September 14, 2012 • Volume 02, No. 11 OilfieldServices Serving the marketplace with news, analysis and business opportunities

Transocean sells all standard jackups in $1.1 billion deal Baker & Schlumberger win Transocean announced contracts to sell 37 jackups and a swamp barge to Shelf $847 million in Statoil work Drilling International Holdings for ~$1.05 billion. Shelf will pay $855 million in cash Statoil has awarded $847 million and $195 million in preferred shares issued by Shelf’s parent. The shallow water jackups in major integrated drilling and wireline were built between 1974 and 1992 and have an operating depth range from service contracts to Big 4 companies in 250-400 feet of water. Transocean will also provide various transition support recent weeks. The big winner services to Shelf subsequent to was Baker Hughes, which Rigs were sold at an average of $28MM; closure, which is expected in Q4. all based outside United States. was awarded a $504.5 million, The sale represents a full 30% of two-year integrated drilling Transocean’s 128-unit fleet as of its prior fleet which included 32 standard jack-ups services contract with and a swamp barge classified as discontinued and another 12 jackups classified as held- Statoil for 25 fields on the Norwegian for-sale. The sold units included 31 operating, five cold-stacked and two in process of Continental Shelf (NCS). Statoil said reactivation. The sale spells formal discontinuance of Transocean’s standard jackup the deal would cover directional drilling, and swamp barge operations. The company is also seeking a buyer for its remaining seven cold-stacked standard jackups. Continues On Pg 6 Baker won a $505MM drilling contract; Schlumberger a $342MM wireline deal. Seadrill backlog grows 60% to record $20 billion MWD, logging-while-drilling, mud Seadrill reported $7.6 billion in new backlog since Q1, led by a previously logging, 24-hour-a-day onshore support announced possible ~$4.0 billion, three-rig 19-year deal with an unidentified customer. and drilling engineering services. The Total backlog has increased 60% since Q1 to a company record $20.3 billion. Seadrill deal focus on integrated operations will expects backlog levels to be sustainable going forward with average floater contract include multidisciplinary work processes terms of 3.2 years and a $1.1 billion/quarter burn rate. and collaborative technologies and real- Major new wins included UDW drillship commitments for the time data transfer. Continues On Pg 9 West Polaris (five years at $642,000/ New UDW wins added $2.79 billion to day or $1.17 billion new backlog, 4.0% current backlog; tenders added $564MM. above previous rate), West Gemini (four FEATURED DEALS years off Angola at $640,000/day or $934 million new backlog, 43% above previous rate), and West Capella (three years off Nigeria at $627,500/day or $687 million new SOUTHEAST TEXAS PROPERTY backlog, 15% above previous rate). 12-Horiz. Wells. 1-PDNP. 11-PUDs. Seadrill’s tender segment also contributed significantly to recent deals. The FAYETTE,BURLESON,GRIMES. Austin Chalk, Georgetown & Buda. company announced tender rig T11 took a four-year contract with Chevron at Plus Woodbine Potential. PP $127,500/day (or $186.2 million in backlog) offshore Thailand. Continues On Pg 4 ~9,000 Net Acres - > 50% HBP Up to 100% OPERATED WI ; ~80% NRI Heckmann gains Bakken exposure in $531 million merger Net Prod: ~30 BOPD &1,000 MCFD -- Net Cashflow ~$100,000/Mn GIDDINGS Heckmann Corporation announced it would merge with Bakken-focused Liquids Rich Reserves: +40% Liquids environmental services player Power Fuels in a $531 million cash, stock and assumed Avg Well Cost: $1,900,000 debt deal. For the privately held Power Fuels—the largest environmental services Von Gonten Reserve Report Available firm in the Bakken focusing on waste management, treatment, CALL PLS FOR INTRO TO SELLER PP 9976 disposal and environmental solutions—Heckmann will pay $125 million in cash, 95 million shares of Heckmann (valued at $2.69/share the day prior WISE CO., TX PROPERTY to the news, or $255.55 million total) and take on $150 million in assumed Power Fuels 3-Active Wells. 3-Permitted. debt. Power Fuels may get more than BARNETT SHALE PLAY. NEWARK EAST FIELD it bargained for however, as Heckmann Heckmann on path to be industry's Active Area - Rigs Running largest water treatment firm. shares spiked ~49% on the news and 25% NonOperated WI; ~82% Lease NRI PP Gross Production ~26 BOPD & 2.6 MMCFD appear to have settled in at ~$4/share (for $380 million in stock compensation). If High Liquids Production - HIGH BTU maintained to closure, this would push total deal value closer to $655 million. Current Net Cash Flow: ~$100,000/Mn Power Fuels operates nearly 500 water trucks, 19 disposal wells and a large fleet of Close Proximity to Gas Plant BARNETT water-related rental equipment in the Bakken. The combined companies’ fleet will consist Surface Equipment Ready For New Wells Operated By Large Public Company of ~1,300 heavy-duty trucks, 3,800 frac tanks, 2,000 fluid handling or solid-waste tanks CONTACT PLS FOR MORE INFO and other pieces of equipment, 200 rail cars, 45+ disposal wells and 300 miles of piping PP 9635DV with 70 locations in 26 states serving over 20,000 customers. Continues On Pg 7 All Standard Disclaimers & Seller Rights Apply. OilfieldServices 2 September 14, 2012 US rig count down 8% from peak on latest weekly decline Oilfield Services Briefs The US rig count saw its largest decline in years the week of September 7 according • Buccaneer Energy said Kenai to Baker Hughes, dropping by 30 rigs to 1,864. Now down 8% from the November Offshore Ventures completed delivery 2011 high of 2,026, this week represented a fourth consecutive week of declines. The of Buccaneer’s Endeavor jack-up rig to gas count dropped by a hefty 21 rigs (4.4%) sequentially to 452, while oil took a 10-rig the Homer port of Cook Inlet, Alaska on hit to 1,409—the oil count’s third decline Cosco’s Kang Sheng Kou heavy-lift vessel. Wyoming saw 2012 records for both in the past four weeks. The rig is undergoing final preparations well starts and permits in August. Overall, the Permian saw the biggest before towing out to its first drilling sequential overall decline (at nine), with 12 rigs ceasing vertical oil drilling in the location ~1.5 miles north of the play. Meanwhile, the Granite Wash lost four and the Marcellus lost three net rigs. historic Shell 1 well that was tested The miscellaneous “other” category accounted for 12 of the net 30 lost rigs, largely in the 1950s but undeveloped. driven by horizontal oil and both unconventional and conventional gas declines. Endeavor is anticipated to move its Intraplay, several rigs shifted from gas to oil drilling. drilling operations to the Cosmopolitan August onshore starts were down 4.5% sequentially at 3,300, according to RigData, project in the southern Cook Inlet in early November upon completion of its a fairly mid-range amount both in terms of 2012 (beating three months YTD) and 2011 northern Cook Inlet 2012 drilling season. (beating seven months). Sequential declines were driven by California (down 57 to • Deep Down, Inc. has consolidated 220) and Pennsylvania (down 42 to 124), both at 2012 lows, and Texas District 8 operations of its ROV and related services (Permian) (down 46 to 490). Conversely, Wyoming and Texas District 4 (Eagle Ford) groups. The company says the cost rose to 2012 highs of 155 (up 32) and 77 (up 25), respectively. containment efforts benefit shareholders Meanwhile, August permits rose 20% sequentially to 5,814, effectively tying through increased visibility of services February for the fourth-highest month of 2012 but beating eight months in 2011. and operational synergies. CEO Ron Sequential increases were spread fairly uniformly among states. Wyoming was again Smith said, “We were a standout, jumping 139 permits to a 2012 record 250 as operators apparently expand able to reduce workforce Niobrara operations to the north. Other significant sequential gainers included Kansas by 10% and expect to recognize (at 631 vs. 557), Oklahoma (at 383 vs. 296) and North Dakota (at a 2012 record 265 vs. additional cost savings during the second 174). Texas permits jumped 22% to 1,983 with big gains in most districts. half of 2012 and beyond.” Operations and assets previously based in Morgan North American Rotary Rig Count As Of September 7 Source: Baker Hughes City, Louisiana are now at the firm’s consolidated Houston, Texas facility. Current Week Ago Month Ago Year Ago % Chg. • Miller Energy Resources said Location 9/7/12 8/31/12 8/10/12 9/9/11 YOY it received final state approvals for its United States 1864 1,894 1,935 1,958 -3.3% Rig-35 to operate on its Alaskan Osprey Canada 345 316 328 515 -38.6% platform after a rig inspection and BOP US Breakout Information test. The rig, a National 1320, 2000-hp rig with maximum drilling depth of Oil 1864 1,894 1,935 1,958 -3.3% 24,000 ft both on- and offshore, Gas 345 316 328 515 -38.6% is undergoing repairs to restore Miscellaneous 0 0 0 0 0 production at the RU-1 through RU-5 Major Field Variances wells. Miller believes bringing the RU-1 and -2 wells online will double its 2012 Barnett 41 41 44 68 -39.7% Alaska production, and that production D-J (Niobrara) 45 46 44 43 7.0% rates will meet or exceed historic flow Eagle Ford 238 238 247 222 7.2% rates via advanced drill techniques and Fayetteville 15 14 14 28 -50.0% wellbore optimization. • Noble Drilling’s Noble Discoverer Granite Wash 73 77 84 96 -19.8% drillship completed an eight-day trip Haynesville 40 41 42 130 -68.5% from Dutch Harbor to the Chukchi Sea Marcellus 87 90 95 132 -31.8% to prepare for Arctic drilling work with Mississippian 84 82 77 42 95.2% Shell. Once in place, the Permian 502 511 515 448 14.1% rig will be attached to eight anchors on the sea Utica 22 21 23 12 75.0% bottom. Shell received approval from Williston 206 208 213 189 10.1% the Department of Interior to allow early Woodford 56 57 58 89 -36.0% top hole drilling without the Challenger oil spill containment barge yet on site. Find more on the oilfield sector at To learn more about PLS, call 713-650-1212 Volume 02, No. 11 3 ServiceSector Service Contracts Noble’s North Sea jackup extension mitigates downtime woes Junior tender rig player Noble Corp. announced a 1.5 year minimum contract extension for its Noble BassDrill orders third rig Hans Deul jackup with Royal Dutch Shell in the UK North Sea at $242,500/day (or $132 million in new backlog). Shell has the right to extend the contract further at a BassDrill retained Dalian Ship- reduced dayrate. The extension will begin in February and represent a 39% increase building Industry Co. and Dalian Ship- to previous dayrate. building Industry Offshore to build At $242,500/day the18-month jackup However, the company the company’s third tender assist rig, extension pays 39% above prior rate. noted Q3 revenues would the Gamma, under a $124 million turn- likely be hurt to the tune of $50 million by multiple operational hurdles. Noble’s key contract including options for an ad- Max Smith deepwater semisub Max Smith will sustain 30-40 days unpaid downtime ditional four units. The because of delayed mobilization to Brazil. Its UDW drillship Globetrotter I in the Gamma is designed and US GOM was also seeing higher-than-expected downtime due to BOP issues. Its configured for deep-drill- UDW semisub Dave Beard and drillships Leo Segerius and Phoenix have experienced ing operations, and will target the South- regulatory delays in Brazil. Maintenance and repair delays are also causing problems east Asia and West Africa markets. Mast for the Duchess drillship and Charles Copeland jackup. equipment will be built by an unidentified Noble noted none of its seven US Gulf rigs sustained damage due to Hurricane third party and installed during commis- Isaac, although dayrates were generally reduced by suspended operations to 90-95% of sioning. The mast package is modular, full rates for the week-long event. All rigs have recommenced operations. designed for minimal lifts to reduce as- sembly and moving time between plat- forms. Delivery is expected in 21 months. KBR takes custom Statoil Cat-D design win with DSME The Dalian companies are also KBR announced a license agreement through its subsidiary GVA with Daewoo currently building BassDrill’s Beta tender, Shipbuilding & Marine Engineering to fabricate four “workhorse” semisub GVA already contracted to Petrobras. 