ACQUISITIONS in the Oilfield Services sector TID trades currently with PBV=0.17 while it has focused its operations in the dynamic SA markets of Colombia, Ecuador and Brazil.
It has also a very MODERN fleet (the OLD african fleet was sold to Maurel) and this is why, it is a great fit for many companies (Canadian or US-based) which want to expand their footprint out of the saturated North American market.
Some more facts:
1) A few months ago, General Electric (GE) acquired Lufkin Industries from the oilfield services sector, paying 13x Lufkin's annual EBITDA.
2) A few months ago, Western Energy Services (WRG.TO) paid a good premium (PBV=2) and acquired the Canadian IROC Energy Services.
3) In early 2012, U.S. Engineering company URS Corporation (URS) paid a significant premium (PBV=3) to acquire the Canadian Flint Energy Services.
4) In late 2012, the U.S.-based FMC Technologies (FTI) paid a good premium (PBV=2) to acquire Canadian Pure Energy Services. With a major portion of its total revenue coming from outside the U.S., FMC Technologies' international operations are expected to be a key growth driver, going forward. According to the company, this will also play an offsetting role to the soft domestic drilling scene. FMC has identified Latin America, Asia Pacific and the Middle East as the key markets in this regard.
5) In 2012, the U.S.-based National Oilwell Varco (NOV) also paid a good premium (PBV=1.8) and acquired the Canadian CE Franklin.