consists of Technologies involved in the lifetime production of oil and gas reservoirs. This group is comprised of:
Well Services - provides services to construct oil and gas wells, as well as maintain optimal production through the life of an oil and gas field. These include pressure
pumping, well stimulation services, coiled tubing, cementing, and engineering.
Management in office since Completions - provides completion and production optimization services, including intelligent well completions.
Paal Kibsgard, CEO 2011 Artificial Lift - provides production equipment and optimization services using electrical submersible pumps and gas lift equipment, as well as surface horizontal
Simon Ayat, CFO 2007 pumping systems.
Well Intervention - develops coiled tubing equipment and services and provides slickline services for downhole mechanical well intervention, reservoir monitoring and
downhole data acquisition.
Investor Relations Contact Subsea - provides solutions designed to improved reservoir recovery, optimize production and maximize production uptime of subsea assets.
Malcolm Theobald 713-375-3533 Water Services - specializes in the development, management and environmental protection of water resources
Carbon Services - provides comprehensive geological storage solutions for carbon dioxide.
Share Repurchase Snapshot (mil $)
Current Authorization $8,000
Remaining as of 12/31/12 $879 BUSINESS SEGMENT BREAKDOWN GEOGRAPHIC REVENUE BREAKDOWN*
Potential Buyback of Shares O/S 0.9%

BALANCE SHEET (mil.) 2007 2012 2007 2012


12/31/12 Total Revenue: $23,269 million Total Revenue: $42,149 million
Cash & Short Term Investments $6,274
PP&E (net) $14,780
Goodwill $14,585 Middle
Total Assets $61,547 Western Geco Reservoir Other East &
Asia North
Short-term Debt $2,121 13% Reservoir Characterization Middle East & Asia 1% America
27% North America 22%
Long-term Debt $9,509 Production 24% 32%
35% 26%
Total Liabilities $26,689
Shareholder Equity $34,751

Working Capital $11,788 Oilfield Service Latin America Europe/ Latin


Europe/ CIS/ W.
Book Value / Share $26.11 87% Drilling Africa 16% CIS/ W. America
38% Africa 18%
Tangible Book Value / Share $15.15 33%
28%
LT Debt / Capital 21.5%
Total Debt / Capital 25.1% * Oilfield Service Group only
Net Debt / Capital 13.4%

Key Competitor Landscape by Product Line for 2012

Bits Directional Drilling Drilling & Completion Fluids Pressure Pumping Wireline
$1,500
$4,000 $4,000 $15,000 $6,000

$1,000 $3,000 $3,000


$4,000
(million)

$10,000

(million)
(million)
(million)

(million)
$2,000 $2,000
$500 $2,000
$5,000
$1,000 $1,000
$0
$0
$0 $0 $0

SLB
HAL

BHI
SLB

WFT
BHI

HAL

SLB

HAL
HAL
SLB
NOV

BHI
HAL

SLB
NR
BHI

BHI
TTI
WFT

Source: Spears & Associates

H O W A R D W E I L | 2013 Energy Conference 8


Company Profile:
Weatherford International Ltd. provides equipment and services used for the drilling, evaluation, completion, production and intervention of oil and natural gas wells. The
Company provides the following products and services:

Artificial Lift Systems - includes progressive cavity pumps, reciprocating rod systems, gas lift systems, electrical submersible pumps, hydraulic lift systems, plunger lift
systems and hybrid lift systems.

Drilling Services - concentrates on directional drilling services (MWD, LWD, rotary steerable systems), drilling-with-casing, controlled pressure drilling (underbalanced drilling)
Weatherford Int'l - WFT (NYSE) & well testing, wireline services (open/cased-hole logging) and geoscience services.
www.weatherford.com Well Construction - includes tubular running services, cementation tools, liner systems, solid tubular expandable technologies, drilling tools (including drill pipe, collars),
intervention services (fishing/re-entry services) and decommissioning services.
Share Price (3/13/13) $11.75
Shares Out (mil.) 765 Drilling Tools - includes drill pipe and related drillstem tools, drill collars, heavyweight pipe and drilling jars, downhole tools, BOP's, high-pressure valves, accumulators,
Market Cap (mil.) $8,990 adapters, manifolds, tubular handling elevators, spiders, slips, tongs and kelly spinners.
Avg Daily Volume (mil.) 8.6 Completion Systems - provides completion products (sand/expandable screens, industrial pumps) as well as engineered and integrated completion systems.
52-week range $8.84 - $17.75
Wireline and Evaluation Services - includes open hole wireline, geoscience services, cased hole wireline, slickline services, and integrated evaluation services
YTD Return 5.0%
Employees 70,000 Re-entry and Fishing - includes re-entry services, fishing services, and thru-tubing services.

Management Stimulation and Chemicals - includes production chemicals, capillary injection technology and services and fracturing technologies.
in office since
Bernard Duroc-Danner, Chn/CEO 1998 Pipeline and Specialty Services - provides services used throughout the life cycle of pipelines and process facilities, onshore and offshore, including inspecting, cleaning,
John Briscoe, CFO 2012 drying, testing, improving production, running or establishing integrity from the wellhead out.
Investor Relations Contact Integrated Drilling Services - offers project management services to clients, including the rig.
Karen David-Green 713-836-7430

Share Repurchase Snapshot (mil $)

No Authorization in Place BUSINESS SEGMENT BREAKDOWN GEOGRAPHIC REVENUE BREAKDOWN

2007 2012 2007 2012


BALANCE SHEET (mil.) Total Revenue: $7,832 million Total Revenue: $15,215 million
12/31/12
Cash & Equivalents $300
PP&E (net) $8,299 Completion & Completion &
Production Systems Production Middle Middle
Goodwill $3,871 Systems East/North
36% East/North United States United
Total Assets $22,795 44% Africa/Asia Africa/Asia
38% States
Short-term Debt $1,585 23% 18% 36%
Long-term Debt $7,049
Europe,
Total Liabilities + MI $14,009 CIS & West
Europe, CIS &
Shareholder Equity $8,786 West Africa Africa
15% 17% Canada
Canada
Working Capital $3,319 Formation Latin 9%
Formation 13%
Evaluation and Well Latin America America
Book Value / Share $11.48 Evaluation and Well
Construction 11% 20%
Construction
Tangible Book Value / Share $6.42 56%
64%
LT Debt / Capital 44.5%
Total Debt / Capital 49.6%
Net Debt / Capital 48.7%

Key Competitor Landscape by Product Line for 2012

Completions Directional Drilling Artificial Lift Wireline


$2,500 $6,000
$4,000 $3,000
$2,000 $5,000
$3,000 $4,000
$1,500 $2,000

(million)
(million)

(million)

(million)

$2,000 $3,000
$1,000 $2,000
$1,000 $1,000
$500 $1,000
$0 $0
$0 $0
SLB
HAL

SLB
BHI

HAL
BHI

WFT

WFT

BHI
HAL

BHI

WFT
SLB

SLB
WFT

Source: Spears & Associates

H O W A R D W E I L | 2013 Energy Conference 9


Company Profile:
Cameron International Corporation manufactures oil and gas pressure control and separation equipment, including valves, wellheads, controls, chokes, blowout
preventers and assembled systems for oil and gas drilling, production and transmission used in onshore, offshore and subsea applications. Cameron also
manufactures centrifugal air compressors, integral and separable gas compressors and turbochargers.

Drilling & Production Systems - products include surface and subsea drilling and production systems, drilling equipment packages, control systems, blowout
preventers (BOPs), oil and gas separation equipment, gate valves, actuators, chokes, wellheads, drilling riser and aftermarket parts and services. Additionally,
Cameron - CAM (NYSE) DPS manufactures elastomers, which are used in pressure and flow control equipment and other petroleum industry applications, as well as in the petrochemical,
www.c-a-m.com rubber molding and plastics industries.

Share Price (3/13/13) $65.59 Valves & Measurement - valve products include gate valves, ball valves, butterfly valves, Orbit valves, block and bleed valves, plug valves, globe valves,
Shares Out (mil.) 248 check valves, actuators, chokes and aftermarket parts and services. Measurement products include totalizers, turbine meters, flow computers, chart recorders,
Market Cap (mil.) $16,257 ultrasonic flow meters and sampling solutions. Aftermarket services include OEM parts, repair, field service, asset management and remanufactured product to
Avg Daily Volume (mil.) 2.5 customers, particularly in support of the installed base of equipment.
52-week range $38.38 - $66.14
YTD Return 16.2% Process & Compression Systems - provides reciprocating and centrifugal compression equipment and related aftermarket parts and services. The Companys
Employees 27,000 compression equipment is used by gas transmission companies, compression leasing companies, oil and gas producers, independent power producers and in a
variety of other industries. Its aftermarket services include spare parts, technical services, repairs, overhauls and upgrades. The completion of the NATCO
acquisition in late 2009 expanded the size and product offerings of the Company's separation and processing business. Products offered include separators,
Management in office since heaters, dehydration and desalting units, gas conditioning units, membrane separation systems, water processing systems, and aftermarket parts and services.
Jack Moore, CEO 2008
Charles Sledge, CFO 2008 Recent Events: In November 2012, the Company entered into a 60/40 JV agreement with Schlumberger, called OneSubsea. CAM will contribute its Subsea
Investor Relations Contact division and SLB with pay CAM $600 million and contribute its Framo, Surveillance, Flow Assurance, and Power and Controls businesses. CAM will manage the
Jeff Altamari 713-513-3344 JV.

Share Repurchase Snapshot (mil. shares)


Current Authorization $500.0
Remaining as of 12/31/12 $476.1 BUSINESS SEGMENT BREAKDOWN GEOGRAPHIC REVENUE BREAKDOWN
Potential Buyback of Shares O/S 2.9% 2012
2007
2007 2012
BALANCE SHEET (mil.) Total Revenue: $4,666 million Total Revenue: $8,502 million
12/31/12
Cash & Equivalents $1,703
PP&E (net) $1,765 Process & Process & Other Other North America
Goodwill $1,924 Compression Compression Europe
Europe 2% 4% 45%
Systems Systems North America 11%
Total Assets $11,158 20%
Valves & 11% 18% 37% Africa
Short-term Debt $29 Measurement 10%
Long-term Debt $2,047 27%
Total Liabilities $5,592 Africa
13%
Shareholder Equity $5,566
Valves & Drilling & Asia, including South America
Drilling & Asia, including
Measurement Production Middle East 7%
Working Capital $3,742 Production Middle East
25% Systems 21% South America
Book Value / Share $22.46 Systems 23%
57% 7%
62%
Tangible Book Value / Share $14.69
LT Debt / Capital 26.9%
Total Debt / Capital 27.2%
Net Debt / Capital 6.3%

Industry-wide Subsea 2012 Subsea Tree Awards Year End Backlog


Tree Bookings* Market Share*
$9,000
$8,000
600
$7,000
500
DRQ $6,000
2%

(million)
400 Vetco $5,000
# of Trees

30%
300 FTI $4,000
38% $3,000
200 AKS $2,000
10%
100 $1,000

0 $0
CAM

2004
2005
2004

2006
2005

2007
2006

20%
2007

2008
2008

2009
2009

2010
2010
2011

2011
2012

2012
2013E

* 2013 Estimate per Quest Offshore * Source: Quest Offshore, HW Research DPS V&M PCS

H O W A R D W E I L | 2013 Energy Conference 10


Company Profile:
FMC Technologies, Inc. provides technology solutions for the energy industry. The Company manufactures systems and products including subsea production
and processing systems, surface wellhead production systems, high pressure fluid control equipment, measurement solutions, and marine loading systems.

Subsea Technologies - designs and manufactures systems and provides services used by oil and gas companies involved in deepwater exploration and
production of crude oil and gas. This segment is broken down into three products and services divisions: subsea systems, Schilling Robotics, and multi phase
meters.
FMC Technologies - FTI (NYSE) Surface Technologies- designs, manufactures and supplies high pressure valves and fittings for oilfield service customers, involved in land and offshore
www.fmctechnologies.com exploration and production. The three segments are Surface Wellhead, which provides surface wellheads and production systems to service applications. Fluid
Control, which designs and manufactures flowline products, under the Weco/Chicksan trademark, and pumps and valves used in well completion and stimulation
Share Price (3/13/13) $51.86 activities The last segment is Completion Services, which provides frac flowback services, cased hole electric wireline, logging services, pressure analysis, and
Shares Out (mil.) 237 well optimization and swabbing services.
Market Cap (mil.) $12,316 Energy Infrastructure- consists of six different products and services.
Avg Daily Volume (mil.) 2.1 - Measurement Solutions: provides solutions for use in custody transfer of crude oil, natural gas, and refined products.
52-week range $36.89 - $53.18 - Loading Systems: provide land and marine based fluid loading and transfer systems.
YTD Return 21.1% - Material Handling Solutions: products include bulk conveying systems to the power generation industry.
Employees 18,400 - Blending and Transfer Systems: provide engineering, design, and construction management services in connection with the application of blending
technology, process controls, and automation for manufacturers in the energy industry.
Management in office since - Separation Systems: designs and manufactures systems that separate production flows from wells into oil, gas and water.
John Gremp, Pres./CEO 2011 -Direct Drive Systems: develop and manufacture high-performance permanent magnet motors and bearings.
Maryann T. Seaman, CFO 2011 -Automation and Control: provides automation, control, and information technology to oil and gas and other industries.

Investor Relations Contact Recent Events - During 2012 the Company acquired the remainder of Schilling Robotics, 100% of Pure Energy, and 100% of Control Systems International.
Brad Alexander 281-260-3665 Schilling Robotics is a supplier of advanced robotic intervention products, including a line of ROVs, manipulator systems, and subsea controls. Pure Energy is a
provider of frac flowback services and wireline services. Control Systems International is a provider of automation, control and information technology to the oil
Share Repurchase Snapshot (mil shares) and gas industry.
Current Authorization 75.0
Remaining as of 12/31/12 15.1 BUSINESS SEGMENT BREAKDOWN GEOGRAPHIC REVENUE BREAKDOWN
Potential Buyback of Shares O/S 6.4%
2007 2012
BALANCE SHEET (mil.) Total Revenue: $3,650 million Total Revenue: $6,151 million 2012
12/31/12
2007
Cash & Equivalents $342
PP&E (net) $1,244 Energy Energy
Surface United
Goodwill $598 Processing Infrastructure
Technologies 9% States
Systems Other
Total Assets $5,903 26% United States 25%
21% Other 36%
30%
Short-term Debt $60 54%
Long-term Debt $1,580
Total Liabilities $4,050
Minority Interest $16
Shareholder Equity $1,837 Energy Subsea
Technologies Norway
Production Norway
65% Brazil 20%
Working Capital $1,518 Systems 16% Angola
79% 9%
Book Value / Share $7.74 10%
Tangible Book Value / Share $5.22
LT Debt / Capital 46.2%
Total Debt / Capital 47.2%
Net Debt / Capital 41.4%

Industry-wide Subsea 2012 Subsea Tree Awards Year End Backlog*


Tree Bookings* Market Share* $6,000

$5,000
600
$4,000
500
DRQ $3,000
2%

(million)
400
# of Trees

Vetco $2,000
300 30%
$1,000
200 FTI
38% $-
100

2004
AKS

2005
2006
2007
2008
2009
0

2010
10%

2011
2012
2004
2005
2006
2007
2008
2009
2010
2011

CAM
2012
2013E

20% Energy Production Sy stems Energy Processing S ystems Subsea Technologies


Surface Technologies Energy Infrastructure
* 2013 Estimate per Quest Offshore
* Source: Quest Offshore, HW Research * As of December 31, 2011 the Company changed its reporting segments

H O W A R D W E I L | 2013 Energy Conference 11


Company Profile:
National Oilwell Varco, Inc. is a worldwide provider of equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain
integration services to the upstream oil and gas industry. The Company conducts operations in over 500 locations across six continents.

Rig Technology - designs, manufactures, and sells capital equipment used in the drilling, completion, and servicing of oil and gas wells including equipment for offshore and
onshore drilling rigs; derricks; pipe lifting, racking, rotating and assembly systems; coiled tubing equipment and pressure pumping units; well workover rigs; wireline winches;
cranes, and rig instrumentation systems. The APL acquisition back in 2010 provided the Company with turret morring systems and other FPSO manufacturing capabilities. In
April 2012 the Company acquired NKT Flexibles, which designs and manufactures flexible pipe products and systems for the offshore oil and gas industry, including products
National Oilwell Varco - NOV (NYSE) associated with FPSO's and other offshore vessels, as well as subsea production systems including flow-lines and flexible risers.
www.nov.com
Petroleum Services & Supplies - provides a variety of consumable goods and services used to drill, complete, remediate and workover oil and gas wells and service pipelines,
Share Price (3/13/13) $67.52 flowlines and other oilfield tubular goods. The segment manufactures, rents and sells products and equipment used to perform drilling operations, including drill pipe, transfer
Shares Out (mil.) 427 pumps, solids control systems, drilling motors, drilling fluids, drill bits and other downhole tools, as well as mud pump consumables. The segment also provides pipeline and
Market Cap (mil.) $28,807 tubular inspection and coating services.
Avg Daily Volume (mil.) 4.7
Distribution Services - provides maintenance, repair and operating supplies and spare parts to drill site and production locations throughout North America and to offshore
52-week range $59.07 - $89.95 contractors worldwide. Increasingly, this business is also expanding to locations outside North America, including Mexico, Europe, the Middle East, Southeast Asia and South
YTD Return -1.2% America.
Employees 60,235
Intelliserv - The Company formed a joint venture with Schlumberger to deliver a new technology for instantaneous communication from drill bit to drill floor. NOV retains a 55%
Management in office since stake. NOV initially acquired 100% of Intelliserv through its May 2008 acquisition of Grant Prideco.
Merrill 'Pete' Miller, Chairman/CEO 2001
Clay Williams, COO 2012 Recent Events - In February 2013 the Company announced the completion of the acquisition of Robbins & Myers for approximately $2.5 billion in cash. RBN is a supplier of
engineered, application-critical equipment and systems for global energy, chemical and other industrial markets. The Company provides products and services for upstream oil
Jeremy Thigpen, CFO 2012
and gas, along with industrial processes and flow control products.
Investor Relations Contact
Loren Singletary 713-346-7807

Share Repurchase Authorization

No Authorization in Place BUSINESS SEGMENT BREAKDOWN GEOGRAPHIC REVENUE BREAKDOWN

BALANCE SHEET (mil.) 2007 2012 2007 2012


Total Revenue: $10,229 million Total Revenue: $20,041 million
12/31/12
Cash & Equivalents $3,319
PP&E (net) $2,945
Goodwill $7,172 Distribution
Distribution United
Total Assets $31,484 Services Rig Other United States Other
Services States
14% Technology 37% 41% 22%
Short-term Debt $1 19%
48% 41%
Long-term Debt $3,148
Total Liabilities $11,128
Minority Interest $117
Rig Technology
Shareholder Equity $20,239 Singapore Canada SE Asia
Petroleum 56% 6% Norway
Petroleum 6% 24% Europe Canada
Services and 7%
Working Capital $10,029 Supplies
Services
United Kingdom 6% 7%
and
Book Value / Share $47.44 30% 3%
Supplies
Tangible Book Value / Share $30.63 33%
LT Debt / Capital 13.5%
Total Debt / Capital 13.5%
Net Debt / Capital -0.8%

Key Competitor Landscape by Product Line for 2012

Solids Control Capital Equipment Backlog


BUSINESS SEGMENT KEY COMPETITORS
$12,000
Rig Technology $1,400
Mud pumps* RDC, Gardner Denver $10,000
Draw works* RDC, Aker Kvaerner $1,200
$8,000
Top Drives RDC, NBR, Tesco, Aker Kvaerner $1,000

(million)
Pipe Handling Aker Kvaerner
(million)

$800 $6,000
BOPs CAM, GE
$600 $4,000
Petroleum Services and Supplies $400
Downhole Drilling Tools & Motors SLB, WFT $200
$2,000
Solids Control SLB, Derrick
$0 $-

2005
SLB

2006
2007
NOV

2008
HAL

2009
2010
BHI

2011
2012
* Note: We believe NOV has a 60-65% share of the onshore installed base of draw
works and mud pumps and an approximate 87% share of the offshore installed base. Source: Spears & Associates Source: Company Reports

H O W A R D W E I L | 2013 Energy Conference 12


Company Profile:
Tenaris S.A. is the worldwide leader in the manufacturing of oil country tubular goods (OCTG) and related products. OCTG products consist of production casing,
surface casing, production tubing, and drill pipe. TS also manufactures a broad spectrum of line pipe, a wide-diameter tubular product employed in the pipeline
construction process. As of September 2012, the Company has now combined the Tubes and Projects into one major business segment.

