Global oilfield equipment demand will reach $85 billion by 2012, as growth accelerates from a slowdown in 2009. The best opportunities exist in Brazil, China and Kazakhstan, as well as in the offshore regions of Western Africa. Fixed-cutter drill bits and advanced well logging equipment will grow the fastest.

This study analyzes the world oilfield equipment industry. It presents historical demand data for the years 1997, 2002 and 2007, and forecasts for 2012 and 2017 by product (e.g., drilling equipment, field production machinery, pumps and valves), world region (e.g., North America, Africa/Mideast, Asia/Pacific) and for 23 major national markets.

The study also considers market environment factors, details industry structure, evaluates company market share and profiles 30 industry players, including National Oilwell Varco, Halliburton and Baker Hughes.

TABLE OF CONTENTS


SECTION                                                                      PAGE

               INTRODUCTION                                                    ix
               
          I.   EXECUTIVE SUMMARY                                                1
               
         II.   MARKET ENVIRONMENT                                               4
               General                                                          4
               World Economic Overview                                          5
                   Recent Historical Trends                                     6
                   Macroeconomic Outlook                                        8
               World Demographic Outlook                                       11
               World Manufacturing Outlook                                     13
               World Oil & Gas Outlook                                         14
               World Petroleum Outlook                                         16
                   Reserves & Exploration                                      17
                   Production                                                  20
                   Pricing Patterns                                            21
               World Natural Gas Outlook                                       24
                   Reserves & Exploration                                      25
                   Production                                                  27
                   Pricing Patterns                                            29
               Oilfield Services Overview                                      31
               Oilfield Equipment Pricing Trends                               33
               Environmental & Regulatory Issues                               34
               
        III.   SUPPLY & DEMAND                                                 36
               General                                                         36
               World Oilfield Equipment Markets                                37
               World Oilfield Equipment Production                             41
                   Producing Countries                                         41
                   Products                                                    44
                     Drilling Equipment                                        46
                     Field Production Machinery                                48
                     Pumps & Valves                                            50
                     Other Machinery & Equipment                               52
               International Trade Flows                                       54

         IV.   NORTH AMERICA                                                   57
               General                                                         57

               United States                                                   62
               Canada                                                          68
               Mexico                                                          72

          V.   LATIN AMERICA                                                   78
               General                                                         78
               Argentina                                                       81
               Brazil                                                          85
               Venezuela                                                       90
               Other Latin America                                             95

         VI.   AFRICA/MIDEAST                                                 100
               General                                                        100
               Algeria                                                        104
               Iran                                                           108
               Kuwait                                                         112
               Libya                                                          115
               Nigeria                                                        119
               Qatar                                                          122
               Saudi Arabia                                                   126
               United Arab Emirates                                           130
               Other Africa/Mideast                                           133

        VII.   ASIA/PACIFIC                                                   137
               General                                                        137
               Australia                                                      141
               China                                                          145
               India                                                          152
               Indonesia                                                      157
               Kazakhstan                                                     162
               Malaysia                                                       166
               Other Asia/Pacific                                             170

       VIII.   WESTERN EUROPE                                                 174
               General                                                        174
               Norway                                                         177
               United Kingdom                                                 183

               Other Western Europe                                           188
                   
         IX.   EASTERN EUROPE                                                 191
               General                                                        191
               Russia                                                         194
               Other Eastern Europe                                           199

          X.   INDUSTRY STRUCTURE                                             203
               General                                                        203
               Industry Composition & Market Share                            204
               Product Development & Manufacturing                            209
               Marketing & Distribution                                       212
               Financial Requirements                                         215
               Mergers, Acquisitions & Industry Restructuring                 217
               Company Profiles                                               220
                   Aker Kvaerner ASA, see Aker Solutions ASA                     
                   Aker Solutions ASA                                         221
                   Alberta Oil Tool, see Dover Corporation                       
                   Atlas Copco AB                                             225
                   Baker Hughes Incorporated                                  227
                   BICO Drilling Tools Incorporated, see 
                     Schoeller-Bleckmann Oilfield Equipment AG                   
                   BJ Services Company                                        232
                   Blackmer, see Dover Corporation                               
                   Cameron International Corporation                          235
                   Centrilift, see Baker Hughes Incorporated                     
                   Daniel Measurement and Control Incorporated, see 
                     Emerson Electric Company                                    
                   Dover Corporation                                          238
                   Ebara Corporation                                          241
                   Emerson Electric Company                                   243
                   Fisher Valves, see Emerson Electric Company                   
                   Flowserve Corporation                                      245
                   Foster Wheeler Limited                                     249
                   Franklin (CE) Limited                                      251
                   GE Oil and Gas, see General Electric Company                  
                   General Electric Company                                   252