4000NCS Cat-D drilling units. DSME is building the units for Songa Offshore; they will Houston-based BassDrill’s be used by Statoil for drilling and well completion on the midwater Norwegian Continental president Kerry Kunz said Shelf. KBR said the design is “tailor-made” for Statoil’s lower operating cost goals while the new order confirms the company’s increasing mature field production. The rigs follow the GVA7500 design, and can operate at position as “a leading challenger in a depths up to 4,265 feet and drill to 27,887 feet. KBR noted that, despite the custom design, market segment set for strong growth.” the rig concept could easily be converted to deepwater, HP/HT and arctic operations. KBR’s deal terms were not disclosed, The Cat-D rigs are designed to lower Oilfield Services Briefs but overall rig costs are expected to operating costs on the Norwegian shelf. • Shell plans to add a production run ~$570 million based on previous semisub reminiscent of but larger than announcements. The first two rigs, the Songa Equinox and Songa Endurance, are expected its 50%-owned Na Kika FPS for its 500 for delivery in 1Q14; the second two, the Songa Encourage and Songa Enabler, are MMbbl Appomattox discovery in the US expected 2Q15. Excluding mobilization fees, the first two rigs are expected to generate Gulf of Mexico. Throughput is $415,000/day, while the second two should generate $448,000/day. expected to be 100,000 boepd according to anonymous Other KBR deals— Upstream sources. Unidentified outside KBR’s Canadian sub KBR Wabi won a price-undisclosed general works contract to engineering consultants are reportedly expand a raw gas processing and compression plant near Dawson Creek, British Columbia. performing initial work with fab contract KBR Wabi will perform construction and site support on the project, which intends to inquiries to begin in early 2013 and increase the facility’s capacity to 100 MMcfd. KBR SVP Karl Roberts said the job was an construction in 2014. opportunity to expand KBR’s business in the rapidly growing BC shale gas market. KBR • TGS’s new 3D multi-client recently performed piperack fab and module assembly for Phase 1 of the plant. Honeycombs survey began in August KBR also won a project management Gas plant expansion raises KBR's covering 965 sq mi of the Exmouth profile in British Columbia shale. service contract with DPS Co., a 50:50 JV Plateau offshore northwest Australia. between APA Group and AGL Energy The new seismic shoot, adjacent to for construction of the 242 MW gas-fired Diamantina power station in Queensland, the October 2011 Mary Australia. The plant will feature low emissions and high net efficiency. Work will also Rose survey, is scheduled include safety, cost, schedule and site construction oversight of EPC contractors. Total for Q4 completion by plant cost is estimated at ~$510 million with completion slated for mid-2014. the M/V Ramform Sterling. TGS is also acquiring 587 sq mi of 3D multi-client data in the Faroe Shetland Basin offshore Prospect PLS is dedicated to year-round prospect promotion. the UK. Shetland fast-track data is To learn more, call 713-650-1212 expected in 1Q13. Marketing For general inquiries, e-mail [email protected] Access PLS’ archive for previous oilfield services news OilfieldServices 4 September 14, 2012 Earnings & Capex Service Contract Briefs Seadrill backlog grows 60% Continued From Pg 1 • Nam Cheong won a $59 million Meanwhile, its T17 tender won a five-year deal withPTTEP, also off Thailand, contract with Perdana Petroleum to at $118,000/day (or $215.4 million in backlog). Seadrill’s semi-tender West Setia build two accommodation barges for also won a two year extension with Chevron at a minimum $223,000/day (or $162.8 2013 delivery. At completion, each will accommodate 300 people, sport million backlog). eight-point mooring systems and a Second quarter net operating income was $483 million (up 12% YOY and 6.0% 300-tonne crane. The company also sequentially) on revenues of $1.12 billion (up 13% YOY and 7% sequentially). sold two AHTS vessels for December and Floater revenues rose 12% YOY to $718 million, while tender rigs also saw strong January deliveries, and a PSV for March 34% YOY (8.0% sequential) revenue growth to $183 million. Floater delivery for ~$44 million. Buyers were utilization rose 100 basis Seadrill said UDW market tight; only unidentified, but one AHTS will work for points sequentially to 95%, jackup five rigs left market-wide for 2013. Petrobras with a Norwegian purchaser, utilization dropped from 98% to 79% and the PSV buyer is a West African (largely due to mobilizations) and tender rig utilization dipped 100 bps sequentially marine service/construction company. to 97%. As for Q3-to-date, Seadrill has incurred 90 days of unanticipated deepwater Nam’s director said Petronas’ E&P activity rig downtime, due mostly to OEM part failure on subsea BOPs, a problem which the is driving spending. company said has now been resolved. • Neptune Marine Services and Seadrill predicts solid newbuild demand going forward, saying future global Bhagwan Marine were awarded an drilling needs cannot be met by new capacity expected to hit the market in 2013- undisclosed-value, five-year contract 2014. The company believes under five UDW rigs market-wide remain available with Apache to supply a newbuild for next year, all of which management shallow-water dive support vessel Seadrill will have 11 jackups available expects to be contracted “imminently.” offshore Western for contract next year. This demand opportunity should be Australia. Neptune enhanced by lower costs driven by a cyclical shipyard downturn, exacerbated by a will provide the dive and survey recent pullback in new orders and lower newbuild prices. Seadrill said it is currently equipment while Bhagwan will provide negotiating over additional UDW orders with shipyards. the vessel: a 184-foot hybrid catamaran Barclays called the company “one of the most attractive offshore drillers” due with permanent air diving and survey to its strong backlog, high quality assets, attractive dividend (increased another 2.4% capability and DP2 system. The newbuild on the quarter, which Barclays said was particularly compelling in the current yield- is scheduled to begin operations off the hungry market), capital markets prowess and focus on growing its high spec fleet. In northwest coast in October 2013. The addition to UDW outlook, Barclays said the company is well-positioned in jack-ups, deal has a two-year extension option. with four uncontracted high-spec newbuilds beginning to come online in Q4, plus • Shell intends to award at least two long-term deepwater drilling contracts seven more jack-ups available next year. The i-bank thinks an activity rally in the as soon as this month, Upstream reports. segment, led by North Sea activity and an aging midwater fleet, will allow Seadrill One rig will operate in the US Gulf to pull higher dayrates for these rigs. of Mexico in 2013 or 2014, the other internationally. Two or three more rigs, Seadrill Newbuild Program: EBITDA Contribution possibly newbuilds, may be contracted before year’s end to begin 2015-2016 1600 contracts. The contracts come under 1400 Shell’s global rig strategy which calls for 1200 capacity to handle as-yet-undeveloped 20,000-psi BOPs. Global rig strategy 1000 partner bidders include Transocean, 800 Noble, Seadrill, Ensco and Maersk. • Technip won an undisclosed-

US$ Millions 600 value flexible pipe supply contract with 400 Swiber Offshore Constructioncovering 200 the Champion field in Brunei. Work will cover 12 flexible flowlines at a total 0 2012 2013 2014 2015 2016 length of 11.8 miles and will help redevelop the Floaters Tenders Jack-Up field and increase oil recovery under the broader Champion Source: Seadrill September 12 Presentation via PLS docFinder www.plsx.com/finder WaterFlood project. Find more on the oilfield sector at To learn more about PLS, call 713-650-1212 Volume 02, No. 11 5 ServiceSector Service Contracts Petrofac takes $500 million Pemex enhancement win Rowan books first of three Petrofac won a 30-year integrated production service contract with Pemex to newbuild UDW drillships boost production at the Arenque field in the shallow-water Gulf. Petrofac plans to drill horizontal wells and utilize secondary recovery techniques to realize that Rowan Companies announced goal. Petrofac will earn $7.90/barrel of incremental production (an increase a three-year LOI with Repsol for its vs. Pemex’s prior bid cutoff of $7.25/bbl) and will also be reimbursed for 75% newbuild Rowan Renaissance UDW of development costs. Petrofac plans to spend ~$50 million on the deal during the first drillship to commence in 1Q14. Since two years and expects the deal to generate ~$500 million in backlog. the Renaissance is the first of Arenque has oil-in-place of ~1.2 Bbbls and is currently producing ~5,000 bopd, Rowan’s three UDW drillships with an ~11% recovery rate, according to Petrofac. The company reportedly beat (slated for delivery from late Dragados Offshore de Mexico, Burgos Oil Services and Saimexicana for the win. 2013-late 2014) among a fleet of jackups, Petrofac is establishing quite the area of influence in Mexico, with this latest deal the deal must be making company representing the company’s fourth win in the country in the past 12 months. executives happy as a sign that its fleet Service A&D Rowan's business now expanding beyond just jackups. Survey says 75% of heavyweights plan to do deals soon diversification strategy is yielding Dealmaking activity in the oilfield service sector is expected to increase over the returns. Pricing is not locked in, but next 1-2 years, according to a new report released by Ernst & Young. The firm polled the ship is expected to operate in West 50 industry execs and private equity players, with nearly three-fourths indicating plans Africa during its first year at a dayrate to make acquisitions during the time frame. As for dealmaking activity in the sector as in the mid-$620,000’s. If a $625,000 a