Oil and Gas Equipment and Services Sector Outlook — September 2026

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ENERGY › ENERGY › OIL AND GAS EQUIPMENT AND SERVICES

Oilfield Equipment and Services: Two Pricing Regimes

How the market has been pricing eight diversified oilfield service and equipment names on forward earnings, and what separates the two ends of the range.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Oil and Gas Equipment and Services Coverage | September 2026 | Confidential | Not investment advice

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1. 01
   ENERGY › ENERGY › OIL AND GAS EQUIPMENT AND SERVICES

   Oilfield Equipment and Services: Two Pricing Regimes

   Cover slide introducing the sector outlook and its central framing on pricing regimes.

   Welcome — this deck looks at how the market has been pricing eight diversified oilfield service and equipment names on forward earnings. We'll show where that pricing has converged and where it has split into two distinct regimes.

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   ENERGY › ENERGY › OIL AND GAS EQUIPMENT AND SERVICES Oilfield Equipment and Services: Two Pricing Regimes How the market has been pricing eight diversified oilfield service and equipment names on forward earnings, and what separates the two ends of the range. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Oil and Gas Equipment and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   Lists the report's five numbered sections plus the appendix covering methodology and sources.

   We've built this report so the bottom line comes first: five sections carry the argument, and a companion appendix carries the full detail. If you only have time for one section, section one gives you the whole story.

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   CONTENTS What This Report Covers 01 The Bottom Line Oil and Gas Equipment and Services Prices Durability Above Pace 02 The Landscape One Segment Label Covers the Set, and Service-Line Mix Separates It 03 Valuation & Situations Offshore and Subsea Work Holds the Top of the Range 04 Precedent Transactions What Buyers Agreed to Pay for Tooling, Chemistry and Contracted Horsepower 05 Strategic Implications Where Value Is Won Here: Revenue Mix, Contract Cover and Cash Conversion 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Oil and Gas Equipment and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Oil and Gas Equipment and Services Carries One Segment Label and Two Pricing Regimes

   States that the group carries one segment label but prices in two distinct valuation regimes.

   At 7.7x CY2027E EV/EBITDA, the group sits mid-range on forward earnings, so a premium above that line is a statement about durability rather than a cheaper entry point. Split the set at 8% revenue growth and the slower-growing half prices at 10.5x against 4.7x for the faster growers — on this sample, the premium tracks earnings visibility, not top-line pace. The range itself runs from 11.9x at the top down to 2.4x at the bottom, a wide spread for eight companies filed under one segment label. USA Compression Partners, LP (USAC) and Flowco Holdings Inc. (FLOC) post EBITDA margins of 58% and 40% respectively, both production-levered rather than drilling-levered — so what: capital that wants contracted, production-tied cash flow is underwriting a different part of this sector than capital chasing cyclical service work.

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   01 · THE BOTTOM LINE Oil and Gas Equipment and Services Carries One Segment Label and Two Pricing Regimes The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Oil and Gas Equipment and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 Today's Price Already Credits the 2027 Earnings Ramp The eight names sit at 7.7x in the middle of the range on CY2027E EV / EBITDA, and a forward multiple already gives credit for forecast earnings. A premium that survives that test is a statement about durability, not a cheaper market on offer. 2 Faster Top-Line Growth Is Not Where the Premium Sits Split the eight names at 8% revenue growth and the four slower growers sit at 10.5x while the four faster growers sit at 4.7x. On this sample the premium is associated with earnings visibility and contract cover, and not with the pace of the top line. 3 Two Names Hold the Top of the Range, Two the Bottom The top of the range clears 11.9x on 2027 earnings while the bottom sits at 2.4x. That is a wide gap for eight companies filed under the same segment label, and it is where short-cycle versus long-cycle mix and cash conversion show up. 4 Contracted and Production-Levered Cash Flow Lines up with a Different Buyer Group USA Compression Partners, LP (USAC) runs a 58% EBITDA margin and Flowco Holdings Inc. (FLOC) 40%, both production-levered rather than drilling-levered. Infrastructure, income and credit-adjacent capital underwrites contracted horsepower closer to midstream than to cyclical service work. 7.7x Sector median EV/EBITDA CY2027E consensus · 8 rated of 8 companies 11.9x Premium end EV/EBITDA vs 2.4x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 29 Transactions with disclosed terms 70 recorded in this tier · 3 told as case studies, the full list in the appendix

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   Divider introducing the market-map section on segment labels and service-line mix.