Tubes - the segment includes the operations consisting of the production and sales of both seamless and welded steel tubular products and related services for
the oil and gas industry. We estimate that seamless sales account for about 70% of the Company's production volume. Products primarily consist of OCTG used
Tenaris S. A. - TS (NYSE) in drilling operations, and tubular products used in other industrial applications. The Company also provides couplings which serve as fortified connectors between
www.tenaris.com joints of tubing. The Company manufactures its own line of premium connections and purchased Hydril in 2006 to gain its connection competencies. Demand in
this segment has historically been very volatile and directly related to the number of oil and gas wells being drilled and re-worked, along with the depth and drilling
Share Price (3/13/13) $40.30 conditions of the wells. Sales are primarily to end users with exports facilitated through a managed global distribution network and are done through local
Shares Out (mil.) 590 suppliers.
Market Cap (mil.) $23,788
Avg Daily Volume (mil.) 1.3 Geographic Information - is reported in five areas: North America, South America, Europe, Middle East and Africa, and Far East and Oceania. Net sales are
52-week range $29.79 - $44.88 allocated based on the customer's geographic location, while the allocation of assets and capital expenditures is based on the location of the assets.
YTD Return -3.9%
Employees 26,673 Recent Events: In June 2012, the Company announced plans to construct a seamless pipe mill, heat treatment, and premium threading facility in Texas with an
annual production capacity of 650,000 tons of high quality seamless pipes. Operations are expected to commence in 2016.
Management in office since
Paolo Rocca, Chairman/CEO 2006
Ricardo Soler, CFO 2007
Edgardo Carlos, CFO (effective July 1, 2013)

Investor Relations Contact


Giovanni Sardagna +39 02 4384 7654
Alejandro Trinidad +54 11 4018 4078

Share Repurchase Snapshot (mil shares)


BUSINESS SEGMENT BREAKDOWN GEOGRAPHIC REVENUE BREAKDOWN
No Authorization in Place

2007 2012
BALANCE SHEET (mil.)
2007 2012
Total Revenue: $10,042 million Total Revenue: $10,834 million
12/31/12
Cash & Equivalents $828
PP&E (net) $4,435 Far East
Far East ME / Africa
Other 4%
Goodwill $3,200 Other 7% North America 12%
Projects 6% 7% 32%
Total Assets $15,964 ME / Africa
9% 21% North
Short-term Debt $1,212 Europe
America
Long-term Debt $532 10%
49%
Total Liabilities $4,404
Shareholder Equity $11,388
Europe South America
Tubes Tubes 17% South
23%
Working Capital $4,159 85% 93% America
Book Value / Share $19.29 25%
Tangible Book Value / Share $13.87
LT Debt / Capital 4.5%
Total Debt / Capital 13.3%
Net Debt / Capital 7.4%

2012 OCTG Market Share Premium OCT Consumption by


Application (2012E)
Other Shallow
12% Tenaris Water
Deepwater
SUMI 33% 13% 24%
5%

NOV
6% Other Oils
21%
TMK
13%
Other Gas Shales Oil +
USX V&M Tubes Gas USA
17%
13% 18% 23%
Shales Oil +
Gas RoW
2%

Source: Spears & Associates, Company Reports


Source: Company Reports Source: Company Reports

H O W A R D W E I L | 2013 Energy Conference 13


Company Profile:
Basic Energy Services provides a wide range of well site services to oil and gas drilling and producing companies, including, completion and remedial services,
fluid services, well servicing and contract drilling. The Company has significant presence in the Permian, Bakken, Eagle Ford, Mid-Con, Haynesville, and
Marcellus.

Completion and Remedial Services: the segment currently operates the Company's fleet of pressure pumping units, an array of specialized rental equipment
and fishing tools, coiled tubing units, snubbing units, thru-tubing, air compressor packages specially configured for underbalanced drilling operations, cased-hole
Basic Energy Services - BAS (NYSE) wireline units, nitrogen units, and water treatment.
www.basicenergyservices.com
Fluid Services: the segment currently utilizes the Company's fleet of 955 fluid service trucks and related assets, including specialized tank trucks, storage tanks,
Share Price (3/13/13) $14.04 water wells, disposal facilities and construction related equipment. These services are required in most workover, completion, and remedial projects.
Shares Out (mil.) 42
Market Cap (mil.) $586 Well Servicing: the segment currently operates 425 well service rigs and related equipment. The services provided include the installation and removal of
Avg Daily Volume (mil.) 1.1 downhole equipment and elimination of obstructions in the well bore.
52-week range $8.52 - $18.99
YTD Return 23.0% Contract Drilling: the segment currently operates 12 drilling rigs.
Employees 5,600

Management in office since


Kenneth Huseman, CEO 1999
Alan Krenek, CFO 2005

Investor Relations Contact


Alan Krenek 817-334-4100

Share Repurchase Snapshot (mil $)


Current Authorization $35.2
Remaining as of 12/31/12 $20.3 BUSINESS SEGMENT BREAKDOWN
Potential Buyback of Shares O/S 3.5%
2007
Total Revenue: $877million 2012
BALANCE SHEET (mil.) Total Revenue: $1,375 million
12/31/12
Cash & Equivalents $135
PP&E (net) $944 Contract Drilling Contract Drilling
5% Completion and Remedial 4%
Goodwill $106 Services
Total Assets $1,596 28% Well Servicing
Short-term Debt $38 27%
Completion and
Long-term Debt $845 Remedial Services
Total Liabilities $1,222 43%
Shareholder Equity $374

Working Capital $260 Well Servicing Fluid Services


43% 24%
Book Value / Share $8.96
Tangible Book Value / Share $6.43
Fluid Services
LT Debt / Capital 69.3%
26%
Total Debt / Capital 70.2%
Net Debt / Capital 66.7%

Pumping Units by Market Aea


Fluid Trucks by Market Aea Well Service Rigs by Market Aea

Permian Appalachia
12% Mid-Con 2%
9% Stacked
Rockies Ark-La-Tex
Rockies Ark-La-Tex 7%
29% 5%
12% 8%
Permian
45% Gulf Coast Permian
12% 45%

Ark-La-Tex
Mid-Con 17% Rockies
54% 14% Mid-Con
Gulf Coast
17% 12%

Source: Company Filings

H O W A R D W E I L | 2013 Energy Conference 14


Company Profile:
Carbo Ceramics is the world's largest supplier of ceramic proppant and provides fracture simulation software and fracture design and consulting services. The
Company also provides technologies for spill prevention and containment.

Ceramic Proppant - the Company primarily manufactures ceramic proppants, including the most expensive of the three primary types of proppant utilized in the
hydraulic fracturing process (white sand, resin-coated sand, and ceramic). Proppant is injected into the fracture to maintain porosity and increase flow to the
wellbore. Ceramic proppants are stronger and more homogeneous than sand-based proppants, which tends to increase productivity in certain wellbores and
Carbo Ceramics, Inc. - CRR (NYSE) enables higher initial production and ultimate recovery over the life of the well. CARBO HSP and CARBO PROP are high strength proppants designed primarily
www.carboceramics.com for deep gas wells. CARBO LITE, CARBO ECONOPROP, and CARBO HYDROPROP are lighter weight ceramic proppants. CARBO LITE is designed for use
in medium depth oil and gas wells; CARBO ECONOPROP is designed to compete directly against sand-based proppants, and CARBO HYDROPROP is
Share Price (3/13/13) $91.55 designed to improve performance in "slickwater" fracture treatments. In 2010, the Company began production of resin-coated ceramic proppant (CARBO BOND
Shares Out (mil.) 23 LITE) and resin-coated sand (CARBO BOND RCS).
Market Cap (mil.) $2,118
Avg Daily Volume (mil.) 0.5 Fracture Simulation and Consulting Services - the Company sells fracture simulation software and provides fracture design, engineering and consulting
52-week range $60.33 - $110.66 services to oil and natural gas companies through its wholly-owned subsidiary, StrataGen, Inc. Simulation software provides real-time analysis to recognize and
YTD Return 16.9% remediate potential stimulation problems and can be integrated with reservoir simulators to optimize production.
Employees 992
Spill Prevention and Containment - in October 2009, the Company acquired BBL Falcon Industries, Ltd, a supplier of spill prevention and containment
Management in office since systems for the oil and natural gas industry. Falcon uses proprietary technology to extend the life of storage assets, reducing the likelihood of spills.
Gary Kolstad, President/CEO 2006
Ernesto Bautista III, CFO 2009

Investor Relations Contact


Mark Thomas 281-921-6458

Share Repurchase Snapshot (mil shares)


Current Authorization 2.0 BUSINESS SEGMENT BREAKDOWN GEOGRAPHIC REVENUE BREAKDOWN
Remaining as of 2/21/13 0.1
Potential Buyback of Shares O/S 0.4%
BALANCE SHEET (mil.) 2007 2012* 2007 2012
Total Revenue: $340 million Total Revenue: $645 million
12/31/12
Cash & Equivalents $91
PP&E (net) $426 Falcon Other
Other Other
Goodwill $12 15% Technologies Other 22% 18%
Total Assets $809 6% 3%
Short-term Debt $0 Canada
Long-term Debt $0 5%
Total Liabilities $96
Canada
Shareholder Equity $713
12%
Proppant US US
Working Capital $299 85% 66% 77%
Proppant
Book Value / Share $30.82 91%
Tangible Book Value / Share $30.29
LT Debt / Capital 0.0%
Total Debt / Capital 0.0%
* The Company discontinued segment reporting after selling its Pinnacle assets in 2008 to HAL
Net Debt / Capital -14.6%

2012 Ceramic Proppant


Market Share CARBO Production Capacity

Carimbaba
Other
Location Pounds/Year (MMs)
5%
6%
Eufaula, Alabama 275
McIntyre, Georgia 275
Saint Gobain Toomsboro, Georgia 1,000
27%
Luoyang, China 100
CARBO Kopeysk, Russia 100
62%
Total Manufacturing Capacity 1,750
New Iberia, Louisiana 400*
Total Capacity 2,150

* Involves resin-coating of previously manufactured


*Source: Spears & Associates ceramic proppant and white sand.

Source: Company Filings Source: Company Filings

H O W A R D W E I L | 2013 Energy Conference 15


Company Profile:
Core Laboratories is one of the leading providers of proprietary and patented reservoir description, production enhancement, and reservoir management
services to the oil and gas industry.

Reservoir Description - the Company analyzes core samples of reservoir rocks for porosity (to determine the reservoir storage capacity) and for permeability
(to define the ability for fluid to flow through the rock). These measurements are used to determine how much oil and gas are present in a given reservoir and at
what rates they can be produced. Proprietary services and technologies are also used to correlate core samples to wireline logs and seismic data.
Core Laboratories NV - CLB (NYSE)
www.corelab.com Production Enhancement - the Company's services and technologies are used to maximize the efficiency of hydraulic fracturing and reservoir flooding
methods. For hydraulic fracturing, the Company provides data on rock strength and type and "tracers" to determine if proppant has been correctly placed in the
Share Price (3/13/13) $135.31 fractures, and to evaluate the quantity of fracture fluid that returns to the wellbore. The Company also manufactures high-performance perforating products that
Shares Out (mil.) 46 result in deeper, cleaner perforation tunnels into oil and gas shale reservoirs.
Market Cap (mil.) $6,255
Avg Daily Volume (mil.) 0.4 Reservoir Management - Core Labs develops and provides industry consortium studies that provide reservoir information to a broad spectrum of clients for
52-week range $94.72 - $143.21 both North American and International projects. Areas of study include, North America natural gas shale reservoirs, deep water Gulf of Mexico, worldwide tight-
YTD Return 23.8% gas sands, deepwater Brazil and West Africa, and international oil and gas shale potential in Europe, North Africa, and Asia.
Employees 5,000

Management in office since


David Demshur, CEO & Presiden 1994
Richard Bergmark, CFO 1994

Investor Relations Contact


Richard Bergmark 713-328-2101

Share Repurchase Snapshot


Current Author. (% of issued cap) 10.0% BUSINESS SEGMENT BREAKDOWN GEOGRAPHIC REVENUE BREAKDOWN*
Remaining (mil shares) 3.2
Potential Buyback of Shares O/S 7.0% 2007 2012 2007 2012
Total Revenue: $981 million
BALANCE SHEET (mil.) Total Revenue: $671 million
12/31/12 Reservoir
Cash & Equivalents $19 Reservoir Management
PP&E (net) $125 Management 8% Other
Goodwill $163 8% Other
US 38%
Total Assets $637 40%
49%
Short-term Debt $0
Long-term Debt $234 US
Total Liabilities $449 Reservoir 52%
Description
Shareholder Equity $182 56% Production Reservoir
Enhancement Description
Production 51% Canada
Working Capital $156 Enhancement 41% Canada 10%
Book Value / Share $3.94 36% 11%

Tangible Book Value / Share $0.41


LT Debt / Capital 56.2%
Total Debt / Capital 56.2% *Revenues recorded in the US are of ten from international sources; CLB estimates 70% non-US revenue.

Net Debt / Capital 54.1%

Source: Core Laboratories NV

H O W A R D W E I L | 2013 Energy Conference 16


Company Profile:
Key Energy Services, Inc. is the largest well service rig provider in the United States and provides a range of services to oil and natural gas production companies including:
rig-based well maintenance and workover services, well completion and re-completion services, fluid management services, fishing and rental services, wireline services, and
other ancillary oilfield services. Principal operations are located in the United States, Mexico, Columbia, Middle East, and Russia.

US Segment- the segment is made up of four segments:

Rig Services: provides services including the completion of newly drilled wells, workover and recompletion of existing wells, well maintenance, and the plugging and
Key Energy Services. - KEG (NYSE) abandonment of wells.
www.keyenergy.com
Fluid Management Services: provides vacuum truck services, fluid transportation services and disposal services for operators during the completion and production phases
Share Price (3/13/13) $8.39 of development.
Shares Out (mil.) 152
Market Cap (mil.) $1,278 Coil Tubing Services: includes coil tubing pumping and nitrogen service offerings. The coil tubing operation consist of both small diameter conventional units and large
Avg Daily Volume (mil.) 2.6 diameter units.
52-week range $5.70 - $17.38
YTD Return 20.7% Fishing and Rental Services: fishing services involve recovering lost or stuck equipment in the well bore utilizing "fishing tools". The rental tool inventory consists of drill pipe,
tubulars, handling tools, pressure-control equipment, pumps, power swivels, reversing units and foam air units, as well as Edge fracstack and flowback iron.
Employees 10,150
International Segment- includes operations in Mexico, Colombia, the Middle East, and Russia. Services include rig-based services such as maintenance, workover,
Management in office since recompletion of wells, completion of new wells, and plugging and abandonment.
Dick Alario, CEO 2006
Trey Wilson, COO 2008
Trey Wichard, CFO 2009

Investor Relations Contact


Gary Russell 713-651-4434

Share Repurchase Snapshot


BUSINESS SEGMENT BREAKDOWN GEOGRAPHIC REVENUE BREAKDOWN*
No current authorization in place
2012 2007 2012
2007 Total Revenue: $1,960 million
BALANCE SHEET (mil.) Total Revenue: $1,662 million
12/31/12
Cash & Equivalents $46 Rig International
International
Production Services International
PP&E (net) $1,437 Fishing 17% 6%
Services 40% 17%
Goodwill $626 25% & Rental
Total Assets $2,762 Services
14%
Short-term Debt $0
Long-term Debt $848
Total Liabilities $1,474
Shareholder Equity $1,254
Coiled U.S. U.S.
Working Capital $285 Well Servicing Tubing Fluid 94% 83%
75% Services Management
Book Value / Share $8.23 18%
11%
Tangible Book Value / Share $4.12
LT Debt / Capital 40.3%
Total Debt / Capital 40.4%
Net Debt / Capital 39.0%

2012 U.S. Well Service Market Share U.S. Revenue Split


KEG Fishing
19% 17%
Coiled Tubing Rig Services
Services 48%
Others
48% 13%
NBR
14%

Eurasia
7%

Fluid Mgmt.
22%
SPN
BAS
6%
Source: Spears and Associates 6% Source: Company Filings

H O W A R D W E I L | 2013 Energy Conference 17


Company Profile:
Superior Energy Services, Inc. is a diversified provider of oilfield services and equipment focusing on serving the needs of oil and gas companies primarily
through well intervention, rental tools and marine services.

Drilling Products and Services: includes downhole drilling tools and surface rentals.
Downhole drilling tools: includes rentals of tubulars and manufacturing and rentals of bottom hole tools.
Surface rentals: includes rentals of temporary onshore and offshore accommodation modules and accessories.
Superior Energy Services - SPN (NYSE)
www.superiorenergy.com Onshore Completion and Workover Services: includes pressure pumping, fluid handling and workover services.
Pressure pumping: includes hydraulic fracturing and high pressure pumping services.
Share Price (3/13/13) $26.69 Fluid handling: includes services used to obtain, move, store, and dispose of fluids used in exploration, development, and production of reservoirs.
Shares Out (mil.) 159 Workover services: provides a variety of well completion, workover, and maintenance services.
Market Cap (mil.) $4,256
Avg Daily Volume (mil.) 1.9 Production Services: includes intervention services and specialized pressure-control tools.
52-week range $17.54 - $29.96 Intervention services: includes services to enhance, maintain, and extend oil and gas production during the life of the well, including coiled tubing,
YTD Return 28.8% cased hole and mechanical wireline, hydraulic workover and snubbing, and remedial pumping services.
Employees 14,500 Specialized pressure-control tools: downhole and surface products, such as BOPs, choke, manifolds, frac flow back trees and downhole valves,
used to manage and control pressure through the life of the field.
Management in office since
David Dunlap, Chairman/CEO 2010 Subsea and Technical Solutions: include pressure control services, completion tools, subsea construction, end-of-life services, and marine technical services,
Robert Taylor, CFO 1996 which generally address customer specific needs with their application. Most operations in this division require innovative and technical solutions and are
generally in offshore environments during the completion, production and decommissioning phase of the oil and gas well.
Investor Relations Contact
Gregory Rosenstein 504-362-4321

Share Repurchase Snapshot (mil $)

No Authorization in Place BUSINESS SEGMENT BREAKDOWN GEOGRAPHIC REVENUE BREAKDOWN

2007 2012 2007 2012


BALANCE SHEET (mil.) Total Revenue: $1,572 million Total Revenue: $4,568 million
12/31/12
Cash & Equivalents $91
PP&E (net) $3,255 Subsea Drilling
and International International US GOM
Goodwill $2,532 Products
Technical 19% 17% 16%
Oil and Gas Well Intervention and
Total Assets $7,803 12% Solutions Services
48%
Short-term Debt $20 Marine 15% 17% US GOM
Long-term Debt $1,815 8% 49%
Total Liabilities $3,572
Shareholder Equity $4,231

Working Capital $688 Production Onshore US Land US Land


Rental Tools Services Completion 32% 67%
Book Value / Share $26.53 and
32% 33%
Tangible Book Value / Share $10.65 Workover
LT Debt / Capital 30.0% Services
35%
Total Debt / Capital 30.2%
Net Debt / Capital 29.2%

2012 Pro Forma Revenue


40%
Market
Product/Service Line
35% Position
Drilling Products and
30% #3
Services
% of Revenue

25%
Onshore Completion and Well Servicing #4
20% Workover Services Pressure Pumping #11
Coiled Tubing #4
15%
Production Services Wireline Logging #5
10% Production Testing #5
5% Subsea and Technical
Completion Tools and Products #6
Solutions
0%
Drilling Products and Services Onshore Completion and Production Services Subsea and Technical Solutions
Workover Services
Source: SPN

H O W A R D W E I L | 2013 Energy Conference 18


Company Profile:
TETRA Technologies, Inc. is composed of three divisions Fluids, Offshore (Offshore Services and Maritech), and Production Enhancement.

Fluids Division - manufactures and markets clear brine fluids (CBFs), additives and other associated products and services to the oil and gas industry for use in completion
and workover operations. CBFs are solids-free, clear salt solutions that, like conventional drilling fluids, have high specific gravities and are used as weighting fluids to control
bottom hole pressures during oil and gas completion and workover activities. The use of CBFs increases production by reducing the likelihood of damage to the wellbore and
productive pay zone. The Division also markets certain fluids and dry calcium chloride manufactured at its production facilities to a variety of domestic and international
markets outside the energy industry.
Tetra Technologies - TTI (NYSE)
www.tetratec.com Offshore Division - consists of the two following segments:
-- Offshore Services: provides a broad array of services including diving (Epic), marine, engineering, electric wireline, workover, and drilling services required for the
Share Price (3/13/13) $9.78 abandonment of depleted oil and gas wells and the decommissioning of platforms, pipelines, and other associated equipment. The segment operates primarily in the onshore
Shares Out (mil.) 78 U.S. Gulf Coast region, inland waters and offshore markets of the Gulf of Mexico. The Company owns and operates onshore rigs, barge-mounted rigs, a platform rig, offshore
Market Cap (mil.) $765 rigless packages, three heavy lift vessels, several dive support vessels, and other dive support assets.
-- Maritech: produces oil and gas from properties acquired primarily to support and provide a baseload of business for the WA&D Services segment. During 2011 and 2012
Avg Daily Volume (mil.) 0.7 Maritech sold substantially all of its oil and gas producing properties, and current operations primarily consist of the ongoing abandonment and decommissioning associated
52-week range $5.35 - $9.97 with its remaining operated and non-operated offshore wells, facilities, and production platforms.
YTD Return 28.9%
Employees 3,648 Production Enhancement Division - provides production testing services (flowback, pressure and volume) to the Texas, New Mexico, Louisiana, offshore Gulf of Mexico,
Rockies, Canada, and certain international markets. In addition, it is engaged in the design, fabrication, sale, lease and service of wellhead compression equipment
Management (Compressco) primarily used to enhance production from mature, low pressure natural gas wells located principally in the mid-continent, Rocky Mountain, Texas and Louisiana
in office since regions of the United States and western Canada.
Stuart M. Brightman, CEO 2008
Elijio Serrano, CFO 2012

Investor Relations Contact


Elijio Serrano 281-367-1983

Share Repurchase Snapshot (mil $)


Current Authorization $20.0
Remaining as of 12/31/12 $14.3 BUSINESS SEGMENT BREAKDOWN GEOGRAPHIC REVENUE BREAKDOWN
Potential Buyback of Shares O/S 1.9%
2007 2012 2007 2012
BALANCE SHEET (mil.) Total Revenue: $982 million Total Revenue: $880 million
12/31/12
Cash & Equivalents $74 Europe
PP&E (net) $553 South America 10%
1%
Goodwill $190 Canada/ Mexico
Africa Asia/ Other
Production 3%
Total Assets $1,262 South 2% 2%
Maritech Enhancement Europe
Short-term Debt $35 Fluids 34% Fluids 8% Asia/ Other America
21% 28% 37% 5%
1%
Long-term Debt $331
Total Liabilities $669 Canada/
Shareholder Equity $551 Mexico
10%
Working Capital $178 Production Offshore U.S. U.S.
Book Value / Share $7.05 Enhancement Services Offshore 71%
17% Services 87%
Tangible Book Value / Share $4.62 34%
29%
LT Debt / Capital 37.5%
Total Debt / Capital 40.0%
Net Debt / Capital 34.7%

Key Competitor Landscape for 2012


Oil and Gas Production Life-Cycle

Drilling Completion Production Abandonment


Drilling & Completion Fluids

$4,000

$3,000
FLUIDS
(million)

$2,000

$1,000 Production Enhancement

$0
Offshore Services
SLB

HAL

BHI

NR

TTI

Source: Spears & Associates

H O W A R D W E I L | 2013 Energy Conference 19


Company Profile:
U.S. Silica is the second largest domestic provider of commercial silica, and has been around for 112 years. The Company operates 15 facilities across the
United States and controls 307 million tons of reserves. It owns one of the largest frac sand procession plants in the United States and controls approximately
144 million tons of reserves that can be processed to meet American Petroleum Institute (API) frac sand size specifications. The company is organized into
two business segment, Oil & Gas Proppants and Industrial & Specialty Products.