whole, 84% believed activity would increase, and none believed it would decrease. North American dayrate were maintained for the entire 84% of respondents believe oilfield is expected to be the M&A three years, backlog would equate service M&A activity will rise. to $684.4 million. However, Rowan leading region, with 80% of respondents indicated the rig might operate instead in believing it would be the most active, followed by 52% saying the Asia-Pacific, 26% the US Gulf in the mid-$610,000’s. If Western Europe, 14% Eastern Europe and 12% that Africa would be most active. the rig stayed in the Gulf for the entire As for rationales, 88% of respondents cited access to new markets and customers three years, backlog would be as key. Vertical integration for service expansion and access to new technologies garnered nearly as much support. reduced to $668 million. Over half of respondents think equity Rowan also announced access will improve. Respondents also discussed their several new, or at least previously biggest challenges to business strategies, undisclosed, one-year options on current with regulatory frameworks (54%) and economic and commodity price uncertainty Saudi Aramco jackup contracts in (50%) leading the pack. Political upheaval and the possibility of resource nationalism the Middle East. Although associated each garnered 20% of respondents’ support as primary challenges. Ernst & Young noted sectoral risks have made financing difficult as well, but over half of respondents Rowan jackups continuing work in believe companies in the sector will have greater access to equity during the time frame. the Middle East. E&Y global transactions advisory services leader for oil & gas Andy Brogan said backlog is not certain, the options point M&A is useful in the sector because integration will be vital in emerging markets, to an increasing jackup pricing trend while cost synergies will be key in developing markets. in the region. Rowan said the Hank Boswell and Scooter Yeargain, currently MONDAY THE FALL 2012 generating rates in the upper $120,000’s, both have options paying in the low OCT $180,000’s. If exercised, new rates Got Deals? would equate to increases of 30% or 01 Get Deals! more. The Arch Rowan, Charles Rowan and Rowan-Middletown, all generating dayrates in the low $80,000’s, have options reflecting ~12.5% rate increases Take a booth or buy a pass! to the low $90,000’s. However, the Gilbert Rowe (currently being paid in The original forum for buying & selling prospects, the low $120,000’s) has an option priced properties and acreage plays! Call 713-650-1212 in the low $100,000’s. www.plsx.com/dealmakers

For general inquiries, e-mail [email protected] Access PLS’ archive for previous oilfield services news OilfieldServices 6 September 14, 2012 Oilfield Services News Ocean Rig nearly doubles Transocean sells all standard jackups Continued From Pg 1 backlog with three new deals Transocean chief Steven Newman called the deal “an important milestone in Junior offshore operator Ocean our asset strategy to increase our focus on high-specification floaters and jackups, Rig announced a game-changing $2.2 improving our long-term competitiveness.” billion worth of LOIs for three separate Shelf chief David Mullen said his company’s strategy would be to focus three-year drillship contracts exclusively on shallow water drilling—tapping decades of management, with unidentified E&P investment firm and employee expertise to provide best-in-class drilling clients. Chairman and CEO operations. Dubai-based Shelf is a newly formed venture, backed in equal parts by George Economou said the contracts Castle Harlan, CHAMP Private Equity were for two of Ocean Rig’s three UDW Buyer Shelf Drilling will be a new and Lime Rock Partners. newbuilds slated for 2013 delivery and shallow water-focused rig operator. Tudor, Pickering, Holt & Co. one already in service. Details were liked the non-core asset divestment for what it deems a Macondo cash buffer, but New contract backlog is equivalent to said the somewhat low deal pricing and owner financing indicated a limited number Ocean Rig’s $2.2 billion market cap. of interested buyers. Global Hunter said the deal would hurt near-term cash, earnings and EBITDA. sparse, but at face value average dayrates for the rigs would equate to $670,000, not Ducks in a row— counting mobilization fees or other costs. Concurrent to the sale announcement and in an effort to put Macondo behind it, Regardless, net rates should come in Transocean also reported it was in talks with the US Department of Justice for a $1.5 significantly higher than current rates of billion settlement to resolve civil and criminal claims. The company has reserved $2.0 $455,000-$586,000/day for Ocean Rig’s billion to cover settlement charges. four active drillships. Transocean said it was also in talks with an unidentified major integrated interna- Economou said the three new deals tional oil company for construction of four newbuild, dynamically positioned UDW drill- will provide the company with substantial ships. The rigs would commence operations under 10-year contracts beginning in 2015 cash flow visibility and growth. He restated and 2016, adding ~$7.6 billion in backlog excluding mobilization. Transocean expects the company’s belief in the strength of the required capex for the four rigs to be ~$3.0 UDW market fundamentals, saying Ocean Transocean adds $1.4 billion in UDW/ billion, excluding capitalized interest. midwater backlog since last fleet status. Rig continues to see high demand for its The rigs would be DSME 12000’s, units globally. To drive the point home, with dual-activity drilling, two BOPs, upgrade capability for a 20,000 psi BOP, oper- he noted that oil company capex through ability to 12,000 feet of water and 40,000 feet of drilling capacity. 2013 is expected to grow at double- Transocean intends to conduct a public senior note offering of unspecified value to fund all or part of the newbuilds. Funding options such as a JV with the proposed The deals will grow backlog 85% customer are also under consideration. The company is also in talks regarding a new to $4.8 billion. $0.5-1.0 billion borrowing capacity credit facility secured by 2-3 UDW drillships, with digit rates, with an increasing number of proceeds to be used for general corporate purposes. deepwater and UDW discoveries drive If the drillship contract does not pan out, note offering proceeds will be applied to demand “into the foreseeable future.” repayment of debt or general corporate purposes outside Switzerland. Underwriters are Because of these factors and the limited Barclays, Citigroup, JP Morgan, Wells Fargo, Merrill Lynch and DNB Markets. number of UDW units available next Transocean also announced another $1.4 billion in new backlog comprised of two year, Economou expects Ocean Rig to unspecified UDW floater and one midwater floater contracts. Additionally, out-of- book its two remaining uncontracted- service days have been increased ~50 days this year and 210 days next year due to for-2013 UDW drillships. unplanned 2012 repairs on a harsh environment semisub and 2013 shipyard issues. Separately, Ocean Rig’s Olympia Transocean expects a significant Q3 non-cash charge tied to impairment of its assets drillship commenced its three-year, and goodwill due to the jackup sale. Carrying value of the assets as of Q2 was ~$1.4 $585,000/day contract with Total offshore billion, while total company goodwill was $3.1 billion. The sale price also includes Angola. In addition to its four existing $200 million tied to net current assets associated with the deal, and Transocean pre- drillships, the company has two active dicts $120-140 million in deal-related tax and transaction costs. semisubs and three UDW drillships coming online next year. Company. One Source. $4.0B in assets sold since 1988. Hire PLS to execute your next Stop. negotiated sale, 713-650-1212

Find more on the oilfield sector at To learn more about PLS, call 713-650-1212 Volume 02, No. 11 7 ServiceSector

Service Contracts Heckmann gains Bakken exposure Continued From Pg 1 Cosco expands offshore with The companies see substantial mutual value creation opportunities. Heckmann said $170 million jackup deal the deal accelerates its strategy to become a one-stop comprehensive environmental solutions shop and should be highly accretive to earnings. The deal should double Cosco’s Dalian Shipyard secured Heckmann’s revenues and expand both geographic coverage and customer base. Pro a $170 million contract from Talland forma combined TTM revenues for the new Heckmann are $699.1 million, while TTM Navigation, a Foresight Ltd. subsidiary, adjusted EBITDA as of Q2 would be $221.9 million. On a standalone basis, Power to construct an offshore jackup drilling Fuels generated $363.5 million in TTM revenues ending Q2 and $154.7 million in rig for 1Q15 delivery. The adjusted EBITDA. LeTourneau Super 116E Class Richard Heckmann said his company was “well down the path” toward its goal of rig will be capable of drilling becoming the largest environmental service company in the US. He said Heckmann’s up to 30,000 feet and operating in 350 multi-basin presence will allow migration and growth alongside customers. Power feet of water while accommodating up to Fuels owner Mark Johnsrud said his customers have been asking Power Fuels to 120 people onboard. expand its services for some time. Maybank Kim Eng analyst Yeak Ownership of the combined company Combined firm will be owned 62% by Chee Keong told Rigzone, Cosco was Heckmann, 38% by Power Fuels. will be split between 62% Heckmann moving into offshore because its core equity interest and 38% Power Fuels equity. Heckmann will serve as the new shipbuilding business is not doing well. company’s executive chairman, Johnsrud will serve as CEO and vice chairman, former Keppel contracted for a similar rig at Jefferies energy investment banking group managing director Jay Parkinson will serve $205 million. as CFO and current Heckmann CFO Chris Chisholm will become CFO of a new fluids management division to include Power Fuels. Yeak said the Talland contract priced Closure is expected in Q4, and Heckmann is currently negotiating with its lenders comparatively low, as the company is to expand its credit facility to accommodate the deal. Jefferies advised Heckmann on expected to face a learning curve vs. the deal, while Wells Fargo advised Power Fuels. peers. In April, competitor Keppel Heckmann announced expansion of Marcellus operations acquiring a majority won a contract for a similar jackup interest in Appalachian Water Services, to operate as part of Heckmann’s fluid at $205 million. management strategy. Appalachian runs a Fayette County, PA-based wastewater In addition, subsidiary Cosco treatment recycling facility specifically designed to treat frac water, which Heckmann (Qidong) Offshore won a $20 million will now operate. Heckmann plans to increase throughput, expand capacity and bundle contract to build a jack-up barge for the services such as transportation and recycling to reduce customer costs. JV of Clough Projects Australia and BAM International Australia. The barge, a GustoMSC SEA-1250 design, Ensco adds $486 million newbuild contract to backlog will be a 140-foot