   Next we open up the single segment label to see how service-line mix separates the eight names inside it. Everything here screens as diversified multi-line oilfield services on the surface.

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   SECTION 02 02 THE LANDSCAPE One Segment Label Covers the Set, and Service-Line Mix Separates It Everything here screens as diversified multi-line oilfield services. 02 of 06 Oil and Gas Equipment and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Eight Names, One Segment Label — Positioning Is Won Inside It

   Groups the eight approved companies by business segment and shows median EV/EBITDA per group.

   We've grouped all eight approved companies by business segment and layered on each group's median CY2027E EV/EBITDA. The single segment label the market assigns this set understates how differently each sub-group is priced. So what: positioning inside the label, not the label itself, is what investors are pricing.

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   02 · MARKET MAP Eight Names, One Segment Label — Positioning Is Won Inside It 8 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Oil and Gas Equipment and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 DIVERSIFIED MULTI-LINE OILFIELD SERVICES 8 cos median 7.7x Slb N.V. (SLB) TechnipFMC (FTI) Weatherford (WFRD) USA Compression (USAC) Oceaneering (OII) Flowco Holdings (FLOC) Drilling Tools (DTI) OMS Energy (OMSE) The eight names screen here, 100% of the set, so positioning arguments are won on service-line mix, contract cover and cash conversion rather than on segment choice.

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   02 · LANDSCAPE

   One Segment Label Covers Most of the Set; Service-Line Mix Is Where the Contest Runs

   Shows that one segment label covers most of the set while service-line mix drives the real contest.

   The segment view confirms that most of these eight names share a label, but the medians on rated names show the contest is actually being fought over service-line mix. Full company-level detail sits in the appendix for anyone who wants to check a specific name. So what: benchmarking this sector on the label alone would miss where the market is actually drawing lines.

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   02 · LANDSCAPE One Segment Label Covers Most of the Set; Service-Line Mix Is Where the Contest Runs Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Oil and Gas Equipment and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Diversified multi-line oilfield services 8 100% 7.7x Slb N.V. (SLB) · TechnipFMC plc (FTI) · +6 more One label, eight operators. Well construction, rental tools, subsea equipment, contracted compression and production tooling all report under this single label, and the eight names carry a 7.7x middle on CY2027E EV / EBITDA. What separates them is short-cycle versus long-cycle mix, contract cover, and how much cash survives maintenance capex.

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   Divider introducing the public-market valuation section on CY2027E EV/EBITDA.

   From here we walk through CY2027E EV/EBITDA across all eight names to see exactly where the range holds together and where it splits.

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   SECTION 03 03 VALUATION & SITUATIONS Offshore and Subsea Work Holds the Top of the Range CY2027E EV / EBITDA across the eight names on the page. 03 of 06 Oil and Gas Equipment and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Long-Cycle Work Holds the Top of the Range, Short-Cycle Tools the Bottom

   Ranks all eight rated companies by CY2027E EV/EBITDA against a 7.7x sector median.

   Sorted from highest to lowest, the eight rated names span a wide range around a 7.7x sector median on CY2027E EV/EBITDA. Long-cycle, offshore-leaning work holds the top of that range, while short-cycle tooling sits at the bottom. Tier zones here are cut at the rated set's own quartiles, so the grouping reflects this sample rather than an external benchmark. So what: where a name sits in that range is the fastest read on how the market is treating its earnings quality.