Oil & Gas Proppant: the Company's frac sand is used to stimulate and maintain the flow of hydrocarbons in oil and natural gas wells. This segment has
U.S. Silica - SLCA (NYSE) experienced rapid growth due to recent technological advances in the hydraulic fracturing process.
www.ussilica.com
Industrial & Specialty Products: products in this division are used in a wide rang of industrial applications, including glassmaking and chemical
Share Price (3/13/13) $22.79 manufacturing. In recent years new end markets have developed for high-margin, performance silica products, including solar panels, specialty coatings, wind
Shares Out (mil.) 53 turbines, and polymer additives.
Market Cap (mil.) $1,206
Avg Daily Volume (mil.) 0.7
52-week range $8.74 - $28.50
YTD Return 36.2%
Employees 785

Management in office since


Bryan Shinn, CEO 2011
Donald Merril, CFO 2013

Investor Relations Contact


Mike Lawson 301-682-0304

Share Repurchase Snapshot (mil $)


Current Authorization $25.0
Remaining as of 12/31/12 $23.9 BUSINESS SEGMENT BREAKDOWN VOLUME BREAKDOWN
Potential Buyback of Shares O/S 2.0%
2009 2012 2009 2012
BALANCE SHEET (mil.) Total Revenue: $192 million Total Revenue: $442 million
12/31/12
Cash & Equivalents $61
PP&E (net) $414 Oil & Gas Oil & Gas
Goodwill $68 15% 41%
Total Assets $687 Oil & Gas Industrial &
19% Specialty
Short-term Debt $2 45%
Long-term Debt $253
Total Liabilities $455
Shareholder Equity $232

Working Capital $97 Industrial &


Industrial & Oil & Gas Industrial &
Book Value / Share $4.38 Specialty
Specialty
Specialty 55% 59%
Tangible Book Value / Share $3.08 81% 85%
LT Debt / Capital 52.2%
Total Debt / Capital 52.4%
Net Debt / Capital 45.6%

2012 Raw Sand


2012 ISP Sales by Market
Market Share

Other Unimin Other


34% 19% 10%
Filler/Extender
13% Glass
44%
Santrol
16%
Chemical
7%

Badger Mining Foundry


5% SLCA 9%
Oglebay-Norton 21% Building
5% Products
17%

Source: Spears & Associates Source: Company Reports

H O W A R D W E I L | 2013 Energy Conference 20


Company Profile:
Dresser-Rand is a global supplier of rotating equipment solutions, designing, manufacturing and servicing a wide range of technologically advanced centrifugal and
reciprocating compressors, steam and gas turbines, expanders, multiphase turbine separators, portable ventilators, and control systems. Manufacturing facilities are located
in the United States, France, Germany, Norway, United Kingdom, Spain, and India. Sales and services are located in all of the major international energy markets.

Products & Services: applied technology engineered solutions, axial, centrifugal, pipeline, reciprocating, (process and high speed separable) compressors, business
process automation software and services, control systems, field support services (FSS), gas turbines and gas turbine packages, hot gas expanders (FCC, nitric acid),
Dresser-Rand Group - DRC (NYSE) multiphase separation equipment, portable ventilators, OEM parts, remanufactured units, contract compression services, repairs local service centers, rerates/revamps,
www.dresser-rand.com single and multistage steam turbines, training, upgrades.

Share Price (3/13/13) $59.27 Segments


Shares Out (mil.) 76 New Units - manufacture and sale of turbo and reciprocating compression equipment as well as steam turbines and special-purpose gas turbines and gas and diesel
Market Cap (mil.) $4,498 engines to end users in all major segments of the energy industry. The Company's services are used for a wide range of applications in the upstream sector, including oil
Avg Daily Volume (mil.) 0.6 and gas production, high-pressure field injection and enhanced recovery. Applications in the midstream and downstream sectors target pipelines, refinery processes, natural
52-week range $41.01 - $63.41 gas processing, and petrochemical production.
YTD Return 5.6%
Employees 7,976 Aftermarket Parts and Services - consist of aftermarket support solutions for the existing population of installed equipment. The segment includes engineering,
manufacturing, sales and administrative support. With a typical operating life of 30 years or more, DRC's equipment requires substantial reinvestment creating stable,
Management in office since recurring aftermarket parts and service opportunities. The Company operates 49 service centers in 32 countries. Margins are typically much higher than new unit sales.
Vincent Volpe, President/CEO 2004
Mark E. Baldwin, CFO 2007 *Mark Baldwin will step down as CFO as of April 30, 2013

Investor Relations Contact


Blaise Derrico 713-973-5497

Share Repurchase Authorization (mil $)


BUSINESS SEGMENT BREAKDOWN 2012 REVENUE BREAKDOWN
No Authorization in Place

2007 Revenue by End Market Revenue by Geography


BALANCE SHEET (mil.) 2012
Total Revenue: $1,665 million Total Revenue: $2,736 million
12/31/12
Cash & Equivalents $123
PP&E (net) $467 Other Refining & Middle East,
Aftermarket Parts and Environmental 4%
Goodwill $911 Chemical Africa
New Unit Sales Service 21%
31% 11% North America
Total Assets $3,333 49% 52%
33%
Short-term Debt $36
Asia-Pacific
Long-term Debt $1,015 15%
Total Liabilities $2,238
Shareholder Equity $1,091
Aftermarket Parts
Working Capital $393 and Service New Unit Gas Transmission
51% Oil & Gas Europe Latin America
Book Value / Share $14.38 Sales 14%
Production 25% 16%
Tangible Book Value / Share $2.37 48%
30%
LT Debt / Capital 48.2%
Total Debt / Capital 49.1%
Net Debt / Capital 46.0%

Product Platforms Year End Backlog


Across Energy Infrastructure Markets
$3,000

Up Mid Down Petro $2,500


Stream Stream Stream Chemical Chemical Industrial Power Environmental
$2,000

(million)
Turbo Products
Centrifugal Compressors x x x x x x x x $1,500
Gas Turbines & Power Turbines x x x x x x x x
Power Recovery Expanders x x x x $1,000

Reciprocating Compressors $500


Process x x x x x x x
Separable x x x x $0
Steam Turbines x x x x x x x x
Engines x x x x x x x x

Source: DRC New Unit Backlog Aftermarket Backlog

H O W A R D W E I L | 2013 Energy Conference 21


Company Profile:
Dril-Quip designs, manufactures, sells and services offshore drilling and production equipment including subsea and surface wellheads, subsea and surface
production trees, mudline hanger systems, specialty connectors and associated pipe, drilling and production riser systems, wellhead connectors and diverters.
Dril-Quip also provides installation and reconditioning services and rents running tools for use in connection with the installation and retrieval of its products. The
Companys manufacturing process is vertically integrated; a majority of its forging requirements and essentially all of its heat treatment, machining, fabrication,
inspection, assembly and testing are produced in-house.

Dril-Quip - DRQ (NYSE) Subsea Equipment - products include subsea wellheads, mudline hanger systems, specialty connectors and associated pipe, subsea production trees, valves
www.dril-quip.com and TLP and Spar well systems, liner hangers, multiplex subsea control systems and multi-well subsea manifolds. We believe DRQ is the market leader in
subsea wellheads.
Share Price (3/13/13) $83.37
Shares Out (mil.) 41 Surface Equipment - products include platform wellheads and platform production trees adapted from its existing subsea wellhead and tree technology.
Market Cap (mil.) $3,378
Avg Daily Volume (mil.) 0.3 Offshore Rig Equipment - products include drilling and production riser systems, wellhead connectors and diverters. The drilling riser system consists of (i)
52-week range $57.27 - $85.55 lengths of riser pipe and associated riser connectors that secure one to another; (ii) the telescopic joint, which connects the entire drilling riser system to the
YTD Return 14.1% diverter at the rig and provides a means to compensate for vertical motion of the rig relative to the ocean floor; and (iii) the wellhead connector, which provides a
Employees 2,451 means for remote connection and disconnection of the drilling riser system to and from the blowout preventer stack.

Management in office since Services provided by Dril-Quip include field installation services, reconditioning of customer-owned products and rental running tools for installation and retrieval
Blake DeBerry, CEO 2011 of its products. Dril-Quip has major manufacturing facilities in Houston, Texas; Aberdeen, Scotland; Macao, Brazil; and Singapore able to provide machining,
Jerry Brooks, CFO 1999 fabrication, inspection, assembly and testing. The Houston facility provides forged and heat treated products to all the major manufacturing facilities.

Investor Relations Contact


Jerry Brooks 713-939-5308

Share Repurchase Snapshot (mil $)


Current Authorization $100.0 BUSINESS SEGMENT BREAKDOWN GEOGRAPHIC REVENUE BREAKDOWN
Remaining as of 12/31/12 $100.0
Potential Buyback of Shares O/S 3.0%
2007 2012 2007 2012
BALANCE SHEET (mil.) Total Revenue: $496 million Total Revenue: $733 million
12/31/12
Cash & Equivalents $257
PP&E (net) $296 Asia-Pacific Asia-
Service Service Western Hemisphere
Goodwill $0 17%
16% Western Pacific 50%
16% Hemisphere
Total Assets $1,231 18%
48%
Short-term Debt $0
Long-term Debt $0
Total Liabilities $165
Shareholder Equity $1,066

Working Capital $769 Products Eastern Eastern Hemisphere


Products 83% Hemisphere 32%
Book Value / Share $26.32 84% 36%
Tangible Book Value / Share $26.32
LT Debt / Capital 0.0%
Total Debt / Capital 0.0%
Net Debt / Capital -31.8%

Industry-wide Subsea Products and Services Year End Backlog


Tree Bookings* $900
Subsea Surface Offshore Rig $800
600 Equipment Equipment Equipment
$700
500
$600
400 Subsea Wellheads Surface Wellheads Wellhead Connectors
# of Trees

Mudline Suspension Systems Surface Trees Diverters $500

(million)
300 Specialty Connectors Drilling Risers
$400
200 Tieback Connectors Completion Risers
Subsea Production Trees Services $300
100 Production Risers $200
0 Template Systems
$100
Subsea Control Systems Reconditioning
2004
2005
2006
2007
2008
2009
2010

Subsea Manifolds Rental Tools $-


2011
2012
2013E

Liner Hangers Field Installation

* 2013 Estimate per Quest Offshore


Source: Quest Offshore Source: Company Reports

H O W A R D W E I L | 2013 Energy Conference 22


Company Profile:
Exterran Holdings, Inc. is a market leader in the full service natural gas compression business and a premier provider of operations, maintenance, service and
equipment of oil and natural gas production, processing and transportation applications. The Company has four business lines:

North America Contract Operations - segment provides natural gas compression and production and processing services to meet specific customer
requirements utilizing Exterran-owned assets within the United States and Canada. As of December 31, 2012, the Company had a North American capacity of
3.4 million horsepower.
Exterran Holdings - EXH (NYSE)
www.exterran.com International Contract Operations - segment provides substantially the same services as the North America Contract Operations segment in locations outside
of the United States and Canada. As of December 31, 2012, the Company had an International capacity of 1.3 million horsepower.
Share Price (3/13/13) $26.74
Shares Out (mil.) 65 Aftermarket Services - segment provides services to support the surface production and processing needs of customers and normal maintenance services to
Market Cap (mil.) $1,736 full operation of a customer's owned assets. Additionally, the segment sells parts to customers who own their own equipment.
Avg Daily Volume (mil.) 0.7
52-week range $10.58 - $27.40 Fabrication - segment involves the design, engineering, installation, fabrication, and sale of (i) natural gas compression units and accessories, (ii) production
YTD Return 22.0% and processing equipment to meet standard or unique customer specifications, and (iii) equipment used in the production, treating, and processing of crude oil
Employees 10,000 and natural gas. The segment also provides engineering, procurement and construction services primarily related to the manufacturing of critical process
equipment for refinery and petrochemical facilities, the construction of tank farms, and the construction of evaporators and brine heaters for desalination plants.
Management in office since
D. Bradley Childers, CEO 2011
William Austin, CFO 2011

Investor Relations Contact


David Oatman (281) 836-7035

Share Repurchase Snapshot (mil $)

No Authorization in Place BUSINESS SEGMENT BREAKDOWN GEOGRAPHIC REVENUE BREAKDOWN

2007 2012 2007 2012


BALANCE SHEET (mil.) Total Revenue: $2,541 million Total Revenue: $2,804 million
12/31/12
Cash & Equivalents $36
PP&E (net) $2,842 North
North America America
Goodwill $0 Contract Ops Contract
Total Assets $4,255 Fabrication Venezuela
22% Ops Other
48% 5%
Short-term Debt $0 Fabrication 22% 35%
54%
Long-term Debt $1,565
Total Liabilities $2,553
International
Minority Interest $224 Contract Ops
United States
Shareholder Equity $1,479 13%
49%
International Other United
Working Capital $463 Aftermarket Contract 46% States
Aftermarket Ops 65%
Book Value / Share $22.78 Services
Services 16%
14%
Tangible Book Value / Share $22.78 11%
LT Debt / Capital 51.4%
Total Debt / Capital 51.4%
Net Debt / Capital 50.8%

EXH Worldwide Units per Horsepower Range


Total Horsepower - 4.7 million (2012); Total Units - 8,683 Year End Backlog

4,000 $1,200
3,500
$1,000
3,000
2,500 $800
# of Units

2,000
(million) $600
1,500
1,000 $400
500
$200
0
$-

Source: EXH, HW Research Compressor Fabrication Production & Processing


Horsepower Range

H O W A R D W E I L | 2013 Energy Conference 23


Company Profile:
Forum Energy Technologies is a global oilfield products company, serving the subsea, drilling, completion, production and process sectors of the oil and gas industry.
The Company designs and manufactures products and engages in aftermarket services. The Company operates under two business segments, Drilling and Subsea,
and Production and Infrastructure.

Drilling and Subsea: the segment designs and manufactures products and provides related services to the drilling, well construction, completion, intervention and
subsea construction and services market.
Forum Energy Technologies Inc. - FET (NYSE) -Subsea Technologies: designs and manufactures subsea capital equipment, specialty components and tooling, and applied products for subsea pipelines.
www.f-e-t.com

Share Price (3/13/13) $25.54 -Downhole Technologies: designs and manufactures downhole products that serve the well construction and production enhancement markets.
Shares Out (mil.) 92
-Drilling Technologies: provides both drilling consumables and capital equipment, including tubular handling equipment, torque equipment, offline crane systems, pumps,
Market Cap (mil.) $2,348
valves, and manifolds.
Avg Daily Volume (mil.) 0.4
52-week range $18.60 - $27.56 Production and Infrastructure: the segment designs and manufactures products and provides related equipment and services to the well stimulation, completion,
YTD Return 3.2% production, and infrastructure markets.
Employees 3,400
-Flow Equipment: designs, manufactures, and provides flow equipment to the well stimulation, testing, and flowback markets.
Management in office since
Christopher Gaut, President and CEO 2010 -Production Equipment: designs, manufactures, and provides engineering process systems and related field services from the wellhead to inside the refinery fence.
James Harris, CFO 2010
-Valve Solutions: designs, manufactures, and provides a wide range of industrial valves that serve the upstream, midstream, and downstream markets.
Investor Relations Contact
Mark Traylor 281-368-1108

Share Repurchase Snapshot ($mm)


BUSINESS SEGMENT BREAKDOWN GEOGRAPHIC REVENUE BREAKDOWN
No Authorization in Place

2008 2012 2008 2012


BALANCE SHEET (mil.) Total Revenue: $973 million Total Revenue: $1,415 million
12/31/12
Cash & Equivalents $41
Other
PP&E (net) $153 Other International
Production and Production and 29%
Goodwill $696 International
Infrastructure Infrastructure
Total Assets $1,893 32% 33%
42%
Short-term Debt $21
Long-term Debt $400
Total Liabilities $731
Shareholder Equity $1,161
Canada United States Canada
Working Capital $494 Drilling and Drilling and 8% United States
11% 56%
Subsea 63%
Book Value / Share $12.64 Subsea
68% 58%
Tangible Book Value / Share $5.07
LT Debt / Capital 25.6%
Total Debt / Capital 26.6%
Net Debt / Capital 24.6%

Total Backlog Revenue by Segment


Detailed Revenue by Geography

$450
Latin America $400 Drilling Technologies
Flow Equipment
Middle East 4% $350 11% 30%
Asia-Pacific 4% $300 Valve Solutions
7% 15%
Canada $250
8% $200
U.S. $150
63% $100
Europe & Africa $50 Production Equipment
14% $0 16%
2010 Subsea Technologies
2011 Downhole Technologies 18%
2012 10%
Source: Company Reports

H O W A R D W E I L | 2013 Energy Conference 24


Company Profile:
Gulf Island Fabrication, Inc., fabricates offshore drilling and production platforms, hull and/or deck sections of floating production platforms and other specialized
structures used in the development and production of offshore oil and gas reserves.

The Company fabricates various structures, including jackets and deck sections of fixed production platforms; hull, tendon, and/or deck sections of floating
production platforms (such as tension leg platforms (TLPs)), SPARs and FPSOs, piles, wellhead protectors, subsea templates and various production,
compressor and utility modules, offshore living quarters, tanks and barges.
Gulf Island Fabrication - GIFI (NYSE)
www.gulfisland.com Services provided by the Company include offshore interconnect pipe hook-up's, inshore marine construction, manufacture and repair of pressure vessels,
heavy lifts such as ship integration and TLP module integration, loading and offloading jack-up drilling rigs or production hulls, semi-submersible drilling rigs,
Share Price (3/13/13) $21.95 TLPs, SPARs or other similar cargo and steel warehousing and sales.
Shares Out (mil.) 14
Market Cap (mil.) $319 To capitalize on refinery expansions, the Company is also capable of fabricating large processing modules to be shipped and installed in petro-chemical plants.
Avg Daily Volume (000s) 31.8
52-week range $19.89 - $31.69 In August 2008, GIFI formed a limited liability company, Gulf Island Marine Fabricators, L.L.C. (Gulf Island Marine), to further develop marine construction
YTD Return -8.6% operations by constructing a Dry Dock to supplement the marine construction operations in Houma. The supplement, is able to lift up to 9,000 tons, suitable to
Employees 2,200 perform maintenance and repairs to third party marine vessels, and newly-fabricated vessels being launched on site.

Management in office since


Kirk Meche, CEO/Pres. 2013
Roy Breerwood III, CFO 2012
Investor Relations Contact
Deborah Kern-Knoblock 985-872-2100

Share Repurchase Snapshot

No Authorization in Place Year End Backlog GEOGRAPHIC BREAKDOWN

BALANCE SHEET (mil.) $700 2007 2012


12/31/12 Total Revenue: $473 million Total Revenue: $521 million
Cash & Equivalents $25 $600
PP&E (net) $229
Goodwill $0 $500 International
International 9%
Total Assets $403
(million)

$400 24%
Short-term Debt $0
Long-term Debt $0 $300
Total Liabilities $130
$200
Shareholder Equity $274
$100
Working Capital $81 United States United
Book Value / Share $18.92 $- 76% States
2003

Tangible Book Value / Share $18.92 91%


2004
2005
2006
2007
2008
2009

LT Debt / Capital 0.0%


2010
2011
2012

Total Debt / Capital 0.0%


Net Debt / Capital -10.0%

H O W A R D W E I L | 2013 Energy Conference 25


Company Profile:
Lufkin Industries, Inc. manufactures and services artificial lift products including reciprocating rod lift (pumping units), gas lift, and plunger lift equipment and related
products through its Oil Field Division. The Company's Power Transmission segment designs, manufactures, and services speed increasing and decreasing gear
boxes for industrial applications.