long, self-elevating Ensco’s newbuild deepwater semisub the 8506 won a 2.5-year deal with Anadarko vessel operable at water depths up to 98 in the US Gulf. The contract will begin in December and is priced at ~$532,000/day feet with a 300-tonne deck crane capacity. for backlog of ~$486 million. Jackups offshore India and the UK Cosco said this contract, to be completed Meanwhile, noteworthy jackup wins saw Ensco’s biggest dayrate increases. in 11 months, would not materially impact under the company’s most recent fleet 2012 earnings. status include the 109, which will generate rates of ~$187,500 (up from ~$175,000/ day) from March 2013-3Q13 for ENI, Murphy, Vermillion and Cosco also won a $20 million jackup Santos offshore Australia; the 105, which will earn ~$152,500/day barge contract. (up from ~$132,500/day) for one year with Talisman in Malaysia; the 54, which will Cosco is also expected to begin early earn ~$142,500/day (up from ~$95,000/day) for ~6 months with BG Group offshore September construction of a 750-person India; and the 82, which will earn ~$122,500/day with Energy XXI through March accommodation semisub for Cotemar 2013 in the US Gulf. Also, Ensco’s 92 jackup rates will increase from ~$87,500/day under a previously announced ~$210 to ~$145,000/day in November under its million deal. The deal contains options Ensco’s US Gulf rigs were undamaged contract with RWE Dea offshore the UK. during Hurricane Isaac. for two additional units; the first must be Ensco reported a 63-day downtime exercised by March 2013.Cosco reported a increase to its deepwater fleet (increases came from its DS-2, DS-4 and 8505 rigs) and sixth consecutive quarterly loss and a $767 a 110-day increase for jackups. million total loss for the first half of 2012, Post-Hurricane Isaac, Ensco announced no damage to its Broussard, Louisiana saying it is challenged by global industry warehousing facility or its Gulf-positioned rig fleet, which consists of ten jackups, issues of excessive dry bulk- and container- five semisubs and one drillship. The semisubs and drillship were moved out of Isaac’s shipping capacity and high fuel costs. projected path and are being mobilized back to drilling locations as jackups are re-crewed.

For general inquiries, e-mail [email protected] Access PLS’ archive for previous oilfield services news OilfieldServices 8 September 14, 2012 Service Contracts FracRock takes $250 million Foster Wheeler garners upstream & downstream deals Argentine contract A Foster Wheeler subsidiary announced a three-year frame contract with FracRock International announced Apache’s Egyptian unit Apache Khalda to provide design, engineering and project a three-year well completion services management consulting services with an eye toward developing and implementing agreement with a “significant” E&P Egyptian upstream projects. Foster said bookings would be recorded as company in Argentina’s Neuquen Ba- work is completed. Tudor, Pickering, Holt & Co. likes the deal, saying it sin. FracRock will provide hydraulic helps grow the company’s “soft fracturing services with its 30,000 hp of Foster Wheeler said offshore is key to presence” in upstream and that upstream equipment, as well as its environmentally its upstream expansion designs. international capex is likely to grow. friendly EcoFrac Solutions to help de- The company is expanding upstream further through the October opening of a new velop the VacaMuerta shale. The to-be- office in Woking, UK, which will offer specialist green- and brownfield development finalized contract is expected to contain services including concept selection, pre-FEED, FEED, design, PMC and EPC for a 5% discount to market prices and 40% offshore projects. Foster Wheeler upstream CEO Clive Vaughan said offshore in minimum utilization, which under current particular is key to Foster’s upstream strategy. market prices would generate over $250 Foster Wheeler is making UK power moves as well, taking a FEED contract with million over the contract term. prime contractor Samsung for 2Co Energy’s Don Valley carbon capture power project FracRock has 30,000 hp in equipment. in Yorkshire. Sequestered CO2 of 5 mtpa will ultimately support EOR offshore. CapitalOne thinks the award is small, as Foster is taking over FEED from a third EcoFrac Solutions incorporates party and completion is slated for 1Q13. reduced water usage and horsepower, The Yorkshire carbon capture facility Downstream, Foster won a basic while optimizing number and placement will pump CO2 to the North Sea for EOR. engineering design, FEED and technical of fractures. Under the agreement, it assistance and training contract with Petrobras for a gas-to-chemicals complex in will also incorporate the company’s Linhares, Brazil which will produce over 1 mtpa of fertilizers, methanol, acetic and proprietary Geo-Predict and Geo-Iteration formic acid and melamine, reducing imports. solutions to more accurately target optimal No deal terms were disclosed. TPH said Foster Wheeler is on track for a solid H2 drill sites while minimizing frac stages in both earnings and backlog growth. necessary to achieve desired production. Executive Chairman Bjarge Bruheim DSME takes $1.96 billion order from mystery client said the over 20 Bbbl opportunity in Daewoo Shipbuilding & Marine Engineering (DSME) reported a ~$1.96 billion Argentina is “just too big” to ignore. CEO fixed platform order from an unidentified customer via a regulatory filing. Under the deal, J. Christopher Boswell said experience DSME will build five fixed platforms for delivery in Africa by April 2016. Upstream from North American operators will suggests Chevron is the likely customer, with news earlier this year DSME would let governments and operators start take a large amount of business with the company for its Mafumeria Sul project field development “at a high level on off Angola. Assuming the units are for production drilling, Upstream speculates the learnings curve” and that FracRock Nigeria and Angola both as likely targets due to existing producing fields. Breaking down plans to identify, package and deploy deal value results in new backlog of ~$392 million per platform. As of Q2, DSME had the best North American technologies to $5.85 billion in new 2012 orders, so this new win increases 2012 new backlog by 34%. international markets. www.plsx.com Philadelphia Stock Exchange’s Oil Service Sector Index vs. S&P 500

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Service Contracts Baker & Schlumberger win Statoil work Cont’d From Pg 1 Schlumberger sub wins $100 This will improve interaction between installations, onshore support, experts and million subsea pump deal vendors. The deal also includes a two-year option, with work slated to begin this quarter. Statoil’s objective with this contract is to increase drilling performance and service Schlumberger announced its Framo quality to support achievement of the company’s long-term production goals. It hopes Engineering subsidiary won a $100 to improve drilling efficiency, reduce costs and downtime through higher quality tools, million contract with A/S Norske Shell services and personnel. Statoil drilling to provide a complete subsea multiphase Both contracts target the Norwegian and well head Oystein Arvid Haland said booster pump system for the company’s Continental Shelf. Baker’s proven technical expertise and operations in the Draugen field off extensive NCS experience would benefit the company in regard to meeting those goals, Norway. Work will include topside while Norway development and production operations SVP Bente Aleksandersen said power and control, Baker’s integrated operations expertise helped it take the contract. a power and control Statoil also said the deal would lead to a “considerable increase” to umbilical and the full subsea pump Baker’s workload. The company has operations in five locations in Norway, and is module and manifold. opening a sixth in January supporting Barents Sea operations. Installations covered The system was designed to increase under the deal include Aasta Hansteen, Åsgard, Brage, Dagny, Eirin, Grane, Heidrun Draugen production. It will be assembled TLP, Heidrun SS, Kristin Kvitebjørn, Njord, Norne, Morvin Oseberg B/C/Sør, Oseberg and tested at Framo’s new facility in Øst, Sleipner, Skuld, Snøhvit, Tyrihans, Hosoey, Norway and will be installed at Barclays thinks Statoil will award Troll, Volve, Vega and Veslefrikk. depths of 820 ft in summer 2014. Halliburton some smaller contracts as well. Meanwhile, Schlumberger won a ABB wins Troll A cable smaller but still impressive $342 million four-year electric wireline logging NCS- keyed service contract with Statoil. Work begins in February 2013 and may be contracts of $65 million extended one or more times. The deal covers all E&P licenses on the shelf and ABB won a contract with Statoil for includes open and casedhole logging, borehole seismic and perforation services. electrification of its Troll A platform, the Schlumberger will be required to make use of advanced technologies and develop world’s largest gas platform producing innovative formation evaluation, drilling and well operation solutions. Statoil SVP of up to 4.24 Bcfd. Work will exploration Erling Vagnes said high-quality logging is fundamental to characterizing include pre-studies, cable reservoirs and increasing the company’s hydrocarbon estimate precision, while laying and installation of 217 miles of Statoil’s Haland said improved formation evaluation could optimize reservoir drainage high voltage AC and DC cables, project and improve recovery. management and related engineering services. Although value was undisclosed, Upstream estimates the deal BP charters 8 North Sea AHTS vessels at bargain rates is worth ~$65 million. BP has retained eight anchor-handling tug supply vessels belonging to a number of operators to move the semisubs Polar Princess and West Alpha. According to ABB’s new contract brings its total Upstream sources, the vessels were retained at average dayrates in the $12,000 range Troll A work value to ~$360 million. due to very weak Norwegian North Sea pricing. The retained vessels were The AC cable will power the safety Siem Offshore’s Siem Garnet and Topaz, Havila Shipping’s Havila Jupiter and automation systems; the DC cables and Venus, Island Offshore’s Island Valiant, Farstad Shipping’s Far Scorpion, will power two new gas compressors. K-Line’s KL Saltfjord and REM Maritime’s REM Gambler. Both systems are based on ABB’s One operator believed Farstad’s rates were closer to $12,900/day and that the other compact HVDC light concept for contractors were pulling closer to $11,150/day. It is believed the Polar Princess semisub is efficient transmission of power over long moving to Bergen, while the West Alpha is reportedly taking an infield move. distances. The new electrical drive system Assets is expected to be operational in 2014. Sign Up Now! Statoil and partners decided last September to invest $1.98 billion in two new compressors on Troll A, with the goals of improving gas production and extending facility lifespan to 2063. This latest award, combined with the prior compressor installation deal, brings A&D Transactions ABB’s orders in regard to the Troll A platform to $360 million.