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   03 · PUBLIC MARKET VALUATION Long-Cycle Work Holds the Top of the Range, Short-Cycle Tools the Bottom EV / EBITDA (CY2027E) · all 8 rated companies, sorted descending · sector median 7.7x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Oil and Gas Equipment and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 11.9x CORE · median 7.7x DISCOUNT · median 2.4x Sector median 7.7x WHAT SEPARATES THE TWO ENDS The top end runs 11.9x. The two names at the premium end carry long-cycle backlog, integrated subsea award capability and installed-base pull-through. Those are the attributes that keep earning through an operator budget cut, and they are what buyers of whole companies have chased in this sector. The bottom end sits at 2.4x. The two names at the discount end are shorter-cycle and more basin-concentrated, with fleet utilisation and spot-like pricing setting the earnings line. Both are growing, one at 13% revenue growth, and growth on its own has not moved them up the range. Forward multiples already credit growth. The lens is CY2027E EV / EBITDA, so a premium that survives it says the market expects those earnings to persist rather than simply to arrive. That is why contract term, backlog composition and maintenance capex carry the diligence argument at this end.

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   03 · VALUATION DRIVERS

   The Slower-Growing Half of This Set Carries the Higher Multiple

   Splits the group by revenue-growth and EBITDA-margin cohorts and compares median EV/EBITDA in each.

   Split at the covered median of 8% revenue growth, the slower-growing half of this set carries a 10.5x median multiple against 4.7x for the faster-growing half. That's an association on this sample, not a causal claim — but it's a consistent pattern across the group. So what: a growth pitch alone doesn't appear to be what the market is paying up for here; durability does.

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   03 · VALUATION DRIVERS The Slower-Growing Half of This Set Carries the Higher Multiple Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=4; slower n=4; higher-margin n=4; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. Oil and Gas Equipment and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 8% · EBITDA-margin split at 25% Revenue Pace Is Not Where the Price Gap Sits Split at 8% revenue growth, the four slower-growing names sit at 10.5x on CY2027E EBITDA and the four faster-growing names at 4.7x. Across these eight names the premium is associated with visibility and contract cover, and not with the speed of the top line. A High Margin on Its Own Has Not Carried a Multiple Drilling Tools International Corp. (DTI) at 27% and OMS Energy Technologies Inc. (OMSE) at 26% clear the margin line the quadrant marks and still sit at the bottom of the range. Heavy maintenance capex and spot-like pricing absorb reported EBITDA before it becomes cash, which is the gap buyers underwrite. The Honest Measure Is the Cash That Survives Keeping the Fleet in Service A rental tool fleet, a compression horsepower fleet and a vessel and ROV fleet all consume capital simply to stand still. Two businesses at the same headline EBITDA multiple can convert very different cash, so utilisation, revenue per active tool and remaining contract term carry the argument. Different Buyer Groups Price the Same Label Differently Diversified strategics buy protected downhole technology and frame-agreement qualification; energy-focused private capital buys rental and production-levered models at cycle turns; infrastructure and income funds buy horsepower under contract. Which of those groups is the natural owner of a revenue stream tends to show up in the multiple it carries.

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    03 · SITUATION MAP

    The Premium in This Set Sits in a Single Corner of the Map

    Plots the eight names on EV/EBITDA versus the sector median and revenue growth versus the covered median.

    Cutting the set on EV/EBITDA against the 7.7x sector median and on revenue growth against the 8% covered median produces a clear pattern: the premium sits in a single corner of this map. These are observations on where names fall, not recommendations. So what: knowing which corner a company occupies is the first step in deciding what operating story it needs to tell the market next.

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    03 · SITUATION MAP The Premium in This Set Sits in a Single Corner of the Map Cut on EV / EBITDA vs the sector median (7.7x) (rows) and revenue growth vs the covered median (8%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Oil and Gas Equipment and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Paid up and Growing Faster Above-median multiple · above-median revenue growth 0 names No rated names sit in this cell as of the analysis date. Paid up on Slower Growth Above-median multiple · below-median revenue growth 4 names Slb N.V. (SLB) · TechnipFMC plc (FTI) · USA Compression Partners, LP (USAC) · +1 more Four names sit here: Slb N.V. (SLB), TechnipFMC plc (FTI), USA Compression Partners, LP (USAC) and Oceaneering International, Inc. (OII). Their pricing rests on backlog, installed base and contracted cash flow rather than on the pace of the top line. Growing Faster, Priced Below the Middle Below-median multiple · above-median revenue growth 4 names Weatherford International plc (WFRD) · Flowco Holdings Inc. (FLOC) · Drilling Tools International Corp. (DTI) · +1 more Four names sit here: Weatherford International plc (WFRD), Flowco Holdings Inc. (FLOC), Drilling Tools International Corp. (DTI) and OMS Energy Technologies Inc. (OMSE). Growth above the middle has not been credited yet, so the case for these names runs through cash conversion and the durability of the revenue mix. Below the Middle on Both Below-median multiple · below-median revenue growth 0 names No rated names sit in this cell as of the analysis date.