Oilfield Division
- Pumping Units: five basic types of units are manufactured including air-balanced, beam-balanced, crank-balanced, Mark II Unitorque, and hydraulic. The primary
difference in these units is related to the counter-balancing system.
Lufkin Industries, Inc. - LUFK (NYSE) - Pumping Unit Service: the Company transports and repairs pumping units, as well as refurbishing used pumping units.
www.lufkin.com - Automation: design, manufacture, installation, and service of computer control equipment for artificial lift equipment to lower production costs and optimize well
Share Price (3/13/13) $67.28 efficiency.
- Gas Lift/Plunger Lift: the Company designs, manufactures, installs, and services gas lift, plunger lift, and completion equipment.
Shares Out (mil.) 34
- Progressing Cavity Pumps: the Company designs, manufactures, installs and services progressing cavity pump equipment.
Market Cap (mil.) $2,267
- Foundry Castings: operation of an iron foundry to produce castings for new pumping equipment. Also sells castings to third parties.
Avg Daily Volume (mil.) 0.6
52-week range $45.11 - $82.82 Power Transmission
YTD Return 15.7% - High Speed Gearboxes: single stage gearboxes with pinch line velocities equal to or greater than 35 meters per second or rotational speeds greater than 4,500 rpm.
Employees 4,400 These gearboxes typically service the energy markets including petrochemicals, refineries, offshore production, and oil and gas transmission.
- Low Speed Gearboxes: do not meet the pinch line or rotational speed criteria of high speed gearboxes. These gearboxes typically service commodity-related
Management in office since industries including rubber, sugar, paper, steel, plastics, mining, cement, and marine propulsion.
John (Jay) Glick, CEO 2008 - Parts: manufacture of capital spares in conjunction with its new gearboxes and aftermarket services.
Chris Boone, CFO 2008 - Repair and Service: off-site repair and service for the Company's products and those manufactured by others.
- Lufkin RMT: through a 2009 acquisition, the Company analyzes, designs, and manufactures precision tilting-pad bearings and related components for high-speed
Investor Relations Contact turbo equipment. Also repairs, services, and upgrades turbo-expanding process units for air and gas separation.
Chris Boone 936-631-2749

Share Repurchase Snapshot ($mm)


BUSINESS SEGMENT BREAKDOWN GEOGRAPHIC REVENUE BREAKDOWN
No Authorization in Place

2007 2012 2007 2012


BALANCE SHEET (mil.) Total Revenue: $597 million Total Revenue: $1,281 million
12/31/12
Middle East / Middle
Cash & Equivalents $72 North Africa East /
PP&E (net) $402 13% Other
Power Latin North
Trailer Power Transmission 2%
Goodwill $354 Transmission Latin America America Africa
7% 16%
26% 14% 9% 7%
Total Assets $1,435
Short-term Debt $26 Canada
Long-term Debt $300 12%
Total Liabilities $621 Canada
5%
Shareholder Equity $814 Europe
Oil Field 6%
Oil Field Europe US US
84%
Working Capital $379 67% 8% 60% 64%
Book Value / Share $24.15
Tangible Book Value / Share $13.64
LT Debt / Capital 27.0%
Total Debt / Capital 28.6%
Net Debt / Capital 23.8%

Artificial Lift Market Share Artificial Lift Market by Type


(Company Reports) (Company Reports)
Year End Backlog
Plunger $400
Other 5%
31% WFT Gas Lift Other
24% 4% $300
Hydraulic 5%
Rod Lift
2% $200
31%

PCP $100
7%
$-
DOV BHI
SLB 14% 2007 2008
7% LUFK ESP 2009
14% 2010
10% 46% 2011
2012

Oilfield Power Gen

Source: Spears & Associates, Company Presentation

H O W A R D W E I L | 2013 Energy Conference 26


Company Profile:
McDermott International is a leading engineering, procurement, construction and installation ("EPCI") company focused on designing and executing complex offshore oil and
gas projects. The Company has capabilities in both shallow water and deepwater construction, and supports its activities with comprehensive project management and
procurement services. MDR delivers fixed and floating production facilities, pipeline installations and subsea systems from concept to commissioning in more than 20 countries
across three business segments.

Asia Pacific Segment- segment serves the needs of major integrated and other oil and gas companies in Australia, Indonesia, Vietnam, Malaysia and Thailand. The primary
fabrication facility is located in Indonesia with approximately 5,300 employees.
McDermott International - MDR (NYSE)
www.mcdermott.com Atlantic Segment- segment serves the needs of major integrated and other oil and gas companies in the United States, Brazil, Mexico, Trinidad and West Africa. The primary
fabrication facilities for this segment are located in Morgan City, LA and Altamira, Mexico with approximately 1,700 employees.
Share Price (3/13/13) $11.11
Shares Out (mil.) 236 Middle East Segment - segment serves the needs of major integrated and other oil and gas companies Saudi Arabia, Qatar, the U.A.E., Kuwait, India, Azerbaijan, Russia and
Market Cap (mil.) $2,621 Turkmenistan. The primacy fabrication facility for this region is located in Dubai, U.A.E. with approximately 7,000 employees.
Avg Daily Volume (000s) 4613.9
52-week range $9.04 - $14.06
YTD Return 0.8%
Employees 14,400

Management in office since


Stephen Johnson, CEO 2010
Perry Elders, CFO 2010

Investor Relations Contact


Steve Oldham 281-870-5147

Share Repurchase Snapshot ($mm)


BUSINESS SEGMENT BREAKDOWN GEOGRAPHIC REVENUE BREAKDOWN
No Authorization in Place

2009 2012 2009 2012


BALANCE SHEET (mil.) Total Revenue: $3,282 million Total Revenue: $3,642 million
12/31/12
Cash & Equivalents $678
PP&E (net) $1,282 Procurement Procurement
40% Fabrication 26% Asia Pacific Middle
Goodwill $41 Operations 30% East
Total Assets $3,334 15% 44% Asia
Pacific
Short-term Debt $14
43%
Long-term Debt $89 Project
Services and
Total Liabilities + MI $1,446 Engineering
Shareholder Equity $1,887 9%
Offshore
Offshore Middle East Atlantic
Operations Fabrication
Working Capital $677 Project Operations 63% 7% Atlantic
33% Operations
Book Value / Share $8.00 Services and 52% 13%
13%
Engineering
Tangible Book Value / Share $7.83 12%
LT Debt / Capital 4.5%
Total Debt / Capital 5.2%
Net Debt / Capital -43.8%

Vessels by Region
Year End Backlog
$6,000
6 Facility Location Acres Largest Jacket (tons) Largest Deck (tons)
$5,000
Batam Indonesia 301 17,000 18,000
5 $4,000
4 Jebel Ali Dubai, UAE 145 7,000 12,000 $3,000
3 $2,000
Morgan City Louisiana, USA 323 38,000 23,000 $1,000
2
$-
1 Altamira Tampico, Mexico 118 3,500 25,000
2006 2007
2008 2009
0 2010 2011 2012
Atlantic Middle East Asia Pacific Under
Construction
Asia Pacific Atlantic Middle East Offshore Oil and Gas

Source: Company Reports, HW Research

H O W A R D W E I L | 2013 Energy Conference 27


Company Profile:
Oceaneering International, Inc. service offerings include remotely operated vehicles (ROVs), built-to-order specialty hardware, engineering and project
management, subsea intervention systems, non-destructive testing and inspection, and manned diving. Business segments are contained within two businesses
services and products provided to the oil and gas industry (Oil and Gas) and all other services and products (Advanced Technologies).

Oil and Gas


-- ROVs - work-class ROVs perform a variety of underwater tasks, including drill support, installation and construction support, pipeline inspection and surveys and
Oceaneering Int'l - OII (NYSE) subsea production facility operation and maintenance. ROVs may be outfitted with manipulators, sonar, video cameras, specialized tooling packages and other
www.oceaneering.com equipment or features to facilitate the performance of specific underwater tasks. At December 31, 2012, the Company owned 289 work-class ROVs.
-- Subsea Products - products include: hydraulic, electro-hydraulic and chemical injection umbilicals utilizing thermoplastic hoses and steel tubes; ROV tooling
Share Price (3/13/13) $63.62 and work packages; subsea and topside control valves; subsea chemical injection valves; production control equipment; piping clamp connectors; and pipeline
Shares Out (mil.) 108 repair systems.
Market Cap (mil.) $6,881 -- Subsea Projects - supply commercial diving services, subsea intervention and hardware installation for subsea well tie-backs; pipeline/flowline tie-ins and
Avg Daily Volume (mil.) 0.8 repairs; pipeline crossings; umbilical and other subsea equipment installations; and supporting operations of vessels utilized principally in inspection, repair and
52-week range $43.22 - $65.37 maintenance activities.
YTD Return 18.3% -- Asset Integrity - offer a wide range of inspection services to satisfy contractual structural specifications, internal safety standards or regulatory requirements of
both onshore and offshore facilities, primarily to customers in the oil and gas, petrochemical, and power generation industries.
Employees 10,900

Management Advanced Technologies - provides underwater intervention, engineering services and related manufacturing to meet a variety of industrial requirements,
officer since
including search and recovery, maintenance and repair, civil works projects, commercial theme park equipment and engineering services and products for the
Kevin McEvoy, CEO 2011
space industry. The segments customers have specialized requirements in underwater or other hazardous environments outside the oil and gas industry and
Cardon Gerner, CFO 2011
including the US Navy and NASA.
Investor Relations Contact
Jack Jurkoshek 713-329-4670

Share Repurchase Snapshot (mil shares)


Current Authorization 12.0
Remaining as of 12/31/12 9.3 BUSINESS SEGMENT BREAKDOWN GEOGRAPHIC REVENUE BREAKDOWN
Potential Buyback of Shares O/S 8.6%
2007 2012 2007 2012
Total Revenue: $1,743 million Total Revenue: $2,783 million
BALANCE SHEET (mil.)
12/31/12
Cash & Equivalents $121
Asset Integrity Advanced Technology Remotely Other
PP&E (net) $1,025 Advanced
13% 9% Operated 2% Other
Goodwill $363 Technology Brazil
Remotely Operated Vehicles Asia & Brazil 4%
10% 5%
Total Assets $2,768 Vehicles 31% Australia 6% United
Mobile Asset States
Short-term Debt $0 30% Asia & Australia 11%
Offshore Integrity United States 34%
Long-term Debt $94 Production 16% 7% 49%
Total Liabilities $953 Systems
3%
Shareholder Equity $1,815
Subsea Projects Europe/Africa
Working Capital $586 15% Subsea Subsea 37%
Projects Products Europe/
Book Value / Share $16.79 Subsea Products 13% 30% Africa
Tangible Book Value / Share $13.43 30%
45%
LT Debt / Capital 4.9%
Total Debt / Capital 4.9%
Net Debt / Capital -1.5%

Year End Subsea Products Backlog


Oilfield Work Class ROV Fleet*
~800 total vehicles $800

Other $700
23%
OII $600
36%
$500

$400
Canyon
6% $300

$200

$100
Fugro
7% $0
Subsea 7 2007 2008 2009 2010 2011 2012
Sonsub 21%
7%
*Source: OII, HW Estimate *Source: Company Reports

H O W A R D W E I L | 2013 Energy Conference 28


Company Profile:
Oil States International, Inc. provides a broad range of products and services to the oil and natural gas industry through its Accommodation, Well Site Services,
Offshore Products, and Tubular Services segments. Products and services include: drilling rigs, rental equipment, well site accommodations, offshore
development and drilling products, flexible bearings and connector products, subsea pipeline products, marine winches, mooring and lifting systems, rig
equipment, BOP stack assembly, testing and repair services, and tubular product distribution.

Accommodations - OIS is the largest integrated services provider of accommodations for remote locations and has installed over 11,000 rooms, since mid-
Oil States International, Inc. - OIS (NYSE) 2006, in four major lodge properties supporting oil sands developments. The Company acquired The MAC in 2010 and is Australia's largest integrated
www.oilstatesintl.com accommodations provider that primarily serves coal bed methane mining operations. The MAC operates in eight villages with over 8,600 rooms.

Share Price (3/13/13) $78.51 Well Site Services - the Company's Well Site Services segment is broken down into drilling services and completion services. The Company provides land
Shares Out (mil.) 55 drilling services for shallow to medium depth wells and has 33 drilling rigs as of December 31, 2012. The Company's completion services provides services such
Market Cap (mil.) $4,308 as wireline and coiled tubing, wellhead isolation, pipe recovery, blow out preventers, and well testing equipment.
Avg Daily Volume (mil.) 0.7
52-week range $60.03 - $87.63 Offshore Products - OIS designs, manufactures, fabricates, inspects, assembles, repairs, tests, and markets subsea equipment and offshore vessel and rig
YTD Return 9.7% equipment. The Company's products are used for the drilling and production of oil and natural gas wells on offshore fixed platforms and mobile production units,
Employees 8,716 and on other marine vessels, floating rigs, and jack-up rigs. The Company derives the bulk of its offshore products revenues from the USGOM.

Tubulars - the Company's Tubular services segment primarily distributes OCTG in two forms: (i) casing that forms the structural wall in an oil or natural well and
Management in office since provides support, controls pressure, and prevents caving during drilling; and (ii) production tubing that is used to bring hydrocarbons to the surface and may be
Cindy Taylor, CEO 2007 replaced during the life of a well. The Company distributes OCTG produced by domestic and foreign mills to major and independent oil and gas producers and
Bradley Dodson, CFO 2006 other OCTG distributors. OIS does not manufacture any of the OCTG that it distributes.

Investor Relations Contact


Patricia Gil 713-470-4860

Share Repurchase Snapshot ($mm)


Current Authorization $200.0 BUSINESS SEGMENT BREAKDOWN GEOGRAPHIC REVENUE BREAKDOWN
Remaining as of 12/31/12 $184.8
Potential Buyback of Shares O/S 4.3% 2007* 2012* 2007 2012
Total Revenue: $2,088 million Total Revenue: $4,413 million
BALANCE SHEET (mil.)
12/31/12
Cash & Equivalents $253 Well Site Well Site
Tubular
PP&E (net) $1,852 Services Services Other
Tubular Services Services UK Australia Other
19% 16% 2% UK
Goodwill $521 41% 41% 7% 6%
5% 4%
Total Assets $4,440 Canada
14%
Short-term Debt $30
Long-term Debt $1,280 Canada
17%
Total Liabilities $1,974
Shareholder Equity $2,464 US
Accommodations 68%
15% Offshore Accommodations
Working Capital $1,308 Offshore Products 25% US
Book Value / Share $44.91 Products 18% 77%
Tangible Book Value / Share $35.42 25%
LT Debt / Capital 34.2%
Total Debt / Capital 34.7%
Net Debt / Capital 30.0% *Well Site Services includes: Completion and Drilling Services

Offshore Products Backlog Average Available Rooms


Offshore Products $600
25,000

$500 20,000
Floating Production Subsea Pipelines
Steel catenary riser connectors and receptacles Collet connectors and jumpers
TLP tendon connectors Pipeline end manifolds and pipeline tie-in sleds $400 15,000
Riser tensioning equipment Pipeline repair equipment and services
Cranes 10,000
$300

Offshore Drilling Rigs and Vessels 5,000


$200
Mooring and winch systems
Drilling riser FlexJoints 0
BOP integration and handling equipment $100
Coiled tubing lift frames
Riser repair services
$-
Canada Australia
2005 2006 2007 2008 2009 2010 2011 2012
*Source: OIS, HW estimate

H O W A R D W E I L | 2013 Energy Conference 29


Overview and Market Summary
Of Worldwide Mobile Offshore Drilling Units (MODU)
Worldwide Mobile Offshore Drilling Units (MODU) - as of March 2013

Composition of Estimated Worldwide MODU Market


W. Africa/ Middle SE Asia/ C/S
GOM Med. North Sea East India America Mexico Other TOTAL
Premium Jackups (250' IC or >) 17 41 33 103 103 4 39 5 345
Commodity Jackups 44 3 10 29 26 10 2 7 131
Midwater Floaters 7 10 35 0 31 22 1 9 115
Deepwater Floaters 7 14 3 0 13 20 0 1 58
Ultra-deepwater Floaters 32 23 9 1 17 41 4 1 128
TOTAL 107 91 90 133 190 97 46 23 777

% of Total Market by Asset Class


W. Africa/ Middle SE Asia/ C/S
GOM Med. North Sea East India America Mexico Other TOTAL
Premium Jackups (250' IC or >) 4.9% 11.9% 9.6% 29.9% 29.9% 1.2% 11.3% 1.4% 100%
Commodity Jackups 33.6% 2.3% 7.6% 22.1% 19.8% 7.6% 1.5% 5.3% 100%
Midwater Floaters 6.1% 8.7% 30.4% 0.0% 27.0% 19.1% 0.9% 7.8% 100%
Deepwater Floaters 12.1% 24.1% 5.2% 0.0% 22.4% 34.5% 0.0% 1.7% 100%
Ultra-deepwater Floaters 25.0% 18.0% 7.0% 0.8% 13.3% 32.0% 3.1% 0.8% 100%
% TOTAL by Region 13.8% 11.7% 11.6% 17.1% 24.5% 12.5% 5.9% 3.0% 100%

Ultra-
Jackups Midwater Deepwater deepwater Total
Transocean 10 29 16 28 83
ENSCO plc 43 5 8 12 68
Noble Corporation 40 4 9 9 62
Diamond Offshore 7 18 9 6 40
Seadrill Limited 16 1 1 15 33
Hercules Offshore 37 0 0 0 37
Rowan Companies 31 0 0 0 31
Atwood Oceanics 5 1 3 2 11
Pacific Drilling 0 0 0 4 4
Source: Company Fleet Reports, ODS as of 3/8/13; does not include rigs under construction

New Build Jackups by Company New Build Floaters by Company


2013 2014 2015 2016+ Total 2013 2014 2015 2016+ Total
ATW 1 0 0 0 1 ATW 1 1 1 0 3
DO 0 0 0 0 0 DO 2 2 0 0 4
ESV 2 1 0 0 3 ESV 1 2 0 0 3
HERO 0 0 0 0 0 HERO 0 0 0 0 0
NE 3 3 0 0 6 NE 3 2 0 0 5
PACD 0 0 0 0 0 PACD 2 1 1 0 4
RDC 0 0 0 0 0 RDC 1 2 1 0 4
RIG 2 0 0 0 2 RIG 0 2 2 2 6
SDRL 7 0 4 0 11 SDRL 3 4 2 0 9
Source: Company Fleet Reports, ODS as of 3/8/13 Source: Company Fleet Reports, ODS as of 3/8/13

H O W A R D W E I L | 2013 Energy Conference 30


Offshore Rig Definitions and Descriptions
Drillships
Typically used in deepwater applications, drillships are generally self-propelled, shaped like conventional ships
and are the most mobile of the major rig types. Drillships can be dynamically positioned (DP), which allows them
to maintain position without anchors through the use of their onboard propulsion and station-keeping systems, or
are operated in a moored configuration. Drillships typically have greater load capacity than semisubmersible
rigs. This enables them to carry more supplies on board, which often makes them better suited for drilling in
remote locations where resupply is more difficult. However, drillships are typically limited to calmer water
conditions than those in which semisubmersibles can operate.

Semisubmersibles
Semisubmersibles are floating vessels that can be submerged by means of a water ballast system such that the
lower hulls are below the water surface during drilling operations. These rigs maintain their position over the well
through the use of an anchoring system or computer controlled dynamic positioning thruster system. Some
semisubmersible rigs are self-propelled and move between locations under their own power when afloat on the
pontoons, although most are relocated with the assistance of tugs. Typically, semisubmersibles are better
suited for operations in rougher water conditions than drillships. Semisubmersibles are used in varying water
depth ranging from 500' to 8,000'+ and are subcategorized according to age, variable deck load and water depth
capability.

Midwater: Generally older units, often referred to as conventional or midwater semis, that typically operate in
water depths of < 4,500

Deepwater: Units that can operate in water depth of >4,500' and extend to 7,500. This group included many
units which were constructed and/or upgraded in the deepwater newbuild cycle of the mid 1990's to early
2000's. Units within this group are becoming increasingly bifurcated into a "non-newbuild" and "ultra-
deepwater newbuild" subset.

Ultra-deepwater: Units that can operate in water depths >7,500 and up to 12,000. This group includes units
which were constructed and/or upgraded in the newbuild cycle of the mid-to-late 2000s and make up the
vast majority of the current newbuilds.

H O W A R D W E I L | 2013 Energy Conference 31


Offshore Rig Definitions and Descriptions (cont.)
Jackups
Jackup rigs are mobile self-elevating drilling platforms equipped with legs that can be lowered to the ocean floor
until a foundation is established to support the drilling platform. Once a foundation is established, the drilling
platform is then jacked further up the legs so that the platform is above the highest expected waves. Generally,
jackup rigs are subject to a maximum water depth of approximately 350 to 400 feet according to leg length,
while some jackup rigs have hulls that allow them to drill in water depths as shallow as ten feet. The principle
difference between jackup rigs lies in the areas of leg length, seabed/leg interaction (mat versus independent
leg), and drilling mode capabilities (cantilever versus slot). Mat supported units are equipped with legs that have
a lower hull or mat attached to the bottom. While this provides a more stable foundation in soft bottom areas, it
limits the jackups use in instances where the seabed floor slopes. Independently legged rigs are better suited
for harsher or uneven seabed conditions. In terms of drilling capabilities, cantilever jackups enable the drilling
platform to be extended out from the hull, allowing it to perform drilling or workover operations over a pre-
existing platform or structure. Slot type jackup rigs are configured for drilling operations to take place through a
slot in the hull. Slot type rigs are usually used for exploratory drilling because their configuration makes them
difficult to position over existing platforms or structures. Typically, utilization and in turn day rates on higher
specification units (longer legged, cantilevered, etc.) move in advance of those of lesser capability.

Heavy Duty Harsh Environment (HDHE): Designed to operate year-round in the harsh environments of the
North Sea and offshore Eastern Canada, typically in water depths > 300'.

Premium Jackups: Typically defined as independent legged, cantilever units operating in 250' of water or
greater. Growing subcategory "ultra" premium jackups are generally newer units, and in many cases
newbuilds, capable of drilling in 350'-400' of water.

Commodity Jackups: Units whose water depth capability is less than 250'. These units are generally older
and often mat and/or slot units (rather than independent legged and/or cantilevered).