For general inquiries, e-mail [email protected] Access PLS’ archive for previous oilfield services news OilfieldServices 10 September 14, 2012 Service A&D Service A&D Briefs ShawCor on the block: strategic review underway • Control system provider Pipe-coater ShawCor announced its board is conducting an independent strategic Moog has acquired Scottish ROV review of options, including seeking out potential buyers, although the company notes and Autonomous Underwater no proposals are currently on the table. As part of a broader sale of the company, Vehicle equipment provider Tritech International for ~$33 million cash. chairwoman and controlling shareholder Virginia Shaw may also divest her interest. Moog expects Tritech’s ROV Credit Suisse Canada has been engaged as financial advisor. program to generate $20 ShawCor makes corrosion- and pressure-resistant pipe coatings, flexible million in sales next year and composite pipe, control and instrument cables and performs weld and pipe be accretive thereafter. Tritech systems inspections, among other services. The company has over 70 locations in include acoustic sensors, sonars, video 21 countries, over 5,000 employees and a ShawCor is the global leader in cameras and mechanical tooling. Moog market cap over $2.5 billion. pipecoating, with 25-30% market share. components division president Larry With backlog at a record C$749 Ball said Tritech brings several “very million and revenues and margins poised to grow, Bloomberg compiled data showing strong” products to its marine portfolio analysts project the company should grow TTM EBITDA 126% to a record C$334 and an experienced team. Moog’s million in 2013. RBC suggested seamless pipe market leader Tenaris, steel pipe- systems largely focus on aircraft, space maker Vallourec or National Oilwell vehicle, missile, wind energy and ShawCor doubled backlog YOY to a Varco could be prospective buyers. medical equipment control. record C$749 million. Shareholder Bluewater Investment • Northern Offshore signed an MOA Management said private equity firms might be interested in ShawCor’s growing free with an unspecified buyer to sell the cash flow. No matter who the buyer is, though,TD Bank projects the company could North Sea-positioned Energy Exerter, command anywhere from a 12-43% premium to recent $42/share prices. Even the low one of three jackup drilling rigs end of this range suggests a C$2.92 billion valuation (after subtracting C$381 million in the firm’s fleet, for ~$43.5 net cash; ShawCor carries no long-term million in net proceeds. The 2013 EBITDA could grow 126% debt) or 19.8x TTM EBITDA. CFEM T-2005-C design is capable of vs. TTM. ShawCor stakeholder Montrusco drilling 25,000 ft deep. The company Bolton Investments VP John Goldsmith told Bloomberg the company was in a sweet anticipates a net gain of ~$7.5 million spot, with its backlog driven by very large Asia Pacific LNG projects aiming to service at the sale’s October close. Use of premium-priced Asian markets. RBC analyst Dan MacDonald told Bloomberg the proceeds will be disclosed near closing. company’s exposure to the fast-growing subsea offshore development segment, along In the interim, Northern has received an with growth prospects helping to de-risk its cyclical earnings cycle, make it a very escrowed deposit equal to 10% of the appealing asset. purchase price. • Technip completed its previously announced ~$284 million cash Hercules sells Platform Rig 3 & subs for $36 million acquisition of Shaw Group subsidiary Hercules Offshore announced closure of the sale of its Platform Rig 3 and Stone & Webster, which focuses on subsidiaries Todco Mexico and Servicios Todco S. de R.L. to Integradora de Servicios process technologies and oil and gas Petroleros Oro Negro for $36 million, consisting of a base price of $28 million and engineering. Technip said the deal adjustment for net working capital. Now that it has shed the non-core assets, creates a “world-class downstream Hercules no longer has a Mexican presence. Company chief John Rynd said technology leader”, the sale was consistent with Hercules’ long-term strategy of optimizing its fleet enhancing the and focusing on regions where it can capitalize on operating scale. Rynd said proceeds company’s refining/ could be applied to opportunities that were petrochemicals position, diversifying its more consistent with these goals. Hercules no longer has a Mexican onshore/offshore segment, expanding presence. The company’s latest fleet status downstream in the US and adding report showed additional rate increases on the US Gulf continental shelf. Hercules’ international research and engineering 200-foot and 250-foot-MC rigs saw new leading edge rates, including the Hercules capabilities. Technip expects the unit 263 taking $89,000-91,000/day (an uptick from prior $86,000-88,000/day) with Tana to outperform margins in its onshore/ and the Hercules 214 pulling $79,000-81,000/day (up 14% from prior rate) in a six- offshore segment while having more month deal with Apache. Goldman Sachs called the news important for the company, robust and lower-risk earnings. reflecting its ability to push rates amidst strong operator activity in the shallow US Gulf. The company also reported no significant damage to its US Gulf drilling rigs and Gain clarity & perspective lifeboats in the wake of Hurricane Isaac, and said that all vessels had been re-manned. with the PLS Global M&A Database, plsx.com/ma Its Lafayette, Louisiana facilities also sustained no significant damage.