                            (continued on next page)
                   Goulds Pumps Incorporated, see ITT Corporation                
                   Grant Prideco Incorporated, see National Oilwell Varco        
                   Halliburton Company                                        255
                   Hughes Christensen, see Baker Hughes Incorporated             
                   Hydril Pressure Control, see General Electric Company         
                   Ingersoll-Rand Company Limited                             259
                   INTEQ, see Baker Hughes Incorporated                          
                   ITT Corporation                                            260
                   Kitz Corporation                                           263
                   KSB AG                                                     265
                   M-I SWACO LLC, see Schlumberger Limited and Smith International Incorporated
                   National Oilwell Varco Incorporated                        269
                   Norris, see Dover Corporation                                 
                   Norriseal, see Dover Corporation                              
                   Quartzdyne Incorporated, see Dover Corporation                
                   Remote Automation Solutions, see Emerson Electric
                   Rowan Companies Incorporated                               277
                   Sandvik AB                                                 279
                   Schlumberger Limited                                       280
                   Schoeller-Bleckmann Oilfield Equipment AG                  283
                   Security DBS Drill Bits, see Halliburton Company              
                   Smith International Incorporated                           285
                   Sperry Drilling Services, see Halliburton Company             
                   Sulzer Limited                                             291
                   Technip SA                                                 293
                   Tenaris SA                                                 295
                   Tyco International Limited                                 298
                   US Synthetic Corporation, see Dover Corporation               
                   Vallourec SA                                               301
                   VetcoGray Incorporated, see General Electric Company          
                   Voest-Alpine Tubulars, see National Oilwell Varco             
                   Weatherford International Limited                          304
                   WellDynamics Incorporated, see Halliburton Company            
                   Wilson, see Smith International Incorporated                  
                   Wirth GmbH, see Aker Solutions ASA                            
               Other Companies Mentioned in Study                             309
                                 LIST OF TABLES
                                        
TABLE NUMBER                                                                 PAGE

               SECTION I -- EXECUTIVE SUMMARY
               Summary Table                                                    3

               SECTION II -- MARKET ENVIRONMENT
           1   World Gross Domestic Product by Region                          11
           2   World Population by Region                                      12
           3   World Manufacturing Value Added by Region                       14
           4   World Oil & Gas Output                                          16
           5   World Petroleum Reserves by Country                             19
           6   World Crude Oil Production by Region                            21
           7   World Natural Gas Reserves by Country, 2007                     26
           8   World Natural Gas Production by Region                          29
           9   World Oilfield Service Indicators                               33

               SECTION III -- SUPPLY & DEMAND                           
           1   World Oilfield Equipment Demand by Region                       40
           2   World Oilfield Equipment Production by Region          	       43
           3   World Oilfield Equipment Market by Product                      45
           4   World Drilling Equipment Market by Region                       48
           5   World Field Production Machinery Demand by Region               50
           6   World Pumps & Valves Demand by Region                           52
           7   World Other Machinery & Equipment Demand by Region              54
           8   World Oilfield Equipment Net Exports by Region                  56

               SECTION IV -- NORTH AMERICA
           1   North America -- Oilfield Equipment Supply & Demand             60
           2   North America -- Oilfield Equipment Market by Product           61
           3   United States -- Oilfield Equipment Supply & Demand             65
           4   United States -- Oilfield Equipment Market by Product           67
           5   Canada -- Oilfield Equipment Supply & Demand                    70
           6   Canada -- Oilfield Equipment Market by Product                  72
           7   Mexico -- Oilfield Equipment Supply & Demand                    75
           8   Mexico -- Oilfield Equipment Market by Product                  77

               SECTION V -- LATIN AMERICA
           1   Latin America -- Oilfield Equipment Supply & Demand             80
           2   Latin America -- Oilfield Equipment Market by Product           81
           3   Argentina -- Oilfield Equipment Supply & Demand                 84
           4   Argentina -- Oilfield Equipment Market by Product               85

           5   Brazil -- Oilfield Equipment Supply & Demand                    88
           6   Brazil -- Oilfield Equipment Market by Product                  90
           7   Venezuela -- Oilfield Equipment Supply & Demand                 93
           8   Venezuela -- Oilfield Equipment Market by Product               95
           9   Other Latin America -- Oilfield Equipment Supply & Demand       98
          10   Other Latin America -- Oilfield Equipment Market by Product     99