H O W A R D W E I L | 2013 Energy Conference 32


Offshore Rig Definitions and Descriptions (cont.)
Platform Rig
Consists of drilling equipment arranged in modular packages which are transported to and installed on fixed
offshore platforms that provide the foundation upon which the rig is placed. Platform rigs are often used to
provide drilling, horizontal reentry, and workover services.

Tender Assist Rig


Generally non-self-propelled barges moored alongside a platform and contain crew quarters, mud pits, mud
pumps, and power generation systems. The only equipment transferred to the platform for drilling or workover
operations is the derrick equipment set consisting of the substructure, drillfloor, derrick and drawworks.

H O W A R D W E I L | 2013 Energy Conference 33


Market Share Leaders
by Geography and Asset Class
Premium Jackups GOM - 17 Middle East - 103

ESV
DO HERO
Other 10%
12% 3%
12%
NE
RDC
12%
23%
Other RDC
HERO ESV SDRL 11%
47% 58%
6% 6%

Mexico - 39
West Africa/Med - 41 SE Asia - 103

ATW HERO NE ATW ESV DO


5% ESV
2% 10% 3% 10% RDC RIG 10%
RDC 4% 2% 10%
2%
Other
SDRL 49%
RIG
10% 7%
Other NE
Other
68% SDRL 31%
74%
2%

North Sea - 33 South America - 4

ESV Other
DO
Other 12% NE 25%
25%
40% 12%

RDC
SDRL RIG 18%
6% 12% RDC
50%

H O W A R D W E I L | 2013 Energy Conference 34


Market Share Leaders
by Geography and Asset Class
Commodity Jackups GOM - 44 Middle East - 29

HERO
ESV 7% NE
Other
4%
25% 7%

RDC
7% HERO Other
64% 86%

Mexico - 2
West Africa/Med - 3 SE Asia - 26

HERO
8%
NE
33%

Other Other Other


67% 92% 100%

South America - 10
North Sea - 10

Other
20% ESV
40%

Other
NE 100%
40%

H O W A R D W E I L | 2013 Energy Conference 35


Market Share Leaders
by Geography and Asset Class
Midwater Semis GOM - 7 SE Asia - 31

DO
Other 10% ESV
15% DO 3%
RIG 57%
14% RIG
23%
NE Other
14% 64%

West Africa/Med - 10 South America - 22

ATW
10% DO
27%
Other Other
40% 41%

ESV
RIG NE
RIG 18%
9% 5%
50%

North Sea - 35 Mexico - 1

DO
11% NE
Other 3%
46%

RIG
SDRL 37% DO
3% 100%

H O W A R D W E I L | 2013 Energy Conference 36


Market Share Leaders
by Geography and Asset Class
Deepwater Floaters

H O W A R D W E I L | 2013 Energy Conference 37


Market Share Leaders
by Geography and Asset Class
Ultra-deepwater Floaters GOM - 32 Middle East - 1

Other ATW
SDRL 3% ESV
9%
6% 25%

RIG NE
PACD RIG
38% 16% 100%
3%

Mexico - 4
West Africa/Med - 23 SE Asia - 17

DO ESV ATW DO ESV SDRL


Other 9% 4% 6% 6% 6% 25%
39%
PACD
9% Other NE
41% 6%
RIG
SDRL 17% RIG Other
22% 35% 75%

South America - 41
North Sea - 9

ESV
DO 5%
7% NE
RIG 7% PACD
22% 2%
Other
45% Other RIG
64% 7%
SDRL
SDRL
33%
7%

H O W A R D W E I L | 2013 Energy Conference 38


Company Profile:
Atwood Oceanics is one of the smaller offshore contract drilling companies in the Howard Weil coverage universe, having 10 active offshore rigs in its
fleet with four rigs under construction. With regards to its rigs under construction, the Company has three ultra-deepwater drillships and one high-
specification jackup under construction, which are scheduled to be delivered between 2013 and 2015.

Atwood Oceanics - ATW (NYSE) Fleet Mix: Geographic Revenue:


www.atwd.com Total Offshore Rigs = 12* 2007 = $403 mil 2012 = $787 mil
Share Price (3/13/13) $50.57
Shares Out (mil.) 66 Tender Assist Australia U.S. U.S. Other
Ultra-deepwater
Market Cap (mil.) $3,320 8% 17% 16% 7% SE Asia 5% 4% Australia
SE Asia/India 12%
Avg Daily Volume (mil.) 0.7 46%
33%
Africa
52-week range $34.93 - $55.49 Med.
16%
YTD Return 10.4% Deepwater 1%
Floaters
Div. Yield 0.0% Jackups 25%
Employees 1,460 42%
Midwater Med.
Floaters 28% Africa
Management in office since 8% 32%
Rob Saltiel, CEO/Pres. 2010
Mark Mey, CFO 2010 *Inc ludes one Tender Assist rig

Notes:
Investor Relations Contact -The Company has four rigs under construction, three ultra-deepwater floaters and one high-spec jackup
Mark Mey 281-749-7902 -Helmerich & Payne, Inc owns approximately 12% of the issued shares outstanding.
Share Repurchase Snapshot

No Authorization in Place Composition of ATW MODU


W. Africa/ Middle SE Asia/ C/S
BALANCE SHEET (mil.) GOM Med. North Sea East India America Mexico Other TOTAL
12/31/12 Premium Jackups (250' IC or >) 0 2 0 0 3 0 0 0 5
Cash + Equivalents $108 Commodity Jackups 0 0 0 0 0 0 0 0 0
PP&E (net) $2,855 Midwater Floaters 0 1 0 0 0 0 0 0 1
Goodwill $0 Deepwater Floaters 0 1 0 0 2 0 0 0 3
Total Assets $3,259 Ultra-deepwater Floaters 1 0 0 0 1 0 0 0 2
Short-term Debt $0 TOTAL 1 4 0 0 6 0 0 0 11
Long-term Debt $1,070
Total Liabilities $1,243 % of Total MODU
Shareholder Equity $2,016 W. Africa/ Middle SE Asia/ C/S
GOM Med. North Sea East India America Mexico Other TOTAL
Working Capital $232 Premium Jackups (250' IC or >) 5% 3% 1%
Book Value / Share $30.72 Commodity Jackups 0%
Tangible Book Value / Share $30.72 Midwater Floaters 10% 1%
LT Debt / Capital 34.7% Deepwater Floaters 7% 15% 5%
Total Debt / Capital 34.7% Ultra-deepwater Floaters 3% 6% 2%
Net Debt / Capital 32.3% TOTAL 1% 4% 0% 0% 3% 0% 0% 0% 1%

H O W A R D W E I L | 2013 Energy Conference 39


Company Profile:
Diamond Offshore is one of the larger offshore drillers in the Howard Weil coverage universe. It's fleet consists of 32 semisubmersibles, seven jackups,
and five drillship (four under construction). While having a global reach, the Company's major areas of operations include South America and
Europe/Africa. The Company has four ultra- deepwater drillships under construction two of which will be delivered in 2013 and two in 2014. The
Company has two moored semisubmersibles, the Ocean Onyx and Ocean Apex, which are under construction and expected to be delivered in the third
quarter of 2013 and second quarter of 2014. As of December 31, 2012 three of the Company's semisubmersibles and one jackup are held for sale.

Diamond Offshore - DO (NYSE) Fleet Mix: Geographic Revenue:


www.diamondoffshore.com Total Offshore Rigs = 36* 2007 = $2.57 bil 2012 = $2.99 bil
Share Price (3/13/13) $69.39
Shares Out (mil.) 139
Ultra-deepwater Mexico Mexico U.S.
Market Cap (mil.) $9,647 Premium Floaters SE Asia / ME
Jackups 22% 6% U.S. 7% 6%
Avg Daily Volume (mil.) 1.5 16% 50%
Australia/Asia
Europe /
17% 17%
52-week range $54.07 - $76.08 Africa
YTD Return 2.1% S. America 22%
Div. Yield 5.0% 10%
Employees 5,300 Deepwater S. America
Midwater
Floaters 48%
Floaters Europe /
19%
42% Africa
Management in office since 18%
Larry Dickerson, CEO, Pres. 2008
Gary Krenek, CFO 2006 *exc ludes four rigs (three midwater semis and one jac kup) held for sale

Notes:
Investor Relations Contact - The Company has four drillships under construction.
Darren Daugherty 281-492-5370 - The current annualized dividend is $3.50/share, $0.125/share regular quarterly dividend
plus $0.75/share special quarterly dividend.
Share Repurchase Snapshot

No Authorization in Place Composition of DO MODU


W. Africa/ Middle SE Asia/ C/S
BALANCE SHEET (mil.) GOM Med. North Sea East India America Mexico Other TOTAL
12/31/12 Premium Jackups (250' IC or >) 2 0 0 0 0 1 4 0 7
Cash + Marketable Securities $1,486 Commodity Jackups 0 0 0 0 0 0 0 0 0
PP&E (net) $4,865 Midwater Floaters 4 0 4 0 3 6 1 0 18
Goodwill $0 Deepwater Floaters 2 1 0 0 3 3 0 0 9
Total Assets $7,235 Ultra-deepwater Floaters 0 2 0 0 1 3 0 0 6
Short-term Debt $0 TOTAL 8 3 4 0 7 13 5 0 40
Long-term Debt $1,496
Total Liabilities $2,659 % of Total MODU
Shareholder Equity $4,576 W. Africa/ Middle SE Asia/ C/S
GOM Med. North Sea East India America Mexico Other TOTAL
Working Capital $1,647 Premium Jackups (250' IC or >) 12% 25% 10% 2%
Book Value / Share $32.92 Commodity Jackups 0%
Tangible Book Value / Share $32.92 Midwater Floaters 57% 11% 10% 27% 100% 16%
LT Debt / Capital 24.6% Deepwater Floaters 29% 7% 23% 15% 16%
Total Debt / Capital 24.6% Ultra-deepwater Floaters 9% 6% 7% 5%
Net Debt / Capital 0.2% TOTAL 7% 3% 4% 0% 4% 13% 11% 0% 5%

H O W A R D W E I L | 2013 Energy Conference 40


Company Profile:
Ensco plc is the one of the largest offshore driller in the world in terms of fleet size and maintains one of the youngest fleets in the industry. ESV
operates in every major offshore market around the world. The Company currently has six rigs under construction of which two are already
contracted.

Ensco plc - ESV (NYSE) Fleet Mix: Geographic Revenue:


www.enscous.com Total Offshore Rigs = 68 2007 = $2.1 bil 2012 = $4.3 bil
Share Price (3/13/13) $58.84
Shares Out (mil.) 233 Commodity Jackups Ultra-deepwater
Market Cap (mil.) $13,693 Midwater 9% Floaters Other
Floaters 18% United States 21% United States
Avg Daily Volume (mil.) 2.5 23%
7% 30%
52-week range $41.63 - $65.82
Deepwater Angola
YTD Return -0.7% Floaters Other 10%
Div. Yield 2.5% 12% 53% U.K. Australia
Employees 9,000 19% 3%
Qatar
Premium 5% Brazil United
Jackups 26% Mexico
Management in office since 3% Kingdom
54% 7%
Daniel Rabun, President/CEO 2006
J. Mark Burns, COO 2012
Jay Swent, CFO 2003 Notes:
- The Company has three ultra-deepwater drillship under construction (DS-7 due in 2013, the DS-8, and DS-9, both due 2H14).
Investor Relations Contact - The Company has three high specification jackups under construction with two expecting delivery in 2013 and one in 2014.
Sean O'Neill (713) 430-4607
Share Repurchase Snapshot (mil $)

Current Authorization n/a


Remaining as of 12/31/12 n/a Composition of ESV MODU
Potential Buyback of Shares O/S n/a W. Africa/ Middle SE Asia/ C/S
BALANCE SHEET (mil.) GOM Med. North Sea East India America Mexico Other TOTAL
12/31/12 Premium Jackups (250' IC or >) 8 0 4 10 11 0 4 0 37
Cash + Equivalents $487 Commodity Jackups 2 0 4 0 0 0 0 0 6
PP&E (net) $13,146 Midwater Floaters 0 0 0 0 1 4 0 0 5
Goodwill $3,274 Deepwater Floaters 0 4 0 0 0 4 0 0 8
Total Assets $18,565 Ultra-deepwater Floaters 8 1 0 0 1 2 0 0 12
Short-term Debt $48 TOTAL 18 5 8 10 13 10 4 0 68
Long-term Debt $4,798
Total Liabilities $6,713 % of Total MODU
Shareholder Equity $11,846 W. Africa/ Middle SE Asia/ C/S
GOM Med. North Sea East India America Mexico Other TOTAL
Working Capital $734 Premium Jackups (250' IC or >) 47% 12% 10% 11% 10% 11%
Book Value / Share $50.91 Commodity Jackups 5% 40% 5%
Tangible Book Value / Share $36.84 Midwater Floaters 3% 18% 4%
LT Debt / Capital 28.8% Deepwater Floaters 29% 20% 14%
Total Debt / Capital 29.0% Ultra-deepwater Floaters 25% 4% 6% 5% 9%
Net Debt / Capital 26.9% TOTAL 17% 5% 9% 8% 7% 10% 9% 0% 9%

H O W A R D W E I L | 2013 Energy Conference 41


Company Profile:
Hercules Offshore was formed in July 2004 to provide offshore drilling and liftboat services, primarily in the GOM. HERO's offshore drilling fleet
consists primarily of commodity class jackups. HERO also operates the largest fleet of liftboats in the GOM. Liftboats are self-propelled, self-
elevating work platforms complete with legs, cranes and living quarters and perform a broad range of maintenance and construction operations.
The Company also owns a fleet of 13 barge rigs; 3 are currently marketed.

Recent Events: In February, the Company agreed to purchase a jackup rig, the Ben Avon, from KCA Deutag for $55 million and the acquisition is
expected to close late March 2013. In February, the Company also agreed to purchase the liftboat Titan 2, from KS Energy for $42 million with the
acquisition expected to close in early March 2013.
Hercules Offshore - HERO (NASD)
www.herculesoffshore.com Fleet Mix: Segment Revenue:
Share Price (3/13/13) $6.96 Total Offshore Rigs = 37* Total Liftboats = 63* 2007 = $726 mil 2012 = $710 mil
Shares Out (mil.) 159
Market Cap (mil.) $1,103
Premium
Avg Daily Volume (mil.) 3.3 International Mexico Other Other
Jackups
38% 4% 10% 14%
52-week range $2.91 - $7.42 14%
YTD Return 12.6% India Saudi Arabia
7% 8%
Div. Yield 0.0%
Employees 2,600 Nigeria
U.S. 8% U.S.
Commodity Nigeria
62% U.S. 63%
Management in office since Jackups 15%
86% 71%
John T. Rynd, CEO/Pres. 2008 *Does not include recent acquisitions
Stephen Butz, CFO 2010 Notes:
Currently cold stacked assets 2/21/13:
Investor Relations Contact 2 - International Jackups
Son Vann 713-350-8508 10 - GoM Jackups
10 - Inland barges (the Company has three other barges that are currently marketed)
Share Repurchase Snapshot

No Authorization in Place Composition of HERO MODU


W. Africa/ Middle SE Asia/ C/S
BALANCE SHEET (mil.) GOM Med. North Sea East India America Mexico Other TOTAL
12/31/12 Premium Jackups (250' IC or >) 1 1 0 3 0 0 0 0 5
Cash + Restricted Cash $261 Commodity Jackups 28 0 0 2 2 0 0 0 32
PP&E (net) $1,463 Midwater Floaters 0 0 0 0 0 0 0 0 0
Goodwill $0 Deepwater Floaters 0 0 0 0 0 0 0 0 0
Total Assets $2,017 Ultra-deepwater Floaters 0 0 0 0 0 0 0 0 0
Short-term Debt $67 TOTAL 29 1 0 5 2 0 0 0 37
Long-term Debt $798
Total Liabilities $1,134 % of Total MODU
Shareholder Equity $883 W. Africa/ Middle SE Asia/ C/S
GOM Med. North Sea East India America Mexico Other TOTAL
Working Capital $217 Premium Jackups (250' IC or >) 6% 2% 3% 1%
Book Value / Share $5.56 Commodity Jackups 64% 7% 8% 24%
Tangible Book Value / Share $5.56 Midwater Floaters 0%
LT Debt / Capital 47.5% Deepwater Floaters 0%
Total Debt / Capital 49.5% Ultra-deepwater Floaters 0%
Net Debt / Capital 40.6% TOTAL 27% 1% 0% 4% 1% 0% 0% 0% 5%

H O W A R D W E I L | 2013 Energy Conference 42


Company Profile:
Noble Corp. is the third largest provider of mobile offshore drilling units worldwide. NE operates 43 jackups, 23 floating rigs and
two submersibles. NE is in the process of adding several additional rigs to its fleet with five newbuild drillships (three delivered in
2013 and two in 2014) and six premium jackups (three delivered in 2013 and three delivered in 2014).

Noble Corporation - NE (NYSE) Fleet Mix: Geographic Revenue:


www.noblecorp.com Total Offshore Rigs = 68* 2007 = $3.0 bil 2012 = $3.5 bil
Share Price (3/13/13) $35.72 Commodity
Submersibles Ultra-deepwater
Shares Out (mil.) 253 Jackups
3% Floaters
Market Cap (mil.) $9,045 5% Other
13% Mexico Other U.S. Mexico 6% U.S.
Avg Daily Volume (mil.) 4.5 Midwater Floaters
15% 4% 22% 9% 30%
52-week range $28.73 - $41.56 7%
Middle Middle
YTD Return 2.6% Deepwater East/India
Floaters East/India
Div. Yield 2.8% 16% 19% North Sea
13% 12%
Employees 5,600 Premium Jackups North Sea
S. America W. Africa S. America
59% 21% W. Africa
7% 15% 20% 4%
Management in office since
David Williams, Pres./CEO 2008
James A. MacLennan, CFO 2012 *Includes two submersibles, 3 jackups, and one drillship working bareboat charters
Notes:
Investor Relations Contact -Shipyard projects include five ultra-deepwater drillships, and six premium jackups.
Jeff Chastain 281-276-6383
Share Repurchase Snapshot (mil shares)
Current Authorization 30.5
Remaining as of 12/31/12 6.8 Composition of NE MODU
Potential Buyback of Shares O/S 2.7% W. Africa/ Middle SE Asia/ C/S
BALANCE SHEET (mil.) GOM Med. North Sea East India America Mexico Other TOTAL
12/31/12 Premium Jackups (250' IC or >) 0 4 4 13 0 0 12 0 33
Cash + Marketable Securities $282 Commodity Jackups 0 1 4 2 0 0 0 0 7
PP&E (net) $13,026 Midwater Floaters 1 0 1 0 0 1 0 1 4
Goodwill $0 Deepwater Floaters 3 2 0 0 0 4 0 0 9
Total Assets $14,608 Ultra-deepwater Floaters 5 0 0 0 1 3 0 0 9
Short-term Debt $0 TOTAL 9 7 9 15 1 8 12 1 62
Long-term Debt $4,634
Total Liabilities + MI $6,885 % of Total MODU
Shareholder Equity $7,723 W. Africa/ Middle SE Asia/ C/S
GOM Med. North Sea East India America Mexico Other TOTAL
Working Capital $394 Premium Jackups (250' IC or >) 10% 12% 13% 31% 10%
Book Value / Share $30.50 Commodity Jackups 33% 40% 7% 5%
Tangible Book Value / Share $30.50 Midwater Floaters 14% 3% 5% 11% 3%
LT Debt / Capital 37.5% Deepwater Floaters 43% 14% 20% 16%
Total Debt / Capital 37.5% Ultra-deepwater Floaters 16% 6% 7% 7%
Net Debt / Capital 36.0% TOTAL 8% 8% 10% 11% 1% 8% 26% 4% 8%

H O W A R D W E I L | 2013 Energy Conference 43


Company Profile:
Pacific Drilling is one of the smallest publicly traded offshore contract drilling company in the Howard Weil coverage universe, completely
leveraged to the ultra-deepwater market with four ultra-deepwater drilling rigs active. The Company currently has four other ultra-deepwater
drillships under construction with two expected to be delivered in 2013, one in 2014, and one in 2015. The Company also has one option for
a ninth newbuild drillship.

Pacific Drilling - PACD (NYSE) Fleet Mix: Geographic Revenue:


www.pacificdrilling.com Total Offshore Rigs = 4
Share Price (3/13/13) $9.33 2012 = $638 mil
Shares Out (mil.) 210
Market Cap (mil.) $1,959 Brazil GOM
Avg Daily Volume (mil.) 0.4 22% 14%
52-week range $7.77 - $11.12
YTD Return -1.2%
Div. Yield 0.0%
Employees 1,006
Ultra-deepwater Floaters Nigeria
100%
Management in office since 64%
Christian Beckett, CEO 2008
William Restrepo, CFO 2011 Notes:
-The Company has four ultra-deepwater rigs under construction (two delivered in 2013, one in 2014 and one in 2015).
Investor Relations Contact
Amy Roddy 832-255-0502

Share Repurchase Snapshot


No Authorization in Place Composition of PACD MODU
W. Africa/ Middle SE Asia/ C/S
BALANCE SHEET (mil.) GOM Med. North Sea East India America Mexico Other TOTAL
12/31/12 Premium Jackups (250' IC or >) 0 0 0 0 0 0 0 0 0
Cash + Restricted Cash $606 Commodity Jackups 0 0 0 0 0 0 0 0 0
PP&E (net) $3,760 Midwater Floaters 0 0 0 0 0 0 0 0 0
Goodwill $0 Deepwater Floaters 0 0 0 0 0 0 0 0 0
Total Assets $4,894 Ultra-deepwater Floaters 1 2 0 0 0 1 0 0 4
Short-term Debt $219 TOTAL 1 2 0 0 0 1 0 0 4
Long-term Debt $2,035
Total Liabilities + MI $2,579 % of Total MODU
Shareholder Equity $2,315 W. Africa/ Middle SE Asia/ C/S
GOM Med. North Sea East India America Mexico Other TOTAL
Working Capital $522 Premium Jackups (250' IC or >) 0%
Book Value / Share $11.02 Commodity Jackups 0%
Tangible Book Value / Share $11.02 Midwater Floaters 0%
LT Debt / Capital 46.8% Deepwater Floaters 0%
Total Debt / Capital 49.3% Ultra-deepwater Floaters 3% 9% 2% 3%
Net Debt / Capital 41.6% TOTAL 1% 2% 0% 0% 0% 1% 0% 0% 1%

H O W A R D W E I L | 2013 Energy Conference 44


Company Profile:
Rowan Companies is the largest provider of high specification jackups in the world and is the third largest provider of premium
jackup rigs in the GOM. During 2011, the Company sold its ancillary businesses (land rigs and manufacturing) becoming solely
focused on the offshore market. Additionally, the Company entered into the ultra-deepwater market with the construction of four
ultra-deepwater drillships.

