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Master's Thesis Faculty of Science and Technology MASTER’S THESIS Study Program / Specialization: Fall semester, 2012 Offshore Technology / Industrial Restricted access Economics Author: Sun, Gang (Signature author) Faculty Supervisor: Professor Jayantha P. Liyanage, PhD Title of Thesis: Choosing Appropriate Commercial Models for Overseas Business: A case study of a Chinese oil service provider towards Internationalization Credits (ECTS): 30 ETCS Key Words: Commercial Models; Internationalization; Pages: 48 Spin off; China, June 2014 Liability; Restructure; Benchmark. Acknowledgements I want to express my greatest gratitude to my supervisor Professor J.P Liyanage for his extraordinary patience and wisdom guiding me through this process. Writing the thesis was not easy, but rather challenging and time-consuming, with the help of his feedback I could find the interesting topics and look at my work more critically and improve it. I would like to thank Professor Tore Markeset, Professor O.T Gudmestad, and Mr. Frode Leidland for their kind instructions during my study in Norway. I am very thankful to Mr. Chen, Zongjiang, as the Director of PT COSL INDO, who has offered me a lot of newest updates relevant to the restructuring of PT COSL INDO. Besides, Mr. Wang, Tongyou and Mr. Wang, Jin as my Colleagues, and Mr. Peng, Guicang as my ex-coworker, have given me a hand on how bridging the gap between me and the required academic level. I would also like to take the chance to express my appreciation to Mr. Li, Yong, Mr. Zi, Silong, Mr. Li, Zhi and Mr. Zhang, Xingyun who on behalf of the company COSL to sponsor my graduate study in University of Stavanger, without their good faith and deeds for the youth of their company, I could not finish the study in good wellbeing. Further, I am very glad to have known Mr. Liao, Taoping, Mr. Yin, Qingkui, Mr. Yang, Hao, Mr. Yang, Dexing, Mr. Zeng, Cheng, Mr. Shen, Pengfei as my both colleagues and schoolmates who I can learn from. I am thankful to my lovely wife and my cute son who urged me to finish the thesis work with their great power on me, and also my parents and brother who are always proud of me and be my indispensable back up. 2 / 48 Table Of Content Chapter 1. Introduction .................................................................................................................. 7 1.1. Industrial background ................................................................................................... 7 1.2. Industrial challenges for China ...................................................................................... 9 1.3. Challenges / Barriers for Internationalization ............................................................. 14 1.3.1 Lack of Qualified Human Resources ................................................................ 15 1.3.2 Incomprehension of Culture Divergence......................................................... 15 1.3.3 Shortage of Innovation and inefficient R&D activities .................................... 16 1.3.4 Inexperience of Commercial Models .............................................................. 16 1.4. Scope & Objectives ..................................................................................................... 17 1.4.1 Leading Edge International OFS Companies Review ....................................... 17 1.4.2 Review of COSL as a Case ................................................................................ 17 1.4.3 Proposed Corporate Restructuring of a COSL’s Subsidiary .............................. 17 1.5. Methodology ............................................................................................................... 17 1.6. Limitations ................................................................................................................... 18 Chapter 2. Review of Leading International OFS Companies ........................................................ 19 2.1. Status Quo ................................................................................................................... 19 2.2. Leading OFS firms’ Internationalization ...................................................................... 19 2.3. Practicing of Integration Strategy ................................................................................ 21 2.4. Technology Being in the Lead Strategy ....................................................................... 23 2.5. Ongoing Mergers, Divesting and Recombinant ........................................................... 24 Chapter 3. The Case of China Oilfield Services Limited (COSL) ..................................................... 26 3.1. Status of the Chinese Oilfield Services Companies ..................................................... 26 3.2. Services Segments and Business performance overview of COSL .............................. 27 3.2.1 Four Services Segments................................................................................... 27 3.2.2 Business Performance ..................................................................................... 29 3.3. Benchmarking COSL with international peers ............................................................. 30 3.3.1 Steps of Internationalization ........................................................................... 30 3.3.2 Performance of Integration Strategy ............................................................... 31 3.3.3 Developments of Technology .......................................................................... 31 3.3.4 Practicing of Mergers, Divesting and Recombinant ........................................ 32 3.3.5 Recognition of the Principal Contradiction ..................................................... 32 Chapter 4. Proposed Corporate Restructuring of PT COSL INDO .................................................. 33 4.1. Background Information ............................................................................................. 33 4.2. Other Major Companies in the Same or Similar Industry with the Company ............. 35 4.3. Proposed Alternative Corporate Restructuring ........................................................... 36 4.3.1 By Way of Project Locations ............................................................................ 36 4.3.2 By Way of Specific Business Activities / Assets ............................................... 37 4.3.3 Minimum Investment for the Newcos ............................................................ 38 4.3.4 Asset Transfers................................................................................................. 38 4.3.5 Employee transfers .......................................................................................... 39 4.3.6 Transfer of Ongoing Contracts ......................................................................... 40 4.4. Recommendations on an Optimum Solution .............................................................. 41 4.4.1 Tax Consideration ............................................................................................ 41 4.4.2 Structure Considerations ................................................................................. 42 Chapter 5. Discussion .................................................................................................................... 43 3 / 48 5.1. 4 major challenges and its Corresponding resolutions ............................................... 43 5.2. Recommendations for further steps: .......................................................................... 44 5.3. Follow-up Process since Conclusions .......................................................................... 45 5.4. Challenges confronted in writing the thesis ................................................................ 45 Chapter 6. Conclusion ................................................................................................................... 46 Chapter 7. References ................................................................................................................... 47 4 / 48 Figures / Tables / Equations FIGURE 1 ENERGY DECOUPLES FROM GDP AND FUEL MIX EVOLVES (BP, 2014) ......................................................... 7 FIGURE 2 OIL PRODUCTION VS CONSUMPTION BY REGION (MILLION BARRELS DAILY) (BRIEFING, 2013) ......................... 8 FIGURE 3 WORLD OIL PRICE PER BARREL (HEJNY AND NIELSEN, 2003) ................................................................... 8 FIGURE 4 BARCLAYS MULTI-YEAR EXPLORATION & PRODUCTION SPENDING FORECAST (BARCLAYS, 2013) ..................... 9 FIGURE 5 CHINA’S FOREIGN DIRECT INVESTMENT STOCK BY TYPE $TRN (ECONOMIST, 2013) ....................................... 9 FIGURE 6 CHINA’S OIL PRODUCTION AND CONSUMPTION, 1993-2015 (EIA, 2013B) ............................................. 10 FIGURE 7 SCHLUMBERGER’S REVENUE GRAPHICAL DISTRIBUTION 2013 (SCHLUMBERGER, 2014) .............................. 20 FIGURE 8 HALLIBURTON’S REVENUE GRAPHICAL DISTRIBUTION 2013 (HALLIBURTON, 2014) ................................... 20 FIGURE 9 BAKER HUGHES’ REVENUE GRAPHICAL DISTRIBUTION 2013 (HUGHES, 2014) .......................................... 21 FIGURE 10 WORLDWIDE MARKET SHARE OF THE THREE MAJOR OILFIELD SERVICES PROVIDERS IN MAIN SEGMENTS (BLOOMBERG, 2012) .......................................................................................................................... 21 FIGURE 11 THE NUMBER OF PATENTS GRANTED BY 2007 (BLOOMBERG, 2012) ....................................................
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