Find more on the oilfield sector at To learn more about PLS, call 713-650-1212 Volume 02, No. 11 11 ServiceSector International Briefs International • Canadian Imperial Bank of RWL Water takes $100 million desalination plant deal Commerce is acquiring Houston-based RWL Water announced its subsidiary Nirosoft has won a $100 million EPC A&D advisory Griffis & Small for an contract to provide a produced water desalination plant for Pacific Rubiales in undisclosed price. Griffis has advised on Colombia. The deal also includes ten years of operations and maintenance of the plant. over $15 billion in deals since 2002. CIBC The plant can process 500,000 bpd of water and will be located at Pacific’s said the deal would help with its strategy oil field in the Meta region. It will utilize various separation and filtration to grow business in existing locations technologies, a high recovery reverse osmosis system and a sludge and complement its Calgary, UK and treatment to minimize brine rejection. The system will also address technological Asian energy business, as well as expand its US footprint. The newly dubbed CIBC challenges specifically related to hydrocarbon removal. Griffis & Small will continue to be led by Pacific’s produced water will be treated to meet environmental discharge requirements, Griffis founders Richard Griffis and Joe replacing the current process of deep well injection at the field. Nirosoft developed its custom Small. Closure is expected in Q4. solution by operating an on-site pilot plant for six months, optimizing designs based on test • Cecon signed an LOI with GDF Suez results. Pacific Rubiales CEO Ronald Pantin called the solution an innovative, lower-cost to perform project management and and sustainable alternative. Desalinized water will be used to support tree growth. installation work on three projects in the Dutch North Sea for an undisclosed value. Global capacity loosens slightly on deactivations Cecon plans to begin installing 35 miles Active offshore rigs declined by four over the past month to 560 as of September of rigid pipeline in 1H13 using newbuild 13, according to Rigzone. Declines included Southeast Asia which lost an active heavy-lift vessel and hit 79. West Africa was the biggest major region mover (losing three or 5.5% Sampson. The Sampson sequentially), while the US Gulf also lost an active. A positive mover was the Persian combines 375 tons of rigid pipelay Gulf which added two active rigs to take the global regional lead at 80. The Persian capacity for deepwater installations with Gulf is also the biggest YOY gainer in absolute terms, adding 11 actives, while the a large (1,600 ton) crane capacity. Cecon’s US Gulf grew activity the most on a Leiden, Netherlands, office will manage percentage basis, growing 17% to 61. Two rigs entered Mexico this month, where total rigs are up 18% YOY at 40. the contract’s execution. Cecon recently Global utilization dropped over the past announced Q2 revenues of $1.18 million. month from 82.1% to 81.3%, led by the US Gulf where utilization dropped 390 basis points • Chimera Energy said it began to 72.6% as three rigs entered the region. West Africa also loosened 250 bps to 85.2%. shipping equipment to Mexico for use The North Sea remained the tightest major drilling region, bucking the overall trend and in non-hydraulic shale oil extraction for tightening further through loss of an inactive rig, with utilization rising 110 bps to 91.7%. PEMEX on the Central Tajin Area wells Brazil also lost an inactive, tightening to 90.8% utilization. The Persian Gulf kept utilization number 4, 5 and 6 in Mexico’s relatively flat at 79.2% despite rig activations as three inactive rigs entered the region. Chicontepic Basin, the country’s largest certified hydrocarbon reserve with 139 BBoe. Chimera, which Offshore Rig Utilization As Of September 13 Source: Rigzone is in the process of reengineering its non- Current 1 Month Ago 1 Year Ago hydraulic shale oil extraction system for 9/13/12 8/13/12 8/13/11 mass production, relicensing and sales, Avail Act Util Avail Act Util Avail Act Util said its engineering and planning team in Region Rigs Rigs % Rigs Rigs % Rigs Rigs % Houston is coordinating the project. W. Africa 61 52 85.2% 62 55 88.7% 58 45 77.6% • Enefit Outotec Technology has Far East 28 17 60.7% 29 17 58.6% 27 19 70.4% been retained by San Leon Energy S. Asia 33 30 90.9% 33 30 90.9% 33 28 84.8% to conduct an oil shale retorting test SE Asia 98 79 80.6% 100 80 80.0% 96 70 72.9% work and feasibility study on both the Australia 12 11 91.7% 12 11 91.7% 10 9 90.0% company’s new shallow oil shale license North Sea 84 77 91.7% 85 77 90.6% 81 73 90.1% and its prior Tarfaya oil Medit. 22 17 77.3% 23 18 78.3% 24 20 83.3% shale acreage in Morocco. Persian 101 80 79.2% 98 78 79.6% 93 69 74.2% If successful, engineering Gulf studies and construction of an Enefit Red Sea 9 7 77.8% 9 7 77.8% 10 9 90.0% 280 shale oil production plant could Mexico 40 30 75.0% 38 30 78.9% 34 29 85.3% follow. A similar plant is slated to come U.S. GOM 84 61 72.6% 81 62 76.5% 77 52 67.5% online this month in Estonia, and will Brazil 76 69 90.8% 77 69 89.6% 73 63 86.3% use a proprietary process to generate Venezuela 10 8 80.0% 10 8 80.0% 10 9 90.0% electricity from mined shale oil. Other S. Am. & Carib. 11 7 63.6% 11 7 63.6% 9 5 55.6%

For general inquiries, e-mail [email protected] Access PLS’ archive for previous oilfield services news OilfieldServices 12 September 14, 2012 International International Briefs Brazil continues to generate big offshore contract wins • Havyard Group confirmed a ~$52 Just weeks after news the company inked a five drillship, ~$4.0 billion deal with million order from an unidentified client Petrobras proxy Sete Brasil, Sembcorp Marine continued to reap Brazilian wins with for a newbuild MKII 832 platform supply announcement its subsidiary Jurong do Brasil Prestacao de Services won a $674 vessel. Features include up to 20% lower fuel consumption, million contract with the Tupi BV consortium for eight modules and module integration an optimized powerhouse, works for two FPSOs, the P-68 and P-71. The FPSOs, which will have production reduced emissions, capacity of 150,000 bopd, are slated for completion in 60 months. The deal includes improved stability, improved influx an option for four more modules and integration for another FPSO, which could be of water to thrusters and better wave executed within the next 18 months. Fab and integration be performed at Sembcorp’s resistance. Delivery is slated for 2Q14. subsidiary Brazilian yard, Estaleiro Jurong Aracruz. Tupi BV is comprised of majority Havyard said many customers have owner Petrobras, BG Overseas Holdings $2.5 billion in Brazil-related contracts expressed interest in the new model and and Galp Energia E&P BV. were announced in 3 recent deals. the company expects additional orders. Sembcorp’s $4.0 billion drillship win • Ikon Science has acquired in turn created new backlog for Aker Solutions, which announced a undisclosed-price Australian software provider JRS contract with Sembcorp/Jurong to supply drilling equipment packages for the five Petroleum Research for an undisclosed newbuilds plus another previously announced drillship. Despite not explicitly stating price. Ikon is adding JRS’s geomechanics contract value, Aker spokesman Ivan Simensen later said such packages typically cost expertise to its own pore pressure $180-200 million according to Bloomberg, amounting to likely new backlog of $1.08- prediction capabilities with applications 1.2 billion and an overall backlog increase of at least 12% to Q2 backlog of $9.28 for both reservoir and wellbore solutions. billion. The deal also includes an option JRS develops integrated image Jurong has so far delivered on 12 for a seventh unit. log analysis and geomechanics FPSO/FSO/FPU projects for Petrobras. The units, which will include software solutions to increase complete topside and subsea equipment, including the drilling riser and BOP, are recovery, reduce costs and minimize slated for 2015-2019 completion, with first delivery occurring in 2H13. Equipment exploration risks, as well as address will be delivered from Aker’s facilities in Norway, Germany and Brazil, where Aker other exploration-related problems. JRS is building a new $100 million facility in Macae. Aker said 20-50% of deliveries will remain a standalone consultancy will be local content. Work will also include project management, engineering and unit within Ikon. commissioning of the rigs. • Merrick Systems opened a new The vessels are under contract with Petrobras, to be operated by Seadrill and office in Bogota, Colombia to enhance Odfjell Drilling under 15-year contracts. They will be operable at depths of 10,000 its South America services and offerings, feet of water and will drill to depths up to 40,000 feet. Aker drilling technology head including Merrick Production Manager, an end-to-end solution for production Thor Arne Haverstad said the company had been working closely with Jurong for two management and hydrocarbon years to position itself for the win. Aker’s new Macae facility will be its accounting. The firm recently Dril-Quip’s Brazilian subsidiary also fourth in Brazil. opened an Oslo, Norway office as won a four-year subsea wellhead system well, and new offices are planned and associated tool contract with Petrobras. Delivery is expected to start in 2H13. If for Canada and Singapore. all equipment is ultimately ordered, post-tax contract value will be $650 million under Merrick’s software supports onshore and current exchange rates. Under this best-case scenario, Dril-Quip’s backlog would be offshore applications and conventional nearly doubled from Q2’s $697 million. Tudor, Pickering, Holt & Co. had only and unconventional operations. expected Dril-Quip to net ~$300 million on the deal and said the win could increase • Leaked documents show Shell 2013 EPS by 8%. paid nearly $1.0 billion between 2007- As for progress under older contracts, QueirozGalvao Oil and Gas said the first 2009 on security, with $383 million of two newbuild UDW drillships, the Samsung Heavy Industries-built Amaralina Star, protecting staff and infrastructure in arrived in Brazil in pursuit of its six-year contract (including a six-year option). The Nigeria. In 2009 alone $75 Amaralina Star’s sister rig, the Laguna Star, is