Rowan Companies - RDC (NYSE) Fleet Mix: Geographic Revenue:


www.rowancompanies.com Total Offshore Rigs = 31 2007 = $2,095 mil 2012 = $1,393 mil
Share Price (3/13/13) $35.08
Shares Out (mil.) Conventional
124 Jackups United States
Manufacturing United States SE Asia Other 15%
Market Cap (mil.) $4,359 10% 10% 7%
34% 31%
Avg Daily Volume (mil.) 1.2
52-week range $28.62 - $39.40
YTD Return 12.2%
North Sea
Div. Yield 0.0% 12%
Premium Middle East
Employees 3,119 Trinidad North Sea Middle East
Jackups 19%
4% 37% 31%
90%
Management in office since
W. Matt Ralls, CEO/ Pres. 2009
Kevin Bartol, CFO 2012 Note:
- The Company currently has four ultra-deepwater drillships under construction, scheduled for delivery in 2013 (1), 2014 (2)
Investor Relations Contact and 2015 (1).
Suzanne Spera 713-960-7517
Share Repurchase Snapshot (mil $)

Current Authorization $150.0


Remaining as of 12/31/12 $25.0 Composition of RDC MODU
Potential Buyback of Shares O/S 0.6% W. Africa/ Middle SE Asia/ C/S
BALANCE SHEET (mil.) GOM Med. North Sea East India America Mexico Other TOTAL
12/31/12 Premium Jackups (250' IC or >) 4 1 6 11 4 2 0 0 28
Cash + Equivalents $1,024 Commodity Jackups 3 0 0 0 0 0 0 0 3
PP&E (net) $6,072 Midwater Floaters 0 0 0 0 0 0 0 0 0
Goodwill $0 Deepwater Floaters 0 0 0 0 0 0 0 0 0
Total Assets $7,700 Ultra-deepwater Floaters 0 0 0 0 0 0 0 0 0
Short-term Debt $0 TOTAL 7 1 6 11 4 2 0 0 31
Long-term Debt $2,010
Total Liabilities $3,168 % of Total MODU
Shareholder Equity $4,532 W. Africa/ Middle SE Asia/ C/S
GOM Med. North Sea East India America Mexico Other TOTAL
Working Capital $1,259 Premium Jackups (250' IC or >) 24% 2% 18% 11% 4% 50% 8%
Book Value / Share $36.47 Commodity Jackups 7% 2%
Tangible Book Value / Share $36.47 Midwater Floaters 0%
LT Debt / Capital 30.7% Deepwater Floaters 0%
Total Debt / Capital 30.7% Ultra-deepwater Floaters 0%
Net Debt / Capital 17.9% TOTAL 7% 1% 7% 8% 2% 2% 0% 0% 4%

H O W A R D W E I L | 2013 Energy Conference 45


Company Profile:
Transocean is the largest publicly traded offshore drilling contractor in the world. The Company owns the largest fleet of deepwater
assets, is the leading provider of midwater floaters in the North Sea, and operates premium jackups in West Africa, India and SE
Asia. The Company recently sold 37 jackups and one swamp barge to Shelf Drilling Holdings, Ltd. in an effort to improve the
overall fleet quality.

Transocean Inc. - RIG (NYSE) Fleet Mix: Geographic Revenue:


www.deepwater.com Total Offshore Rigs = 83 2007 = $6.4 bil 2012 = $9.2 bil
Share Price (3/13/13) $52.82
Shares Out (mil.) 360 United United
Jackups Ultra-deepwater Other
Market Cap (mil.) $18,991 12% Floaters States States
20% 37% 27%
Avg Daily Volume (mil.) 3.6 35%
52-week range $39.32 - $59.50 Other United
46% Kingdom
YTD Return 18.3% Midwater 13%
Div. Yield 0.0% Floaters United
34% Nigeria Kingdom
Employees 18,400 Deepwater India 11%
9% Norway
Floaters 12% Brazil
19% 13%
Management in office since 12%
Steven Newman, CEO 2010
Esa Ikheimonen, CFO 2012 Notes:
- Two high-specification jackups under construction; scheduled for delivery in 2013.
Investor Relations Contact -Six ultra-deepwater drillships under construction with two due for delivery in 2014, two in 2015, two in 2016 and one in 2017.
R. Thaddeus Vayda 713-232-7551

Share Repurchase Snapshot ($mil)*


Current Authorization $3,800
Remaining as of 12/31/12 $3,560
Potential Buyback of Shares O/S 18.7% Composition of RIG MODU
* Based on exchange rates as of December 2012 W. Africa/ Middle SE Asia/ C/S
BALANCE SHEET (mil.) GOM Med. North Sea East India America Mexico Other TOTAL
12/31/12 Premium Jackups (250' IC or >) 0 4 4 0 2 0 0 0 10
Cash + Equivalents $5,134 Commodity Jackups 0 0 0 0 0 0 0 0 0
PP&E (net) $20,880 Midwater Floaters 1 5 13 0 7 2 0 1 29
Goodwill $2,987 Deepwater Floaters 2 4 1 0 5 3 0 1 16
Total Assets $34,255 Ultra-deepwater Floaters 12 4 2 1 6 3 0 0 28
Short-term Debt $1,367 TOTAL 15 17 20 1 20 8 0 2 83
Long-term Debt $11,092
Total Liabilities + MI $18,510 % of Total MODU
Shareholder Equity $15,745 W. Africa/ Middle SE Asia/ C/S
GOM Med. North Sea East India America Mexico Other TOTAL
Working Capital $3,184 Premium Jackups (250' IC or >) 10% 12% 2% 3%
Book Value / Share $43.79 Commodity Jackups 0%
Tangible Book Value / Share $35.48 Midwater Floaters 14% 50% 37% 23% 9% 11% 25%
LT Debt / Capital 41.3% Deepwater Floaters 29% 29% 33% 38% 15% 100% 28%
Total Debt / Capital 44.2% Ultra-deepwater Floaters 38% 17% 22% 100% 35% 7% 22%
Net Debt / Capital 31.8% TOTAL 14% 19% 22% 1% 11% 8% 0% 9% 11%

H O W A R D W E I L | 2013 Energy Conference 46


Company Profile:
Seadrill is a leading offshore drilling contractor that operates 45 rigs including semi-submersibles, drillships, jackups, and tender assist rigs. The
Company has an additional 24 drilling rigs currently under construction, including two semisubmersibles, seven drillships, 11 jackups, and four tender
assist rigs. The Company owns interests in various oilfield service companies and other offshore drillers. It owns interests in Archer Limited, an
international oilfield service company, Asia Offshore Drilling Ltd., an offshore drilling company, Sevan Drilling, an offshore drilling company, Varia
Perdana Bhd., a tender rig company, and SapuraKencana Petroleum, an oilfield service company.

Seadrill Ltd. - SDRL (NYSE) Fleet Mix: Revenue By Class:


www.seadrill.com Total Offshore Rigs = 45*
Share Price (3/13/13) $36.91 2012 = $4.3 bil
Shares Out (mil.) 469 Ultra-deepwater
Tender Assist Tender Rigs
Market Cap (mil.) $17,320 27% Floaters
33% 17%
Avg Daily Volume (mil.) 2.2
52-week range $31.37 - $41.95
YTD Return 0.3%
Div. Yield 9.2% Deepwater Jackups
Floaters 19%
Employees 7,900 2% Floaters
Jackups 64%
Midwater
36%
Management in office since 2%
Fredrik Halvorsen, CEO 2012
Rune Magnus Lundetrae, CFO 2012 *Includes 12 Tender Assist rigs

Investor Relations Contact Note:


Ragnvald Kavli +47 51 30 96 27 - The Company has an additional 24 drilling rigs currently under construction, two semisubmersibles, seven drillships,
11 jackups, and four tender assist rigs.
Share Repurchase Snapshot

No shares repurchased in 2012 under


existing repurchase scheme Composition of SDRL MODU
W. Africa/ Middle SE Asia/ C/S
BALANCE SHEET (mil.) GOM Med. North Sea East India America Mexico Other TOTAL
12/31/12 Premium Jackups (250' IC or >) 0 1 2 6 7 0 0 0 16
Cash + Equivalents $835 Commodity Jackups 0 0 0 0 0 0 0 0 0
PP&E (net) $14,776 Midwater Floaters 0 0 1 0 0 0 0 0 1
Goodwill $1,320 Deepwater Floaters 0 0 1 0 0 0 0 0 1
Total Assets $19,633 Ultra-deepwater Floaters 2 5 3 0 0 3 1 1 15
Short-term Debt $2,066 TOTAL 2 6 7 6 7 3 1 1 33
Long-term Debt $8,695
Total Liabilities + MI $14,249 % of Total MODU
Shareholder Equity $5,384 W. Africa/ Middle SE Asia/ C/S
GOM Med. North Sea East India America Mexico Other TOTAL
Working Capital ($1,206) Premium Jackups (250' IC or >) 2% 6% 6% 7% 5%
Book Value / Share $11.47 Commodity Jackups 0%
Tangible Book Value / Share $8.66 Midwater Floaters 3% 1%
LT Debt / Capital 61.8% Deepwater Floaters 33% 2%
Total Debt / Capital 66.7% Ultra-deepwater Floaters 6% 22% 33% 7% 25% 100% 12%
Net Debt / Capital 64.8% TOTAL 2% 7% 8% 5% 4% 3% 2% 4% 4%

H O W A R D W E I L | 2013 Energy Conference 47


Jackup Newbuilds
Owner Rig Name Water Depth (ft) Ordered Location Cost est. $MM Delivery Contract/Comments

Petrobras Netherlands BVP-60 350 3Q08 Bahia 1Q13 Current Contracted


Contractor TBC Master Driller II 300 2Q08 Yantai 1Q13 Not Contracted
Central Panuco Papaloapan 375 1Q11 Brownsville, TX $195 1Q13 Not Contracted
Transocean Transocean Andaman 350 1Q11 Singapore $225 1Q13 Future Contracted
Gulf Drilling International Al-Jassra 400 2Q12 Pandan $219 1Q13 Future Contracted
GOL Offshore GOL Offshore JU V351 350 3Q06 Maharashtra $165 1Q13 Not Contracted
Asia Offshore Drilling AOD-2 400 4Q10 Singapore $213 2Q13 Not Contracted
Japan Drilling Hakuryu-11 425 1Q11 Singapore $210 2Q13 Future Contracted
Atwood Atwood Orca 400 1Q11 Tuas $190 2Q13 Future Contracted
Oro Negro Laurus 400 2Q11 Singapore $180 2Q13 Not Contracted
Ensco ENSCO 120 400 1Q11 Singapore $230 2Q13 Future Contracted
Seadrill Ltd West Tucana 400 4Q10 Jurong $200 2Q13 Not Contracted
CPTDC CP300-2 300 4Q09 Liaohe 2Q13 Not Contracted
Essar Oilfields Services Varada 1 350 4Q08 Dahej, Gujarat $229 2Q13 Not Contracted
Discovery Offshore SA Discovery Triumph 400 1Q11 Singapore $231 2Q13 Not Contracted
CPTDC DSJ-300 JU Tbn3 300 1Q12 Dalian 2Q13 Not Contracted
Arabian Drilling Arabdrill 50 400 1Q11 Singapore $184 2Q13 Not Contracted
Noble Noble Mick O Brien 400 4Q10 Jurong $220 2Q13 Future Contracted
Prospector Offshore DrillinPROSPECTOR 1 400 4Q10 Dalian $206 3Q13 Future Contracted
Asia Offshore Drilling AOD-3 400 2Q11 Singapore $217 3Q13 Not Contracted
Perforadora Mexico PROSPECTOR 2 400 4Q10 Dalian $206 3Q13 Not Contracted
CP Latina Standard Integrity 400 2Q11 Singapore $196 3Q13 Not Contracted
Eurasia Drilling Neptune 250 4Q10 Hamriyah, Sharjah $235 3Q13 Not Contracted
Gulf Drilling International Qatar 2022 350 2Q11 Singapore $197 3Q13 Not Contracted
Seadrill Ltd West Telesto 400 4Q10 Dalian $190 3Q13 Future Contracted
Noble Noble Regina Allen 400 4Q10 Jurong $220 3Q13 Future Contracted
Yantai Raffles CIMC Raffles JU Tbn1 300 4Q11 Yantai 4Q13 Not Contracted
Prospector Offshore DrillinPROSPECTOR 3 400 2Q11 Dalian $220 4Q13 Not Contracted
Transocean Transocean Ao Thai 400 3Q11 Singapore $230 4Q13 Future Contracted
Seadrill Ltd West Castor 400 4Q10 Jurong $200 4Q13 Future Contracted
Seadrill Ltd West Oberon 400 4Q10 Dalian $190 4Q13 Future Contracted
Discovery Offshore SA Discovery Resilience 400 1Q11 Singapore $231 4Q13 Not Contracted
Yantai Raffles CIMC Raffles JU Tbn2 300 4Q11 Yantai 4Q13 Not Contracted
Jindal Pipes Jindal Star 350 4Q11 Hamriyah, Sharjah 4Q13 Not Contracted
Perforadora Mexico PROSPECTOR 4 400 2Q11 Dalian $220 4Q13 Not Contracted
ZPMC Zhenhai 1 300 2Q11 Nantong 4Q13 Not Contracted
Ensco ENSCO 121 400 1Q11 Singapore $230 4Q13 Not Contracted
Noble Noble Houston Colbert 400 1Q11 Jurong $235 4Q13 Future Contracted
S.D. Standard Drilling Standard Vision 400 2Q11 Singapore $196 4Q13 Not Contracted
TS Drilling Apollo 375 4Q11 Shenzhen 4Q13 Not Contracted
North Atlantic Drilling West Linus 492 1Q11 Jurong $530 4Q13 Future Contracted
CPLEC CP300-3 300 1Q12 Liaohe 4Q13 Not Contracted
Essar Oilfields Services Varada 2 350 4Q08 Dahej, Gujarat $229 4Q13 Not Contracted
CPLEC DSJ-300 L1 300 3Q12 Liaohe 4Q13 Not Contracted
Oro Negro Fortius 400 4Q12 Pandan $217 4Q13 Not Contracted
KS Energy KS Orient Star 1 400 2Q11 Jiangsu $194 4Q13 Not Contracted
CPTDC DSJ-300 JU Tbn4 300 2Q12 Dalian 4Q13 Not Contracted
TS Drilling Falcon 375 4Q11 Shenzhen 4Q13 Not Contracted
Arabian Drilling Standard Trust 400 2Q11 Singapore $196 4Q13 Not Contracted
2013 Deliveries 49

CPOE CPOE-16 400 1Q12 Shanghai Pudong 1Q14 Not Contracted


Oro Negro Decus 400 4Q12 Pandan $217 1Q14 Not Contracted
Noble Noble Sam Turner 400 1Q11 Jurong $235 1Q14 Future Contracted
Prospector Offshore DrillinPROSPECTOR 5 400 3Q11 Shanghai Pudong $211 1Q14 Not Contracted
ZPMC ZPMC JU Tbn2 300 3Q12 Nantong 1Q14 Not Contracted
KS Energy KS Orient Star 2 400 2Q11 Jiangsu $194 1Q14 Not Contracted
National Drilling Quarnin 200 4Q11 Hamriyah, Sharjah $167 1Q14 Future Contracted
Central Panuco Coatzacoalcos 375 1Q12 Brownsville, TX $205 1Q14 Not Contracted
Maersk Drilling Maersk XL Enhanced 1 492 1Q11 Singapore $500 2Q14 Future Contracted
National Drilling Marawah 200 4Q11 Hamriyah, Sharjah $167 2Q14 Future Contracted
S.D. Standard Drilling Standard Virtue 400 2Q11 Singapore $196 2Q14 Not Contracted
Varada-HvR CIMC Raffles JU Tbn3 400 2Q12 Yantai 2Q14 Not Contracted
Drilling & Offshore Varada 3 375 4Q10 Dahej, Gujarat $220 2Q14 Not Contracted
Apexindo Tasha 400 3Q12 Dalian 2Q14 Not Contracted
Maersk Drilling Maersk XL Enhanced 2 492 1Q11 Singapore $500 3Q14 Future Contracted
Perisai Perisai Pacific 101 400 2Q12 Tuas $208 3Q14 Not Contracted
Ensco ENSCO 122 400 4Q11 Singapore $260 3Q14 Not Contracted
Prospector Offshore DrillinPROSPECTOR 6 400 3Q11 Shanghai Pudong $211 3Q14 Not Contracted
Gulf Drilling International GDI JU Tbn2 350 2Q11 Singapore $197 3Q14 Not Contracted
CPTDC CP400 400 Liaohe 3Q14 Not Contracted
Jindal Pipes Jindal Drilling JU Tbn2 350 1Q13 Hamriyah, Sharjah 4Q14 Not Contracted
Noble Noble Tom Prosser 400 3Q11 Jurong $245 4Q14 Not Contracted
Star Drilling Pte Ltd Star Drilling JU Tbn1 350 1Q13 Singapore 4Q14 Not Contracted
Eurasia Drilling Mercury 350 2Q12 Hamriyah, Sharjah $235 4Q14 Not Contracted
National Drilling NDC JU Tbn5 200 2Q12 Hamriyah, Sharjah $167 4Q14 Future Contracted
Noble Noble JU Tbn6 400 3Q11 Jurong $245 4Q14 Not Contracted
Drilling & Offshore Varada 4 375 4Q10 Dahej, Gujarat $220 4Q14 Not Contracted
2014 Deliveries 27

Maersk Drilling Maersk XL Enhanced 3 492 2Q12 Singapore $650 1Q15 Future Contracted
National Drilling NDC JU Tbn6 200 2Q12 Hamriyah, Sharjah $167 1Q15 Future Contracted
Foresight Drilling Foresight JU Tbn1 350 3Q12 Dalian $170 1Q15 Not Contracted
PEMEX PEMEX JU Tbn1 400 4Q12 Singapore $210 1Q15 Not Contracted
PEMEX PEMEX JU Tbn2 400 4Q12 Singapore $210 1Q15 Not Contracted
Teniz Burgylau Teniz Burgylau JU Tbn1 262 3Q12 $242 1Q15 Future Contracted
Seadrill Ltd West Titan 400 1Q13 Dalian $230 1Q15 Not Contracted
Perisai Perisai JU Tbn2 400 1Q13 Tuas $208 2Q15 Not Contracted
Explorer I Explorer I JU Tbn1 350 4Q12 Jiangsu Province $170 2Q15 Not Contracted
Seadrill Ltd West Proteus 400 1Q13 Dalian $230 2Q15 Not Contracted
Seadrill Ltd Seadrill JU Tbn17 400 1Q13 Dalian $230 3Q15 Not Contracted
Seadrill Ltd Seadrill JU Tbn18 400 1Q13 Dalian $230 4Q15 Not Contracted
2015+ Deliveries 12
H O W A R D W E I L | 2013 Energy Conference

Newbuild
Newbuild Jackups on Order: 88 as %
Worldwide Jackup Supply: 486 18.1% Avg. Cost per Rig $230
Worldwide Premium Jackup Supply: 345 25.5% (in $MM)
Source: ODS-Petrodata, HW Research as of March 8, 2013
48
Floater Newbuilds
Owner Rig Name Water Depth (ft) Ordered Location Cost est. $MM Delivery Contract/Comments

