North American Oil & Gas "Active Rig Monitor Weekly; UBS Evidence Lab in..."

Research evidence excerpt

North American Oil & Gas "Active Rig Monitor Weekly; UBS Evidence Lab in..."

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North American Oil & Gas Equities

AmericasActive Rig Monitor Weekly; UBS Evidence Lab

inside; BKR Award Highlights Upside from Energy

Lifecycle Services Josh SilversteinAnalyst

josh.silverstein@ubs.com

+1-212-713 3513

Oil & Gas Active Rig Monitor Weekly William Barber

Associate Analyst

Using data provided by the UBS Evidence Lab, our weekly analyzes drilling activity by Oil william.barber@ubs.com

and Gas producers across the U.S. Lower48's key regions. Within the note and dataset, +1-212-713 5553

we highlight drilling rigs by play and operator, including private operators. We also

Peyton Dorne

highlight current active rigs vs. the latest guidance offered by the operator.

Analyst

peyton.dorne@ubs.com

BKR Award Highlights Upside from Lifecycle Services +1-212-713 4359

This morning BKR announced a significant long-term service agreement with ANOH Gas

Processing Company (AGPC) to support its gas plant in Nigeria. Under the agreement,

BKR will provide lifecycle services for critical turbomachinery, including two NovaLT gas

turbines. The award builds off a 2019 integrated power island solution award for the

ANOH facility, which included the 2 NovaLT turbines, as well as compressors and gears.

The contract covers maintenance, repair services, engineering advisory, and iCenter

digital services. We estimate the award to be valued between $100-250mm.

The award further supports BKR’s strategy of expanding its higher-value GTS footprint

across the installed equipment base. While GTE awards grow the install base and

establish customer relationships, we estimate that GTS margins are typically 2x that of

GTE over the life of the asset.