               SECTION VI -- AFRICA/MIDEAST
           1   Africa/Mideast-- Oilfield Equipment Supply & Demand            102
           2   Africa/Mideast -- Oilfield Equipment Market by Product         104
           3   Algeria -- Oilfield Equipment Supply & Demand                  106
           4   Algeria -- Oilfield Equipment Market by Product                108
           5   Iran -- Oilfield Equipment Supply & Demand                     110
           6   Iran -- Oilfield Equipment Market by Product                   112
           7   Kuwait -- Oilfield Equipment Supply & Demand                   114
           8   Kuwait -- Oilfield Equipment Market by Product                 115
           9   Libya -- Oilfield Equipment Supply & Demand                    117
          10   Libya -- Oilfield Equipment Market by Product                  119
          11   Nigeria -- Oilfield Equipment Supply & Demand                  121
          12   Nigeria -- Oilfield Equipment Market by Product                122
          13   Qatar -- Oilfield Equipment Supply & Demand                    124
          14   Qatar -- Oilfield Equipment Market by Product                  125
          15   Saudi Arabia -- Oilfield Equipment Supply & Demand             128
          16   Saudi Arabia -- Oilfield Equipment Market by Product           130
          17   UAE -- Oilfield Equipment Supply & Demand                      132
          18   UAE -- Oilfield Equipment Product by Market                    133
          19   Other Africa/Mideast -- Oilfield Equipment Supply & Demand     135
          20   Other Africa/Mideast -- Oilfield Equipment Market by Product   136

               SECTION VII -- ASIA/PACIFIC
           1   Asia/Pacific -- Oilfield Equipment Supply & Demand             140
           2   Asia/Pacific -- Oilfield Equipment Market by Product           141
           3   Australia -- Oilfield Equipment Supply & Demand                143
           4   Australia -- Oilfield Equipment Product by Market              145
           5   China -- Oilfield Equipment Supply & Demand                    149
           6   China -- Oilfield Equipment Market by Product                  152

           7   India -- Oilfield Equipment Supply & Demand                    155
           8   India -- Oilfield Equipment Market by Product                  157
           9   Indonesia -- Oilfield Equipment Supply & Demand                160
          10   Indonesia -- Oilfield Equipment Market by Product              161
          11   Kazakhstan -- Oilfield Equipment Supply & Demand               164
          12   Kazakhstan -- Oilfield Equipment Market by Product             166
          13   Malaysia -- Oilfield Equipment Supply & Demand                 168
          14   Malaysia -- Oilfield Equipment Market by Product               169
          15   Other Asia/Pacific -- Oilfield Equipment Supply & Demand       172
          16   Other Asia/Pacific -- Oilfield Equipment Market by Product     173

               SECTION VIII -- WESTERN EUROPE
           1   Western Europe -- Oilfield Equipment Supply & Demand           176
           2   Western Europe -- Oilfield Equipment Market by Product         177
           3   Norway -- Oilfield Equipment Supply & Demand                   180
           4   Norway -- Oilfield Equipment Market by Product                 182
           5   United Kingdom -- Oilfield Equipment Supply & Demand           186
           6   United Kingdom -- Oilfield Equipment Market by Product         187
           7   Other Western Europe -- Oilfield Equipment 
                   Supply & Demand                                            189
           8   Other Western Europe -- Oilfield Equipment 
                   Market by Product                                          190

               SECTION IX -- EASTERN EUROPE
           1   Eastern Europe -- Oilfield Equipment Supply & Demand           193
           2   Eastern Europe -- Oilfield Equipment Market by Product         194
           3   Russia -- Oilfield Equipment Supply & Demand                   197
           4   Russia -- Oilfield Equipment Market by Product                 199
           5   Other Eastern Europe -- Oilfield Equipment 
                   Supply & Demand                                            201
           6   Other Eastern Europe -- Oilfield Equipment 
                   Market by Product                                          202

               SECTION X -- INDUSTRY STRUCTURE
           1   Selected Cooperative Agreements                                214
           2   Selected Acquisitions & Divestitures                           218

                                 LIST OF CHARTS
                                        
CHART NUMBER                                                                 PAGE

               SECTION II -- MARKET ENVIRONMENT
           1   World Petroleum Reserves by Region, 2007                        20
           2   Average Annual Spot Prices for Crude Oil, 1997-2007             24
           3   Proven Natural Gas Reserves by Region, 2007                     27
           4   Average Annual Spot Prices for Natural Gas, 1997-2007           31

               SECTION III -- SUPPLY & DEMAND
           1   Oilfield Equipment Demand/Crude Oil Production 
                   Relationship, 2007                                 	       38
           2   World Oilfield Equipment Market by Region, 2007                 40
           3   World Oilfield Equipment Production by Region, 2007             43
           4   World Oilfield Equipment Market by Product, 2007                45

               SECTION X -- INDUSTRY STRUCTURE
           1   World Oilfield Equipment Market Share by Company, 2007         206