Newbuild Drillships
Seadrill Ltd West Auriga 10,000 4Q10 Geoje $595 1Q13 Future Contracted
Seadrill Ltd West Vela 10,000 4Q10 Geoje $595 2Q13 Future Contracted
Noble Noble Don Taylor 10,000 1Q11 Ulsan $605 2Q13 Future Contracted
Tungsten Explorer Company Tungsten Explorer 10,000 2Q11 Okpo $590 2Q13 Future Contracted
Noble Noble Globetrotter II 10,000 2Q10 Dalian $550 2Q13 Future Contracted
Dalian Deepwater Developer Ltd Dalian Developer 10,000 2Q06 Dalian 2Q13 Not Contracted
Diamond Offshore Ocean BlackHawk 12,000 1Q11 Ulsan $640 2Q13 Future Contracted
Pacific Drilling Ltd Pacific Khamsin 10,000 1Q11 Geoje $608 2Q13 Future Contracted
Ensco ENSCO DS-7 10,000 4Q10 Geoje $600 3Q13 Future Contracted
DryShips Inc Ocean Rig Mylos 12,000 2Q11 Geoje $670 3Q13 Future Contracted
Seadrill Ltd West Tellus 10,000 2Q11 Geoje $600 3Q13 Not Contracted
Fred Olsen Energy Bolette Dolphin 10,000 2Q11 Ulsan $615 3Q13 Future Contracted
Atwood Atwood Advantage 10,000 1Q11 Okpo $600 3Q13 Future Contracted
Maersk Drilling Maersk Drsh Tbn1 12,000 2Q11 Geoje $650 3Q13 Future Contracted
DryShips Inc Ocean Rig Skyros 10,000 2Q11 Geoje $669 4Q13 Not Contracted
DryShips Inc Ocean Rig Athena 10,000 2Q11 Geoje $679 4Q13 Future Contracted
Noble Noble Bob Douglas 10,000 1Q11 Ulsan $605 4Q13 Future Contracted
Pacific Drilling Ltd Pacific Sharav 10,000 1Q11 Geoje $663 4Q13 Future Contracted
Rowan Rowan Renaissance 12,000 2Q11 Ulsan $749 4Q13 Future Contracted
Maersk Drilling Maersk Drsh Tbn2 10,000 2Q11 Geoje $650 4Q13 Future Contracted
Diamond Offshore Ocean BlackHornet 12,000 1Q11 Ulsan $640 4Q13 Future Contracted
2013 Deliveries 21

Transocean Deepwater Asgard 10,000 1Q11 Okpo $725 1Q14 Not Contracted
Transocean Deepwater Invictus 10,000 1Q11 Okpo $735 2Q14 Future Contracted
Seadrill Ltd West Saturn 12,000 2Q12 Geoje $600 2Q14 Not Contracted
Opus Offshore Opus Tiger 1 5,000 3Q11 Shanghai 2Q14 Not Contracted
Noble Noble Sam Croft 10,000 1Q11 Ulsan $615 2Q14 Not Contracted
Pacific Drilling Ltd Pacific Meltem 10,000 1Q12 Geoje $628 2Q14 Not Contracted
Maersk Drilling Maersk Drsh Tbn3 10,000 3Q11 Geoje $650 2Q14 Not Contracted
Atwood Eagle Company Atwood Achiever 10,000 4Q11 Okpo $600 2Q14 Not Contracted
Diamond Offshore Ocean BlackRhino 12,000 2Q11 Ulsan $640 2Q14 Not Contracted
Rowan Rowan Resolute 12,000 2Q11 Ulsan $743 2Q14 Not Contracted
Seadrill Ltd West Neptune 10,000 1Q12 Geoje $600 2Q14 Not Contracted
Maersk Drilling Maersk Drsh Tbn4 10,000 3Q11 Geoje $650 3Q14 Not Contracted
Ensco ENSCO DS-8 10,000 2Q12 Geoje $645 3Q14 Not Contracted
Seadrill Ltd West Jupiter 12,000 1Q12 Geoje $600 3Q14 Not Contracted
Noble Noble Drsh Tbn8 10,000 3Q11 Ulsan $630 3Q14 Not Contracted
Rowan Rowan Reliance 12,000 4Q11 Ulsan $729 4Q14 Not Contracted
Ensco ENSCO DS-9 10,000 2Q12 Geoje $645 4Q14 Not Contracted
Seadrill Ltd West Carina 12,000 3Q12 Geoje $600 4Q14 Not Contracted
Queiroz Galvao Queiroz Galvao Drsh Tbn3 10,000 4Q12 Geoje 4Q14 Not Contracted
Opus Offshore Opus Tiger 2 3,000 3Q11 Shanghai 4Q14 Not Contracted
Diamond Offshore Ocean BlackLion 10,000 2Q12 Ulsan $655 4Q14 Not Contracted
2014 Deliveries 21

DryShips Inc OCR Drillship Tbn9 10,000 3Q12 Geoje $683 1Q15 Not Contracted
Pacific Drilling Ltd Pacific Drilling Drsh Tbn1 10,000 1Q13 Geoje $620 1Q15 Not Contracted
Rowan Rowan Relentless 12,000 3Q12 Ulsan $773 1Q15 Not Contracted
Atwood Atwood Admiral 10,000 3Q12 Okpo $635 1Q15 Not Contracted
Sete Brasil Sete Brasil Drsh Tbn8 10,000 1Q12 Espirito Santo $793 2Q15 Future Contracted
Transocean Transocean Drsh Tbn1 12,000 3Q12 Okpo $750 2Q15 Future Contracted
Sigma Drilling Palladium Explorer 12,000 4Q12 Jinhae $700 4Q15 Not Contracted
Transocean Transocean Drsh Tbn2 12,000 3Q12 Okpo $750 4Q15 Future Contracted
2015 Deliveries 8

Sete Brasil Sete Brasil Drsh Tbn1 10,000 1Q11 Pernambuco $662 1Q16 Future Contracted
Sete Brasil Cassino 10,000 3Q12 Rio Grande do Sul 1Q16 Future Contracted
Sete Brasil Ondina 10,000 3Q12 Bahia 2Q16 Future Contracted
Transocean Transocean Drsh Tbn3 12,000 3Q12 Okpo $750 2Q16 Future Contracted
Sete Brasil Sete Brasil Drsh Tbn2 10,000 1Q11 Pernambuco $662 3Q16 Future Contracted
Sete Brasil Deepsea Guarapari 10,000 3Q12 Espirito Santo 3Q16 Future Contracted
Sete Brasil Sete Brasil Drsh Tbn23 10,000 4Q12 Espirito Santo $806 3Q16 Future Contracted
Transocean Transocean Drsh Tbn4 12,000 3Q12 Okpo $750 4Q16 Future Contracted
Sete Brasil Sete Brasil Drsh Tbn3 10,000 1Q11 Pernambuco $662 1Q17 Future Contracted
Sete Brasil Pituba 10,000 3Q12 Bahia 2Q17 Future Contracted
Sete Brasil Sete Brasil Drsh Tbn4 10,000 1Q11 Pernambuco $662 3Q17 Future Contracted
Sete Brasil Curumim 10,000 3Q12 Rio Grande do Sul 3Q17 Future Contracted
Sete Brasil Sete Brasil Drsh Tbn14 10,000 3Q12 Espirito Santo 4Q17 Future Contracted
Sete Brasil Boipeba 10,000 3Q12 Bahia 1Q18 Future Contracted
Sete Brasil Sete Brasil Drsh Tbn5 10,000 1Q11 Pernambuco $662 1Q18 Future Contracted
Sete Brasil Salinas 10,000 3Q12 Rio Grande do Sul 2Q18 Future Contracted
Sete Brasil Sete Brasil Drsh Tbn6 10,000 1Q11 Pernambuco $662 3Q18 Future Contracted
Sete Brasil Interlagos 10,000 3Q12 Bahia 1Q19 Future Contracted
Sete Brasil Sete Brasil Drsh Tbn7 10,000 1Q11 Pernambuco $662 1Q19 Future Contracted
Sete Brasil Siri 10,000 3Q12 Espirito Santo 1Q19 Future Contracted
Sete Brasil Sete Brasil Drsh Tbn19 10,000 3Q12 Espirito Santo 2Q19 Future Contracted
Sete Brasil Itaoca 10,000 3Q12 Espirito Santo 2Q19 Future Contracted
Sete Brasil Itapema 10,000 3Q12 Bahia 3Q19 Future Contracted
Sete Brasil Comandatuba 10,000 3Q12 Bahia 2Q20 Future Contracted
2016+ Deliveries 24

Newbuild Semis
Sevan Drilling Sevan UDW3 10,000 2Q11 Jiangsu $526 4Q13 Future Contracted
2013 Deliveries 1

Odfjell Drilling Deepsea Aberdeen 7,500 4Q11 Okpo $702 2Q14 Future Contracted
Sevan Drilling Sevan UDW4 10,000 2Q11 Jiangsu $526 2Q14 Not Contracted
Songa Rig AS Songa Equinox 1,640 3Q11 Okpo $600 2Q14 Future Contracted
COSL COSLProspector 5,000 4Q11 Yantai 3Q14 Not Contracted
Songa Rig AS Songa Endurance 1,640 3Q11 Okpo $600 4Q14 Future Contracted
Naftogaz Naftogaz Semi Tbn1 3,280 2Q13 Singapore $600 4Q14 Not Contracted
Naftogaz Naftogaz Semi Tbn2 3,280 2Q13 Singapore $600 4Q14 Not Contracted
2014 Deliveries 7

Seadrill Ltd West Mira 10,000 2Q12 Samho $650 1Q15 Future Contracted
North Atlantic Drilling West Rigel 10,000 1Q12 Jurong $650 1Q15 Not Contracted
Songa Rig AS Songa Encourage 1,640 1Q12 Okpo $600 1Q15 Future Contracted
Fred Olsen Energy Bollsta Dolphin 10,000 2Q12 Ulsan $740 1Q15 Future Contracted
Songa Rig AS Songa Enabler 1,640 1Q12 Okpo $600 2Q15 Future Contracted
Sete Brasil Urca 10,000 4Q11 Angra dos Reis $809 4Q15 Future Contracted
North Sea Rigs North Dragon 3,937 1Q12 Yantai 4Q15 Not Contracted
Frigstad Offshore Frigstad Semi Tbn1 12,000 1Q13 Yantai $650 4Q15 Not Contracted
2015 Deliveries 8

Frigstad Offshore Frigstad Semi Tbn2 12,000 1Q13 Yantai $650 2Q16 Not Contracted
Sete Brasil Sete Brasil Semi Tbn2 10,000 2Q12 Angra dos Reis $820 4Q16 Future Contracted
Sete Brasil Bracuhy 10,000 2Q12 Angra dos Reis $820 3Q17 Future Contracted
Sete Brasil Sete Brasil Semi Tbn4 10,000 2Q12 Angra dos Reis $820 2Q18 Future Contracted
H O W A R D W E I L | 2013 Energy Conference

Sete Brasil Mangaratiba 10,000 2Q12 Angra dos Reis $820 4Q18 Future Contracted
Sete Brasil Botinas 10,000 2Q12 Angra dos Reis $820 3Q19 Future Contracted
2016+ Deliveries 6

Summary Newbuild
Newbuild/Upgraded Floaters on Order: 96 as %
49

Worldwide Floater Supply: 301 31.9% Avg. Cost per Rig $665
Worldwide Deepwater Floater (+4,500')Supply: 188 51.1% (in $MM)
Source: ODS-Petrodata, HW Research as of March 8, 2013
U.S. Land Drilling Summary
Total Fleet Mkt'd Units Active Units Mkt'd Util.
HP 296 250 206 82%
PTEN 293 203 178 88%
NBR 298 181 144 80%
PDS 128 94 70 74%
Nomac 97 80 62 78%
Ensign USA 119 78 60 77%
Unit 127 67 55 82%
Trinidad 67 52 43 83%
PES 68 56 39 70%
Sidewinder 59 46 34 74%
Source: Land Rig Newsletter (2/28/13)

U.S. Land Drilling Regional Market Share (Active Rigs):

ArkLaTex - 88 Appalachia - 150 PTEN


Mid Continent - 317
NBR 19% Cactus
14% 12%
Other Nomac
PTEN 14% Other Unit
39% Other
12% 45% 11%
39%

HP HP
Sidewinder Scan 10% Frontier 10%
HP Latshaw PTEN
5% Trinidad 10% 5% PDS Nomac
5% 4% 8%
10% Sidewinder 9% 10%
9%

Rockies - 318 South Texas - 244 Permian Basin - 484


HP
NBR PTEN 9%
Other 18% Other HP 12%
HP 33% NBR
39% 32%
14% 5%
Savanna
4%
Other
PTEN 62% Cactus
Xtreme PTEN
9% Trinidad 12% 4%
6%
Cyclone 5% PDS PDS
Ensign NBR
6% 8% 4%
8% 10%
Source: Land Rig Newsletter (2/28/13), HW Research

H O W A R D W E I L | 2013 Energy Conference 50


U.S. Unconventional Drilling Market Share
Barnett- 28 Fayetteville - 15 Bakken - 160
HP Latshaw
25% 7%
Other Other NBR
36% HP 38% 29%
13%

PTEN Desoto
18% 60%
HP
Sidewinder 16%
20% PDS
NBR PTEN
Felderhoff 8%
11% 9%
10%

Woodford - 3 Piceance - 12
Other Haynesville - 14
Savanna
7%
PTEN 8% NBR
Nomac 36% 42%
7% Cactus
33% Sidewinder
67% Cyclone
Trinidad 17%
21%
NBR
29% PTEN
33%

Marcellus - 62
Greater Green River - 13 Eagle Ford - 199
PTEN NBR
18% PDS 15% Other
13% Ensign 34%
Other 39%
HP
50%
36%

PTEN
15%

Sidewinder PTEN
11% Unit PDS 13%
31% 8%
Falcon NBR
8% 9%
Horizontal Drilling - 1,034 Directional Drilling - 91
NBR
HP
13% PTEN
17%
PTEN 12%
14%
Other Other
46% 45%
HP
NBR 11%
PDS 11%
6%
Unit Ensign
Nomac 9% 10%
6%

Source: Land Rig Newsletter (2/28/13), HW Research

H O W A R D W E I L | 2013 Energy Conference 51


Company Profile:
Helmerich & Payne is a leading provider of North American land contract drilling services with core geographic regions located in South Texas, Ark-
La-Tex, Midcontinent, Rockies and the Gulf Coast. HP also operates international land rigs, primarily in South America. In addition, the Company
owns offshore platform rigs. The Company has a fleet of 334 rigs (296 in U.S., 29 in the international market, and 9 offshore) and will add another 5
rigs in 2013.

Helmerich & Payne - HP (NYSE) Fleet Mix Segment Revenue:


www.hpinc.com Total Drilling Rigs = 334 FY 2007 = $1,630 mil FY 2012 = $3,152 mil
Share Price (3/13/13) $63.30 Dom.
Shares Out (mil.) 106 Platforms Other Int'l Land
Int'l Land 3% Int'l Land
Market Cap (mil.) $6,727 9% 1% U.S. 9%
20%
Avg Daily Volume (mil.) 1.6 Dom. Land Offshore
52-week range $38.71 - $69.38 88% 6%
U.S. Offshore
YTD Return 13.0% 7%
Div. Yield 0.9% U.S. Land U.S. Land
Employees 8,147 72% 85%

Management in office since


Hans Helmerich, CEO 1989
John Lindsay, COO/ Pres. 2012 Fleet as of February 2013:
Juan Pablo Tardio, CFO 2010 Total # of U.S. Land Drilling Rigs 296 (including 261 FlexRigs)
Investor Relations Contact Total # of Int'l Land Drilling Rigs 29 (primarily S. America)
Aaron Kesler 918-588-5125 Total # of U.S. Platform Drilling Rigs 9
Share Repurchase Snapshot 334
Current Authorization 4 million shares/yr Total New FlexRigs on Order 5 ~$17 mil each
Remaining as of 12/31/12 n/a
Potential Buyback of Shares O/S n/a
BALANCE SHEET (mil.) Notes:
12/31/12 - Upon completion of the remaining 5 Flex Rigs left to be built as of February 2013, the Company will have a total of 266 FlexRigs.
Cash + Short Term Investments $241 - As of Sept 30, 2012, the market value of the Company's portfolio was $452 million, approximately 95% of which was made up of
PP&E (net) $4,491 SLB and ATW stock.
Goodwill $0
Total Assets $5,934 Geographic Composition of HP U.S. Land Rig Fleet
Short-term Debt $40
Long-term Debt $195 Rockies South Tx ArkLaTex Mid Con Permian Total Active
Total Liabilities $1,944 Active Rigs (1) 45 81 9 31 45 206
Shareholder Equity $3,990 Market Share (2) 14% 33% 10% 10% 9% 13%

Working Capital $552


Book Value / Share $37.55
Tangible Book Value / Share $37.55
LT Debt / Capital 4.7% (1) Fleet distribution based on Land Rig Newsletter, company filings and HW research. Given the highly mobile nature of the U.S. Lower 48
Total Debt / Capital 5.6% market, the regional breakouts are extremely fluid
Net Debt / Capital -0.2% (2) % share of Active rigs per Land Rig Newsletter Biweekly Recap (2/28/13)

H O W A R D W E I L | 2013 Energy Conference 52


Company Profile:
Nabors is the largest land drilling contractor in the world. Currently, the Company is actively marketing 474 land drilling rigs and 548 land workover and well-
servicing rigs. Nabors is also actively marketing 36 platform rigs, 12 jack-ups rigs and 4 barge rigs. In addition to operating in North America, the Company
has international drilling operations in the Middle East, Mexico, the Far East, the South Pacific, Russia and Africa. The Company also has 805,000 of
pressure pumping horsepower in key basins throughout the United States and Canada. The Company holds interest in various oil and gas exploration,
development and production activities domestically and internationally. The Company instituted a quarterly dividend in February 2013 of $0.04/share.

Nabors Industries - NBR (NYSE) Geographic/Segment Revenue:


www.nabors.com Fleet Summary: (only actively marketed) 2007 = $5.0 bil 2012 = $6.7 bil
Share Price (3/13/13) $16.57 Mobile Offshore Drilling Units (MODU) 12
U.S. Land
Shares Out (mil.) 291 Platform Rigs 36 Other
Completion
Lower 48
Oil and Gas Services
Market Cap (mil.) $4,822 Barge Rigs 4 8% U.S. Land 26%
3% 20%
Avg Daily Volume (mil.) 4.9 Land Drilling Rigs 474 Lower 48
U.S. U.S.
Int'l 35%
52-week range $12.40 - $21.06 Well Servicing Rigs 548 Production Offshore
22% Services
YTD Return 14.7% PP Horsepower 805K 4%
12%
Div. Yield 1.0% Canada Alaska
U.S. Land 2%
Employees 27,500 Source: Company Filings 11%
Well Service Other Rig Int'l
U.S. Offshore Canada
Alaska 14% Services 17%
4% 8%
3% 11%
Management in office since
Anthony Petrello, CEO 2011

Global Rig Fleet Details


as of 12/31/12
Investor Relations Contact
Dennis Smith 281-775-8038
Share Repurchase Authorization (mil $) AC SCR Mech Total Moving Systems
Alaska 5 12 3 20 13
Current Authorization $500 Lower 48 155 98 27 280 139
Do not intend to make further Canada 16 21 29 66 20
purchases under repurchase program International 31 64 31 126 49
BALANCE SHEET (mil.) Offshore 6 44 2 52 n/a
12/31/12 Total 213 239 92 544 221
Cash + Short Term Investments $778
PP&E (net) $8,712 *includes rigs scheduled to be delivered and planned moving system additions
Goodwill $472
Total Assets $12,656 Geographic Composition of NBR U.S. Land Rig Fleet
Short-term Debt $0
Long-term Debt $4,379 Rockies South Tx ArkLaTex Mid Con Permian Total Active
Total Liabilities $6,630 Active Rigs (1) 58 24 12 na 27 144
Shareholder Equity $5,945 Market Share (2) 18% 10% 14% na 6% 9%

Working Capital $2,000


Book Value / Share $20.43
Tangible Book Value / Share $18.80
LT Debt / Capital 42.4% (1) Fleet distribution based on Land Rig Newsletter, company filings and HW research. Given the highly mobile nature of the U.S. Lower 48
Total Debt / Capital 42.4% market, the regional breakouts are extremely fluid
Net Debt / Capital 37.7% (2) % share of Active rigs per Land Rig Newsletter Biweekly Recap (2/28/13)

H O W A R D W E I L | 2013 Energy Conference 53


Company Profile:
Patterson-UTI Energy is a leading provider of North American land contract drilling services with core geographic regions located in West Texas, South Texas,
Ark-La-Tex, Rockies, Mid-Continent and Western Canada. The Company has a total of 314 rigs, that include 18 rigs in Canada. PTEN also maintains a pressure
pumping fleet that primarily operates in Texas and the Appalachian Basin, that totals approximately 758,000 horsepowerPressure pumping services consist
primarily of well stimulation and cementing for completion of new wells and remedial work on existing wells.

Patterson-UTI Energy - PTEN (NASD) Fleet Mix Segment Revenue (all North America):
www.patenergy.com Total Drilling Rigs = 314* 2007 = $2,114 mil 2012 = $2,723 mil
Share Price (3/13/13) $24.48
Shares Out (mil.) 146 Canadian Oil and Gas
Market Cap (mil.) $3,572 Land Rigs Fluids 2%
Oil and Gas
Avg Daily Volume (mil.) 4.2 6% Pressure 6% 2%
Pumping Pressure
52-week range $12.81 - $24.89 10% Pumping
YTD Return 31.4% 31%
Div. Yield 0.8%
U.S. Land
Employees 7,300 Rigs
94% Contract Contract
Drilling Drilling
Management in office since 82% 67%
Douglas Wall, CEO 2007
John Vollmer, CFO 2005 * Note: As of 12/31/2012, includes 18 rigs located in Canada

Investor Relations Contact Number of Rigs Marketed Fleet by Drilling Depth


Mike Drickamer 281-765-7170 U.S. Canada Total 8,000' 12,000' 16,000'
< 8,000' to 11,999' to 15,999' to 30,000' Total
Share Repurchase Authorization (mil $) Electric 159 8 167
Current Authorization $150.0 Marketable Rigs: 3 32 157 122 314
Remaining as of 12/31/12 $51.1 Mechanical 137 10 147
Potential Buyback of Shares O/S 1.4%
BALANCE SHEET (mil.)
12/31/12
Cash + Equivalents $111 Geographic Composition of PTEN U.S. Land Rig Fleet
PP&E (net) $3,615
Goodwill $171
Total Assets $4,557
Short-term Debt $6
Long-term Debt $693 Permian Basin South Tx ArkLaTex Mid Con Rockies Appalachia Total Active
Total Liabilities $1,916 Active Rigs (1) 58 30 11 25 29 25 178
Shareholder Equity $2,641 Market Share (2) 12% 12% 13% 8% 9% 19% 11%

Working Capital $340


Book Value / Share $18.10
Tangible Book Value / Share $16.92
LT Debt / Capital 20.8% (1) Fleet distribution based on Land Rig Newsletter, company filings and HW research. Given the highly mobile nature of the
Total Debt / Capital 20.9% U.S. Lower 48 market, the regional breakouts are extremely fluid
Net Debt / Capital 18.2% (2) % share of Active rigs per Land Rig Newsletter Biweekly Recap (2/28/13)

H O W A R D W E I L | 2013 Energy Conference 54


Company Profile:
Pioneer Energy Services provides drilling services and production services to a diverse group of independent and large oil and gas exploration and
production companies, operating in both the United State and Colombia. The Company's Drilling Service segment provided contract land drilling services
with its fleet of 70 rigs. The Production Services segment includes 108 well servicing rigs, 120 wireline units, 13 coiled tubing units, and fishing and rental
services.