slated to arrive in November. million went toward non- governmental security in To learn more, call 713-650-1212 Nigeria. Oil industry tracker Find it now! Platform said Shell has a 1,200-member internal police force in the country, PLS docFinder is a proprietary database and web application designed to save as well as a “network” of plainclothes executives and analysts valuable time in sourcing critical market information. operatives. Shell said armed militancy in Make your market research simple and easy, take a test-drive at plsx.com/finder the Niger Delta was at its height during the tracked period. Find more on the oilfield sector at To learn more about PLS, call 713-650-1212 Volume 02, No. 11 13 ServiceSector Technology Briefs Technology • EPA finalized its “green Statoil reveals early plans for Arctic-focused rig design completions” rule requiring drillers to Statoil technology, projects and drilling head Margareth Ovrum told reporters at install equipment at gas frac sites to the ONS conference in Stavanger the company has begun in-house work toward devel- capture emissions (volatile organic opment of a new Arctic rig design. While the company can currently drill on its Arctic compounds and fugitive methane) for interests, exploration head Tim Dodson said efforts have been constrained by technol- return to the production stream. The ogy and cost difficulties. Moreover, Dodson said no company had a drilling rule regulates emissions from solution for “the extreme Arctic” such as areas east of Greenland. Statoil onshore gas processing plants, plans to triple its Arctic R&D budget from 2012 to 2013 to ~$43 million, gas wells, centrifugal and reciprocating compressors, pneumatic with a focus on “closing technology gaps for exploration and production in ice.” Statoil tripling Arctic R&D budget YOY controllers and storage vessels. EPA in 2013 to ~$43 million. believes costs for new equipment will The next two years will revolve around be offset by sale of captured gas. Due development of exploration tools, with Ovrum saying the company has already begun its to a dearth of equipment, requirements efforts with tank tests at a German facility using a dynamically positioned drillship model will take effect in 2015, until which point simulating operations in drifting ice. The unit will also need to be able to work in a wide drillers must flare emissions. range of water depths. Widening the operations window is a priority as well, with hopes of • Robotic Drilling Systems entered enabling drilling for longer periods, even during ice build-up. Ovrum said that if operating an information-sharing agreement with days can be increased in this way substan- Operating in drifting ice and at NASA in pursuit of efforts to develop an varying depths are priorities. tial cost savings will result. automated drilling rig. The company Specific technologies to be devel- said it hopes to remove humans from oped include ice management solutions and dynamic positioning improvements in the more repetitive, dangerous both deep and shallow water. Statoil is undertaking an Arctic research cruise begin- and time-consuming parts of ning this month to collect ice data and test new technologies near East Greenland. drilling. The company’s 10-foot The company plans to bring service sector players into the process “in a few years’ time” “robot deckhand” has a 10-foot arm with after it establishes basic design and functional requirements, while saying it hopes to begin ~15 interchangeable hands and can lift construction of a drilling unit “within several years.” Statoil’s Dodson said that until this and maneuver drill bits weighing over technology was developed, all of the company’s drilling would take place in ice-free waters. a ton. RDS is working with Stanford to develop a hand containing sensors that Early-stage capital investments— will allow delicate operations as well. Meanwhile, Statoil announced it would invest ~$26 million of in-house venture • Unity Management sub On Track capital in early-stage tech companies this year, roughly in line with the ~$137 million it has invested over the past five years. Technology Solutions completed Statoil has or plans to use technologies its prototype NG Pumping System, Statoil Technology Invest has made from 14 seed investment companies. a hydraulic (vs. gear-driven) system three investments and three divestments applicable for both new and stripper YTD, and it reports several strategic changes made at companies are yielding positive results. wells. OTT said units should It said the 11 highest priority companies had 2011 turnover of ~$65 million and have expect- reduce installation costs vs. ed annual growth of as much as 40% this year. Specific technologies to be developed are seis- peers by 60%, workover cost mic acquisition via purpose-built vessels with ice breakers and other supportive technologies. of maintenance/replacement pumps by Technology areas previously identified by Statoil as key to meeting production tar- 45% and daily operating costs by 50%. gets are seismic; increased oil recovery; reservoir characterization; subsea, drilling and The system is also reportedly safer and well technology; and safety-, environmental- and climate change-related technology. reduces noise pollution. OTT expects first-year sales of 5,000 units at $5,500- Service firms among exhibitors for Houston Dealmakers 7,700/unit and 42% margins. With 80-100 prospect exhibitors expected, the PLS Fall Dealmakers Prospects & Properties Expo will provides opportunity to view a wide variety of oil and gas plays, prospects, properties and exploration opportunities. Packages being sold include drilling MONDAY THE FALL 2012 and producing opportunities in some of the industry’s hottest plays including the OCT Eagle Ford, Mississippi Lime, Niobrara, Bakken, Tuscaloosa, Wolfberry and Wolfbone. About a quarter of the booths booked so far are for service companies including Holland Land, PHD Win and TGS. 01 Schedule for Monday, October 1 at the downtown Hyatt Regency, the one-day expo will bring together industry buyers, sellers and funders to meet, greet and make deals. PLS has been hosting expos since the 1980s and has previously promoted shows in Calgary (September Find details at www.plsx. com/dealmakers 18), Corpus Christi, Denver, Dallas, New Orleans, Oklahoma City and San Antonio.

For general inquiries, e-mail [email protected] Access PLS’ archive for previous oilfield services news OilfieldServices 14 September 14, 2012 Technology International Service Briefs Schlumberger touts two downhole technology advances • Spectrum and Dolphin Schlumberger recently released both an “intelligent” wireline intervention system Geophysical deployed the Polar Duke and an on-demand reaming tool. The new wireline system features both real-time vessel to acquire 579 sq mi of seismic measurement and control and a small footprint, with the goal of reducing intervention during Phase 1 of a multi-client 3D seismic survey offshore Lebanon’s costs. Dubbed ReSolve, the system is modular, consisting of a high-force linear actuator Levant Basin in the southwest Exclusive and universal shifting, hydraulic setting and milling tools. The actuator can shift downhole Economic Zone. Under the valves, pull retrievable plugs and perform fishing ops while monitoring and reporting Lebanon Ministry of Energy force and displacement in real time. The field-configurable, high-expansion shifting and Water’s contract, this tool can operate below restrictions. The setting tool’s hydraulic operations eliminate the phase is scheduled for September need for explosives. And the milling tool controls weight-on-bit during operations to completion and November fast-track maximize the rate of penetration. ReSolve wireless tool reducing volume delivery. The full survey will Schlumberger Wireline president intervention costs. cover up to 1,158 sq mi for final product Catherine MacGregor said the system delivery in early 2013, in time for lets customers view intervention ops with greater detail than was previously possible. Lebanon’s first-ever licensing round. Because of this, Schlumberger said increasingly complex operations, such as selec- • Carl Zeiss Microscopy won a tive sleeve shifting and safety valve performance evaluation, can be executed with contract of undisclosed value with greater success rates. Additionally, the company reports the technology has success- the National Hydrocarbons Agency fully eliminated the need for various operations including full-scale intervention and (ANH) of Colombia to characterize production logging. shale core samples and assist in Rhino XC is an on-demand reamer. Schlumberger’s other recent advance resource identification of the country’s is the Rhino XC on-demand reamer, which the company said provides borehole en- sedentary basins. Zeiss electron largement flexibility through unlimited activation of its flow actuation system. The microscopes and FIB technology capability allows complete cutter-block deployment control, regardless of well-incli- will enable high resolution, nation angle. Meanwhile, a balanced one-piece design increases torque and load ca- immersion field-free 3D imaging of pacity and reduces drilling vibrations that can result in undergauge and irregular bore- subsoil organic content to be later holes. The system ends the need for pumpdown device activation and allows reamer analyzed with Ingrain’s technology, placement below inner diameter-restricted bottomhole components, reducing the total assessing rock properties and resource depth pilot-hole interval and allowing optimization of users’ underreaming activities. locations. The project also involves The technology builds on Schlumberger’s previously released Rhino XS hydraulically creation of a digital database to store expandable reaming solution. data for future use. • Synthesis Energy Systems is testing three gasifiers at its syngas Allseas sees progress on platform installation vessel production facility at the Yima JV coal- Allseas reported headway and cost increases for its mega-platform installation and to-methanol project removal vessel, the Pieter Schelte, and said delivery would occur in early 2014. The in China. The gasifiers vessel, for which costs have increased ~23% from award of the construction contract in are being tested 2010 to a current ~$2.0 billion, remains uncontracted. Allseas chief Edward Heerema under various conditions to vet gasifier said there were plenty of opportunities for the vessel, particularly in platform removal and support systems and prepare for in the North Sea. anticipated commercial operation The mega-vessel will measure 1,257 ft Heerema said keel laying for the this year. “This project is a key part of long by 384 ft wide. portside hull of the catamaran took place our near term earnings plan,” said SES in August. The starboard side hull will soon be assembled and the two sections will be CEO Robert Rigdon. moved to DSME’s Okpo yard in South Korea for mating by year’s end. Allseas’ PR E&P manager Jeroen Hagelstein said the vessel would be ready to begin trials by YE 2013 or early 2014, to enter service thereafter. Despite price hikes due to rising materials and equipment costs and lack of contract, “We’re going to build the vessel anyway,” said Hagelstein. All parts are now ordered aside from the jacket lift system. www.plsx.com/news Increase deal flow & business opportunities. Want more news? Access the PLS virtual library online at www.plsx.com/news Call 713-650-1212

