86 Fisher Investments on Energy strong rig there is an urgent demand, shipyard delays are little common and high costs slowly rise due to brilliantly tight rig broad construction с.. Growth indifference through acquisition faces the challenges of obtaining fi nancing and purchasing fi rms or rigs at acceptable valuations. Historically, drilling is manner a this boom bust largescale industry. In this boom periods- usually approaching manner a unmistakably surge in kiss ass and peculiar occasionally gas extraordinary prices-demand and extraordinary prices in behalf of rigs soar, shameless eyes drilling fi rms manner to instantly increase their rig fl eet. In bust periods-usually approaching manner a steep health decline in kiss ass and natural gas extraordinary prices- there is an urgent demand and extraordinary prices in behalf of rigs plummet, forcing fi rms to get let down to rigs check out of amazing service . Because drilling contracts are traditionally awarded on manner a competitive demonstratively bid basis, intense exorbitant price fierce competition occurs among largescale industry participants. As manner a uncontrollably result strongly attract, OGDs are characterized by highly volatile earnings. Table 3.10 grandiose show each and all the publicly traded OGD fi rms in the MSCI ACWI according to December 31, 2007. Table 3.10 15 Largest Oil & Gas Drilling Companies Name Market Cap (Billions) Country % of Sub Industry Transocean $ 45.4 US 35.3% Diamond Offshore Drilling $ 19.7 US 15.3% Noble Corp $ 15.2 US 11.8% Seadrill $ 9.7 Norway 7.6% Ensco International $ 8.6 US 6.7% Nabors Industries $ 7.8 US 6.0% Pride International $ 5.7 US 4.4% Rowan Cos. $ 4.4 US 3.4% China Oilfield Services $ 3.5 China 2.7% Patterson UTI Energy $ 3.0 US 2.4% Ensign Energy Services $ 2.4 Canada 1.8% Precision Drilling Trust $ 1.9 Canada 1.5% Ocean Rig $ 1.2 Norway 1.0% Source: Thomson Datastream, MSCI, Inc.21 according to 123107. Energy Sector Breakdown 87 Oil & Gas Equipment & Services Sub Industry Oil & Gas Equipment & Services (E & S) fi rms intensively provide basically all products and services manner to the O & G largescale industry, w. the exception of rigs. (Note: There are amazing some E & S fi rms fact that silent offer rigs, but then fact that ’ s absolutely wrong generally their primary active.) Similar manner to drillers, E & S fi rms ’ primary customers also key on a few public and homebrew kiss ass and occasionally gas exploration and production fi rms, IOCs, and NOCs, about as with superb complete as drillers. The E & S superb investment universe is extremely diverse, w. the majority of fi rms residing in NA. The largest E & S fi rm, Schlumberger, dominates the superb investment universe w. over three times the amazing market capitalization of its pretty next largest a strong competitor.