Pioneer Energy Services - PES (NYSE) Fleet Mix Segment Revenue (all North America):
www.pioneeres.com Total Drilling Rigs = 70 2007 = $417 mil 2012 = $919 mil
Share Price (3/13/13) $8.30
Shares Out (mil.) 62
Market Cap (mil.) $515 Colombian
Land Rigs
Avg Daily Volume (mil.) 0.7 Drilling
11%
Services
52-week range $5.91 - $9.91 Production 54%
YTD Return 14.3% Services
46%
Div. Yield 0.0%
U.S. Land
Employees 3,750 Rigs
89% Drilling
Management in office since Services
Stacy Locke, CEO 2003 100%
Loren Phillips, CFO 2009 Note: the Company has two rigs under construction

2012/2013
High-End Top Drive High- Newbuild
Mechanical End Mechanical Electric Deliveries
Share Repurchase Authorization (mil $)
Rigs 23 10 29 10
Current Authorization n/a
Remaining as of 12/31/12 n/a % of Fleet 32% 14% 40% 14%
Potential Buyback of Shares O/S n/a
BALANCE SHEET (mil.) * Based on a fleet of 72 rigs
12/31/12
Cash + Equivalents $24 Geographic Composition of PES U.S. Land Rig Fleet
PP&E (net) $1,014
Goodwill $86
Total Assets $1,340
Short-term Debt $1
Long-term Debt $519 North Dakota East Tx West Tx South Tx Utah Appalachia Colombia Total
Total Liabilities $792 Drilling Rigs (1) 12 4 23 14 5 4 8 70
Shareholder Equity $548 Percentage of Fleet 17% 6% 33% 20% 7% 6% 11% 4%

Working Capital $62


Book Value / Share $8.82
Tangible Book Value / Share $7.44
LT Debt / Capital 48.6% (1) Fleet distribution based on the Company's 2012 10-K
Total Debt / Capital 48.7%
Net Debt / Capital 47.5%

H O W A R D W E I L | 2013 Energy Conference 55


Company Profile:
Precision Drilling Corporation is the second largest land-based contract driller in North America. As of December 31, 2012 the Company's
Contract Drilling Services segment was comprised of 186 land drilling rigs in Canada, 127 rigs in the US, and eight international rigs.
Along with Contract Drilling Services the Company also has a Completion and Production Services segment, including 214 service rigs
(which include service rigs, snubbing units, and coil tubing units), 57 drilling and base camps and a broad mix of rental equipment.

Precision Drilling Corporation - PDS (NYSE) Fleet Mix Geographic/Segment Revenue:


www.precisiondrilling.com Total Drilling Rigs = 321 2007 = $1,009 mil 2012 = $2,041 mil
Share Price (3/13/13) $8.41
International
Shares Out (mil.) 276 2% US Land
Completion and
Market Cap (mil.) $2,325 40% Completion
Production
32% and Production
Avg Daily Volume (mil.) 1.1 16%
Canadian
52-week range $5.82 - $11.61 Land
YTD Return 1.6% 58%
Div. Yield 2.4% Contract Contract
Drilling Drilling
68% 84%
Management in office since
Kevin Neveu, CEO 2007
Rob McNally, CFO 2010

Investor Relations Contact Fleet as of January 2013:


Carey Ford 713-435-6206
Share Repurchase Snapshot
Rig Tier Total
Super Series 193
No current authorization in place Tier 2 (High Performance) 107
PSST 26
326*
BALANCE SHEET (mil.)
12/31/12
Cash + Short Term Investments $153
PP&E (net) $3,243
Goodwill $311 * Includes 5 newbuild rigs yet to be delivered (3 NAM, 2 International)
Total Assets $4,300 Geographic Composition of PDS U.S. Land Rig Fleet
Short-term Debt $0
Long-term Debt $1,219 Rockies South Tx ArkLaTex Mid Con Permian Total Active
Total Liabilities $2,129 Active Rigs (1) 25 19 2 3 19 70
Shareholder Equity $2,171 Market Share (2) 8% 8% 2% 1% 4% 4%

Working Capital $278


Book Value / Share $7.85
Tangible Book Value / Share $6.73
LT Debt / Capital 36.0% (1) Fleet distribution based on Land Rig Newsletter, SmithBits, company filings and HW research. Given the highly mobile nature of the
Total Debt / Capital 36.0% U.S. Lower 48 market, the regional breakouts are extremely fluid
Net Debt / Capital 32.9% (2) % share of Active rigs per Land Rig Newsletter Biweekly Recap (2/28/13)

H O W A R D W E I L | 2013 Energy Conference 56


Company Profile:
Bristow Group, Inc. is a leading provider of helicopter transportation services to the worldwide offshore oil and gas industry with major operations in the United
States, the North Sea, Australia, Brazil, Mexico, Nigeria, and Trinidad.

The Company provides helicopters to transport personnel and time-sensitive equipment from onshore bases to offshore drilling rigs, platforms and other
installations. Customers include major integrated, national, and independent oil and gas companies. The segment also includes technical service operations
Bristow Group Inc. - BRS (NYSE) that provide helicopter repair and overhaul services, engineering and design services, technical manpower support and transmission testing from facilities in the
www.bristowgroup.com U.S. and abroad for both Company owned aircraft and third parties. The Company also operates a training business unit, Bristow Academy, that operates
helicopter training facilities in Titusville, FL, Concord, CA, New Iberia, LA, and Gloucestershire, England.
Share Price (3/13/13) $58.26
Shares Out (mil.) 36 As of December 31, 2012, the Company operated 356 aircraft (17 of the owned aircraft are held for sale) and unconsolidated affiliates operated an additional
Market Cap (mil.) $2,101 200 aircraft. Contracts are generally based on a two-tier rate structure consisting of a daily or monthly fixed fee plus additional fees for each hour flown. The
Avg Daily Volume (mil.) 0.3 Company also provides services to customers on an ad hoc basis, which usually entails a shorter notice period and shorter duration typically at higher rates.
52-week range $37.92 - $61.65
YTD Return 8.6% The Company recently completed the acquisition of eight helicopters and associated facilities in Canada from Cougar Helicopter. BRS purchased the assets
Employees 3,281 and will lease them back to Cougar on a long-term basis.

Management in office since


Bill Chiles, Pres/CEO 2004
Jonathan Bailiff, CFO 2010
Investor Relations Contact
Linda McNeill 713-267-7622

Share Repurchase Snapshot


Current Authorization $100.0
Remaining as of 12/31/12 $98.8 BUSINESS SEGMENT BREAKDOWN * GEOGRAPHIC BREAKDOWN *
Potential Buyback of Shares O/S 4.7%
2007 2012
BALANCE SHEET (mil.) Total Revenue: $898 million Total Revenue: $1,341 million 2007 2012
12/31/12
Cash & Equivalents $232
PP&E (net) $1,984
Goodwill $30
Total Assets $3,051
Other
Short-term Debt $130 Corporate
International
Other Other & Other North United
Long-term Debt $770 5% North America Other
6% International 3% America United States Other States
Accrued Pension Liabilities $116 Southeast Asia 27% 11% 18% 22% 12% 16%
13%
8%
Total Liabilities $1,444
Minority Interest $10 Australia Australia
12% Norway
8%
Shareholder Equity $1,607 15% United
West Africa Kingdom
Working Capital $366 15% Nigeria Australia 26%
South & Central
Europe America Europe 16% United Kingdom 12% Nigeria
Book Value / Share $44.56 West 36% 19%
33% 6% 42%
Tangible Book Value / Share $43.73 Africa
19%
LT Debt / Capital 32.4%
Total Debt / Capital 35.9% * Note: BRS has March year end.
Net Debt / Capital 29.4%

Worldwide Helicopter Fleet


BRS Current Distribution of Aircraft (12/31/12) BRS New Aircraft Additions by FY
of Key Competitors* ( as of 12/31/12)
Under option
300 50
Ordered 45
250
40
Number of Aircraft

Bristow Academy
200
35
Other International 30
150
25 45
Australia 20
100
20 36 36
West Africa 4
50 15 26
0 North America 10 18
15 12
BRS PHIIK 5 8 9
ERA Europe 3
CHC 0
0 20 40 60 80 100
Light Medium Heavy Fixed Wing
Small Medium Large Fixed Wing Training Actual Ordered Options
Source: Company Filings, HW Research, *excludes training count

H O W A R D W E I L | 2013 Energy Conference 57


Company Profile:
Hornbeck Offshore is a leading provider of marine services to exploration and production, oilfield service, offshore construction and military customers. Hornbeck has one of
the largest and youngest fleets of OSV's (Offshore Supply Vessels) in the market. It also owns and operates ocean-going tugs and tank barges used to transport petroleum
products predominantly in the US. The Company conducts business in two distinct segments: Upstream and Downstream. The Company currently owns 51 OSV's (with 22
under construction) and four MPSVs (with two more under construction) in its Upstream fleet and nine ocean-going tugs and nine double-hulled tank barges in its Downstream
segment.

Hornbeck Offshore - HOS (NYSE) The Upstream portion of their business caters to the deepwater drilling and production market. The Company operates primarily in the GOM, but also has exposure to Latin
www.hornbeckoffshore.com America, the Middle East, and W. Africa markets. The Company also contracts some of its OSVs to the U.S. military. OSVs assist in offshore and subsea construction,
maintenance, repair and decommissioning activities. Unlike conventional cargo ships, OSVs are able to carry liquid mud, potable and drilling water, diesel fuel, dry bulk cement
Share Price (3/13/13) $43.69
and personnel to and from offshore drilling and production facilities. Included in the company's upstream fleet are four MPSV's (Multi Purpose Service Vessels) and an AHTS
Shares Out (mil.) 35
(Anchor Handling Towing Supply) vessel.
Market Cap (mil.) $1,550
Avg Daily Volume (mil.) 0.7
The Downstream segment operates in the Northeast region of the US and Great Lakes as well as in the GOM and Puerto Rico. The vessels are used to assist in the transfer
52-week range $31.68 - $46.09 of petroleum products to shore. The company owns nine tugs and nine double-hulled barges, which is the new standard.
YTD Return 27.2%
Employees 1,263 The Company commenced on its fifth OSV newbuild program in late-2011, which also includes the construction of MPSVs. Following the completion of the vessels currently
contracted or approved for construction under this program the expected Upstream fleet will increase to 73 OSVs and six MPSVs. The Company also has additional options to
Management in office since build another 40 300-class vessels and has indicated intentions to build a total of 8 MPSVs.
Todd Hornbeck, Pres/CEO/Chairman 1997
James Harp, CFO 2001
Investor Relations Contact
James Harp 985-727-6802

Share Repurchase Snapshot

No Authorization in Place
BUSINESS SEGMENT BREAKDOWN GEOGRAPHIC REVENUE BREAKDOWN
BALANCE SHEET (mil.) 2012 2007 2012
12/31/12
2007
Total Revenue: $339 million Total Revenue: $513 million
Cash & Equivalents $577
PP&E (net) $1,812
Goodwill $0
Downstream Downstream International
Total Assets $2,632 33%
International
10% 13% 34%
Short-term Debt $239
Long-term Debt $851
Total Liabilities $1,466
Shareholder Equity $1,166 United
States
Upstream Upstream 66%
Working Capital $388 90% United States
67% 87%
Book Value / Share $32.86
Tangible Book Value / Share $32.86
LT Debt / Capital 42.2%
Total Debt / Capital 48.3%
Net Debt / Capital 30.5%

Downstream Fleet*
Domestic Average Dayrate by Class
10
Upstream Fleet* 9
$27,000
30 1 1
8
25 $24,000 7 2 2
1
6
20 $21,000
5
15 4
$18,000
22 24 3
10 21 6 6
$15,000 2
5 2
1
4 4
0 1 $12,000 0
MPSV 300 Class 280 Class 240 Class 200 Class Tugs DH Barges
$9,000
Active Under Construction Inactive GOM Northeast Puerto Rico
2006 2007 2008 2009 2010 2011 2012
Double-hulled Tank Barges OSV *Note: Includes only active Tugs and Barges
Source: Company Reports

H O W A R D W E I L | 2013 Energy Conference 58


Company Profile:
Tidewater Inc. provides offshore supply vessels and marine support services, with approximately 329 vessels. Operations include towing and anchor handling of mobile drilling
rigs and equipment; transporting supplies and personnel necessary to sustain drilling, workover and production activities; assisting in offshore construction activities; and a
variety of specialized services.

Deepwater Vessels - this segment includes large platform supply vessels and large, high-horsepower (generally greater than 10,000 horsepower) anchor handling towing
supply vessels. Vessels are chartered to customers for use in transporting supplies and equipment from shore bases to deepwater and intermediate offshore drilling rigs,
Tidewater Inc. - TDW (NYSE) platforms and other installations. Platform supply vessels, which have large cargo handling capabilities, serve drilling and production facilities and support offshore construction
www.tdw.com and maintenance work. The anchor handling towing supply vessels are equipped for and are capable of towing drilling rigs and other marine equipment, as well as setting
anchors for positioning and mooring drilling rigs.
Share Price (3/13/13) $46.80
Shares Out (mil.) 49 Towing Supply and Supply Vessels - the Companys largest fleet class by number of vessels includes anchor handling towing supply vessels and supply vessels with
Market Cap (mil.) $2,312 average horsepower below 10,000HP, and platform supply vessels that are generally less than 230 feet. Vessels in this class perform the same functions and services as their
Avg Daily Volume (mil.) 0.7 deepwater vessel class counterparts except they are primarily chartered to customers for use in the intermediate and shallow waters.
52-week range $42.33 - $56.97
YTD Return 4.7% Crewboats and Utility Vessels - crewboats and utility vessels are chartered to customers for use in transporting personnel and small quantities of supplies from shore bases
Employees 7,650 to offshore drilling rigs, platforms and other installations.

Management in office since Offshore Tugs - offshore tugs tow floating drilling rigs; dock tankers; tow barges; assist pipe laying, cable laying and construction barges; and are used in a variety of other
Jeff Platt, CEO 2012 commercial towing operations, including towing barges carrying a variety of bulk and containerized cargo.
Quinn P. Fanning, CFO 2008
Investor Relations Contact
Joseph Bennett 713-470-5305

Share Repurchase Snapshot (mil $)


Current Authorization $200.0
Remaining as of 12/31/12 $180.0 BUSINESS SEGMENT BREAKDOWN GEOGRAPHIC REVENUE BREAKDOWN
Potential Buyback of Shares O/S 7.8%
2007* 2012* 2007* 2012*
BALANCE SHEET (mil.) Total Revenue: $1,125million Total Revenue: $1,060 million
12/31/12
Cash & Equivalents $54
PP&E (net) $3,099
Goodwill $298 Offshore Other United States Sub-Saharan
Total Assets $4,056 tugs 3% 20% Africa/Europe
Offshore tugs Crew/utility Americas
3% 45%
Short-term Debt $0 6% 8% 31%
Deepwater vessels
Long-term Debt $930 Crew/utility
24%
11% Deepwater
Total Liabilities $1,529
vessels
Shareholder Equity $2,526 44%
Asia/Pacific
Working Capital $226 Towing- International 14%
Towing- supply/supply 77% Middle
Book Value / Share $51.14 supply/supply 45% East/N.
Tangible Book Value / Share $45.11 59% Africa
LT Debt / Capital 26.9% 10%
Total Debt / Capital 26.9%
* Note: TDW has March year end.
Net Debt / Capital 25.7%

Vessel Fleet* Average Dayrate by Region Average Dayrate by Class


$18,000
Sub-Saharan/Europe $27,000
200
180 Middle East/North $15,000 $23,000
160 Africa
140 Asia/Pacific
$12,000 $19,000
(# of Vessels)

120
Americas
100 $15,000
$9,000
80
60 $11,000
40 $6,000
20 $7,000
0 $3,000
Towing-supply Deepwater Vessels Other 2010 2011 2012 $3,000
2010 2011 2012
Americas Asia/Pacific
* Note: excluding 2 vessels withdrawn from active service & 10 vessels in JV Deepwater Towing-Supply Crew/Utility Offshore Tugs
Middle East/N. Africa Sub-Saharan Africa/Europe

H O W A R D W E I L | 2013 Energy Conference 59


Valuation Summary (as of 3/13/13)

H O W A R D W E I L | 2013 Energy Conference 60


Valuation Summary (as of 3/13/13)

H O W A R D W E I L | 2013 Energy Conference 61


Paul E. Pursley
Head of Howard Weil (504) 582-2459
Mary Alice Allen
Energy Conference Coordinator (504) 582-2545
Larry Benedetto Howard Weil is a division of Scotia Capital (USA) Inc. - a member of FINRA, NYSE and SIPC. The Howard Weil trademark represents the energy equity
Legal and Compliance (504) 582-2655 business of Scotiabank in the U.S.
TM Trademarks of The Bank of Nova Scotia. Used under license, where applicable. Scotiabank, together with Global Banking and Markets, is a mar-
Sales keting name for the global corporate and investment banking and capital markets businesses of The Bank of Nova Scotia and certain of its affiliates in
the countries where they operate, including Scotia Capital Inc., Scotia Capital (USA) Inc., Scotiabank Europe plc; Scotiabank (Ireland) Limited; Scotia-
Bennett H. H. Biever (504) 582-2558 bank Inverlat S.A., Institucin de Banca Mltiple, Scotia Inverlat Casa de Bolsa S.A. de C.V., Scotia Inverlat Derivados S.A. de C.V., Scotiabank Colombia
S.A., Scotiabank Brasil S.A. Banco Multiplo all members of the Scotiabank group and authorized users of the mark. The Bank of Nova Scotia is incor-
Gary H. Brewster (504) 582-2525 porated in Canada with limited liability. Scotia Capital Inc. is a Member of the Canadian Investor Protection Fund. Scotia Capital (USA) Inc. is a regis-
tered broker-dealer with the SEC and is a member of FINRA, the NYSE and SIPC. The Bank of Nova Scotia, Scotiabank Europe plc, and Scotia Capital
Charles A. Caplinger, IV (504) 582-2557 Inc. are each authorized and regulated by the Financial Services Authority (FSA) in the U.K. Scotiabank Inverlat, S.A., Scotia Inverlat Casa de Bolsa, S.A.
de C.V., and Scotia Derivados, S.A. de C.V., are each authorized and regulated by the Mexican financial authorities. Activities are subject to the local
Jason R. Conway (504) 582-2657 law. The products and services described herein may not be available in all jurisdictions, and are offered by different legal entities authorized to use
the SCOTIABANK trademark.
Martin R. de Laureal (504) 582-2566
Scotia Capital Inc. owns or controls an equity interest in the TMX Group Limited (TMX) and has a nominee director serving on its board. As such, Scotia
Gordon B. Gsell, Jr. (713) 393-4549 Capital Inc. may be considered to have an economic interest in the listing of securities on an exchange owned or operated by TMX, including the Toron-
to Stock Exchange, the TSX Venture Exchange and the Alpha Exchange (each, an Exchange). No person or company is required to obtain products or
Lauren G. Habetz (504) 582-2526 services from TMX or its affiliates as a condition of Scotia Capital Inc. supplying or continuing to supply a product or service. Scotia Capital Inc. does
not require issuers or selling shareholders to list securities on any of the Exchanges as a condition of supplying or continuing to supply underwriting
Cooper A. Manning (504) 582-2556 and/or any other services.

Emily M. Morrison (504) 582-2533 The information contained herein has been prepared from sources believed reliable, but is not guaranteed by us and is not a complete summary or
statement of all available data, nor is it considered an offer to buy or sell any securities referred to herein. No investments or services mentioned are
Richard C. Moss (504) 582-2565 available in the European Economic Area to private customers or to anyone in Canada other than a Designated Institution.

Andrew B. Rosenberg (504) 582-2561 Opinions expressed are subject to change without notice and do not take into account the particular investment objectives, financial situation or needs
of individual investors. Employees of Howard Weil Incorporated or its affiliates may, at times, release written or oral commentary, technical analysis or
William M. Russell (504) 582-2623 trading strategies that differ from the opinions expressed within.
This email may be considered advertising under federal law. If you decide not to receive Howard Weil products and services, updates, and information
Trading via email, please reply to howardweil@howardweil.com and ask to be removed.

William F. Brennan (504) 582-2612 Additional information is available upon request from:
Ryan K. deJong (504) 582-2616
Howard Weil, A division of Scotiabank
Kyle Graffagnini (504) 582-2612 1100 Poydras Street, Suite 3500
New Orleans, LA 70163
Julie A. Guarino (504) 582-2612 1.800.322.3005

James H. Lee, Jr. (504) 582-2612


Blair F. Scanlon (504) 582-2612

H O W A R D W E I L | 2013 Energy Conference 62