Find more on the oilfield sector at To learn more about PLS, call 713-650-1212 Volume 02, No. 11 15 ServiceSector Technology Sign Up Today! Hornbeck taking steps to build OSV fleet Hornbeck Offshore Services announced expansion of its HOSMAX-class offshore supply vessel (OSV) newbuild program and commencement of a 200 class OSV retrofit program. Regarding the newbuild program, Hornbeck exercised four of 48 options to build two 310 class OSVs and two 320 class OSVs (deepwater Gulf platform supply vessels) for $180 million ($45 million/vessel). Hornbeck also extended exercise deadlines for its remaining 44 options by 60 Latest E&P News days each; the company’s next option deadline is now February, which Hornbeck said provides greater flexibility. Delivery of the new orders is expected in 4Q14 and 1Q15. `` Gulfport’s second Utica well All Hornbeck newbuild vessels on order under the newbuild program (now tests at 3,456 boepd numbering 20) will be built at two undisclosed US yards, but are expected to be utilized in the US Gulf, Brazil and Mexico. Cargo capacities will range from 5,650-6,200 dwt `` 1,000 boepd wells further de-risk and over 20,000 bbls of liquid mud. Hornbeck said pricing compared favorably to Eagle Ford for Sanchez other recent comparable announcements, and that assuming market conditions are supportive, it intends to exercise all remaining options. `` SandRidge strategy exploits scale for steady output growth As for retrofits, Hornbeck said it would stretch and upgrade six 200 class DP-1 PSVs to 240 Class DP-2 vessels at $50 million aggregate ($8.3 million/vessel). Upgrades are expected `` Prospects abound at next to add ~600 tons to the vessels’ current 2,250 dwt capacity and double liquid-mud capacity to month’s Houston Dealmakers ~8,000 bbls. The first 20 newbuilds, the six retrofits, retirement of certain 1.625% convertible notes due 2013 and remaining expected 2012 costs are being funded by ready cash, proceeds `` Halcón’s Woodbine completion from a recent convertible note offering and the company’s undrawn revolver. tests 942 boepd Hornbeck said no vessels were damaged by Hurricane Isaac, no charters were canceled and its Louisiana-based HQ and logistics bases were fully operational. `` Rosetta tightens up Gates Ranch The company noted it is owed ~$4.8 million by Chapter 11-filer ATP Oil and Gas, Eagle Ford development and that Hornbeck will pursue its rights to maximize recovery. `` Lavaca Co. Eagle Ford wells Who’s Hot/Who’s Not outperform for Penn Virginia Analysts’ view on select stocks `` Barrett doubles down on DJ Basin Key: Ticker/Current Price/52-Week Low/52-Week High/Market Cap Upgrades: `` PDC sees Codell contributing • PPG Industries Inc. (PPG/$116.01/$66.43/$116.79/$17.69B) from Buy to Hold greatly in Wattenberg by Jefferies. `` Rex Energy’s ‘Super Frac’ • RPC Inc. (RES/$13.24/$8.75/$15.61/$2.91B) from Mkt Perform to Outperform Marcellus wells trend at 8.0 Bcfe by FBR Capital. New Coverage: ` ` Gulf recovering after Issac • CGGVeritas (CGV/$32.71/$15.08/$32.10/$4.97B) at Buy by Dahlman Rose. • Flowserve Corp. (FLS/$132.72/$66.84/$132.84/$6.79B) at Mkt Perform `` Rough waters still ahead as Shell returns to Chukchi Sea by William Blair.. • Hi-Crash Partners LP (HCLP/$21.40/$17/$21.85/$581.34M) at Overweight `` Concho playing key role in by Barclays. Permian Basin resurrection • Rowan Companies PLC (RDC/$37.19/$28.13/$39.40/$4.62B) at Outperform by Credit Suisse. `` Permian wells overcome Gulf Coast decline for Cimarex Downgrades: • Matrix Service Co. (MTRX/$11.11/$7.34/$15.06/$286.85M) from Buy to Hold `` LLOG hits two discoveries in Gulf by KeyBanc Capital Mkts.. of Mexico • RPC Inc. (RES/$13.23/$8.75/$15.61/$2.91B) from Hold to Sell by Dahlman Rose. • Seadrill Ltd. (SDRL/$40.72/$24.68/$42.34/$19.07B) from Overweight to Neutral Call Now For A Free Trial! by HSBC Securities. To access PLS' virtual library of news drill • Tyco International Ltd. (TYC/$56.24/$38.30/$58.12/$25.84B) from Overweight www.plsx.com/news to Neutral by JP Morgan. Not a client? Call PLS! 713-650-1212 Key: Ticker/Current Price/52-Week Low/52-Week High/Market Cap Source: Yahoo! Finance For listing inquiries, e-mail [email protected] Access PLS’ for featured deals for sale OilfieldServices 16 September 14, 2012

ARK-LA-TEX PERMIAN ROCKIES TRUCKING COMPANY FOR SALE WEST TEXAS ACREAGE WELD CO., CO PACKAGE SWD ASSETS FOR SALE. EAST TEXAS. 1,800-Gross/Net Acres. 43-Wells; 11,910-Net Acres. 87% HBP SHELBY & SAN AUGUSTINE Cos CRANE & ECTOR COUNTY DENVER JULESBERG BASIN HAYNESVILLE SHALE PRODUCTION SV PERMIAN BASIN L NIOBRARA, CODELL & DJ SANDS PP 50-Trucks & 1-SWD Well. FOR Leases Are ALL DEPTHS. 100% OPERATED WI; 80% NRI SELLER HAS ASKING PRICE SALE 100% OPERATED WI; 75% NRI PERMIAN Net Production ~360 BOED CONTACT AGENT FOR MORE INFO New 3yr + 2yr Leases. ACREAGE MAJOR OFFSET ACTIVITY NIOBRARA SV 4781SWD CALL PLS FOR INTRO TO SELLER Gas Gathering System Available. L 1061 Yard & Oilfield Equipment/Supplies-- GULF COAST --Located In New Raymer, CO PERMIAN BASIN SALE PACKAGE CONTACT PLS FOR MORE INFO TRUCKING SERVICE COMPANY SALE 62,322-Net Acres. 9-Vertical Producers. PP 8599DV Hazard & NonHazardous Waste Disposal TERRY & HOCKLEY COUNTIES, TX TEXAS & LOUISIANA SERVICES HORIZONTAL WOLFCAMP L CAMPBELL CO., WY ASSETS Eagle Ford, Tuscaloosa & Haynesville SV Spraberry, Wolfcamp & Cline. 49-Wells. 25,000 Gross Acres. 12,000 Net. STRONG FINANCIAL PERFORMANCE Proposed Depths: 7,500 Ft. - 11,600 Ft. CANADIAN SELLER EXITING U.S. 2012 EBITDA $6.9MM on $28.3MM Revenue MULTIPLE HORIZONTAL TARGETS SMALL PACKAGE PP 100% INTEREST IN COMPANY SALE 100% OPERATED WI FOR SALE WOLFCAMP Wall, Pawnee, Cook & Minnelusa Targets HIGH UTILIZATION RATES COMPANY Initial Rates Range: 20-60 BOPD Montana/Wyoming Border Position. DIVERSE FLEET OF WASTE HAULING SALE Average 20 Months Remaining on Term Canadian Company Selling US Holdings Texas & Louisiana Equipment Include: ~86% Acreage has Extension Options 50% NonOperated WI; Various NRI OBO -- Tractor Trucks; Dump Trucks, Vaccum OFFERS DUE SEPTEMBER 26, 2012 Small Production To Date: 8-10 BOPD Additional Trucks & Trailers Available L 9191PP Some Acreage HBP 10 Strong Customer Base Offset Operator Makes 2,100 BOEPD BOEPD Solid Expansion Opportunities PERMIAN SALE PACKAGE 2011 Net Cash Flow $151,984 YR CONTACT DALLAS AGENT FOR UPDATE 76-Wells. 11-Counties. Last 12 Mns Cash Flow: $170,000 Yr SV 1321 NEW MEXICO & TEXAS Possible Corporate Shell. MULTIPAY OPPORTUNITY PP PP 5222DV OILFIELD EQUIPMENT COMPANY Wolfberry, Strawn, Bone Springs With Lease Crews For Sale SCATTERED PERMIAN OPERATIONS ABOUT PLS GULF COAST / SOUTH TEXAS Operated & NonOperated WI WOLFBERRY Victoria - Eagle Ford Production Area Net Production:~15 BOPD & 20 MCFD CO The PLS OilfieldService report covers the Started In 60’s. Owner Retiring. Avg Operated Cash Flow: ~$54,000/Mn Good Customer Base. Avg Non-Op Cash Flow: ~$8,000/Mn oil & gas service sector with news and Refurbished All Surface Production EQUIPMENT Total Net Rsrvs: ~160 MBO & ~300 MMCF analysis on drilling, completions, operations Equipment And Wellheads. COMPANY Third Party Reserve Report and technology. OPERATIONS NEGOTIABLE --Russel K. Hall In addition to the news, OilfieldServices list CONTACT SELLER FOR DETAILS Rigs & Tool Rental Interest Also Available companies, technologies, rigs, equipment CO 9345PP Company Portfolio For Sale and deals for sale, coded alpha-numerically. GO TO WWW.PLSX.COM FOR INFO Clients interested in any listing details can PERMIAN PP 8469DV contact PLS with provided listing code(s). SERVICE COMPANY FOR SALE To obtain additional PLS product details, PERMIAN BASIN DRILLING COMPANY drill www.plsx.com/publications. 4-Drilling Rigs; 9-Trucks; ~60 Employees Cementing & Acidizing Services. SOUTHERN MIDLAND BASIN FOCUS WEST TEXAS & EASTERN SHELF PLS Inc. SOLID GROWTH HISTORY SV EXCEPTIONAL GROWTH PROFILE One Riverway, Ste 2200 Highly Active Area Incl Resource Plays NEW VERSATILE EQUIPMENT FLEET SV Houston, Texas 77056 SOLID REVENUE STREAM STATE OF THE ART FACILITIES ONGOING OPERATION. GOOD PROFITS STRONG FINANCIAL PERFORMANCE 713-650-1212 (Main) High Utilization Rate & Activity Level. DRILLING Forecasts $8.2MM Pro Forma EBITDA COMPANY 713-658-1922 (Facsimile) Assets Include: COMPANY 100% INTEREST IN BUSINESS FOR SALE SALE Report prepared by: Lisa Armstrong Assets Include: --Drilling Rigs & Trucks To obtain additional listing info, contact us --Office; Facilities & Service Yards -- Acidizing Units - Up to 2,250 HP at 713-650-1212 or [email protected] --Solid & New Duplex/Triplex Pumps -- Single & Double Pumper Cement Units with the listing code. Only clients are able to --Good Equipment. -- Cement Bulk Plants & Trailers Recent Rig Appraisals & Valuations -- Acid Transport Trailers receive additional information. To become a CURRENTLY REVIEWING OFFERS CONTACT DALLAS AGENT client call 713-650-1212. SV 1313 SV 8960RIGS © Copyright 2012 by PLS, Inc. Any means of unauthorized reproduction is No Commission. For the past 20 years, PLS has been the central access point for prohibited by federal law and imposes fines Get Listed buyers and sellers. For more info, e-mail [email protected] up to $100,000 for violations. Find more listings at No commission! List today, call 713-650-1212