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    03 · GROWTH VS PROFITABILITY

    Three Names Clear Both the Growth and the Margin Bar, and They Price at the Bottom of the Valuation Range

    Maps revenue growth against EBITDA margin for the eight names and shows median EV/EBITDA by quadrant, cut at 8% growth and 25% margin.

    Cutting the set at 8% revenue growth and a 25% EBITDA margin, three names clear both bars — and they price at the bottom of the valuation range, not the top. That's a pattern worth sitting with: the names doing best operationally on this simple test are not the ones commanding the premium. So what: the market here is paying for something other than the combination of growth and margin alone — durability of that earnings stream matters more.

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    03 · GROWTH VS PROFITABILITY Three Names Clear Both the Growth and the Margin Bar, and They Price at the Bottom of the Valuation Range Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2027E, y-axis) · 8 companies with both estimates · cuts at the covered medians (8% growth, 25% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=3; margin-only n=1; growth-only n=1; neither n=3). Oil and Gas Equipment and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 4% 6% 8% 10% 12% 20% 40% 60% MARGIN ONLY median 7.9x BALANCED median 3.5x NEITHER median 11.8x GROWTH ONLY median 5.9x OII FTI USAC SLB DTI FLOC WFRD OMSE x: revenue growth (CY2027E) · y: EBITDA margin (CY2027E) HOW TO READ THIS Left to right is revenue growth against the line the page marks; bottom to top is EBITDA margin against the 25% line. On these eight names, three clear both bars — Drilling Tools International Corp. (DTI), Flowco Holdings Inc. (FLOC) and OMS Energy Technologies Inc. (OMSE) — and they sit at 3.5x on CY2027E EBITDA, while the three that clear neither bar sit at 11.8x. The balanced median rests on 3 names and is lifted by FLOC at 7.6x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 2 of 8 names clear it (USAC, FLOC).

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    03 · THE AGENDA

    Which Operating Moves Come Next Depends on Where a Company Stands in the Peer Set Today

    Frames the operating questions a company should resolve based on where it sits in the peer set.

    Where a company sits in this peer set today shapes which operating moves make sense next — these are framed as questions for an owner or acquirer to resolve, not recommendations. The cohort data from the prior pages is what grounds each question. So what: the right next move differs by starting position, and this page is built to help identify which position applies.

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    03 · THE AGENDA Which Operating Moves Come Next Depends on Where a Company Stands in the Peer Set Today NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Oil and Gas Equipment and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Shift Mix Toward Production- and Opex-Linked Revenue Revenue tied to production and operator opex keeps earning when drilling budgets are cut, and the names at the top of the range carry more of it. Pricing, contract form and which service lines you chase all move that mix without changing the fleet. What changes the answer: Customer capex-to-opex spend mix moving against short-cycle work. Lengthen Contract Cover Before Pricing Resets Contracted, take-or-pay-style cash flow with meaningful remaining term is what income and infrastructure capital underwrites. Renewal history and counterparty quality weigh as heavily in that underwriting as headline horsepower or fleet size. What changes the answer: Average remaining contract term shortening as call-off work rolls off. Put Capital Where Incremental Margin Is Protected Asset-light rental models earn high incremental margins on a recovery, while heavy maintenance capex absorbs reported EBITDA before it becomes cash. Build-versus-buy here turns on revenue per active tool and utilisation rather than on fleet count. What changes the answer: Utilisation holding while revenue per active tool falls. Treat Qualification as the Entry Ticket, Not Price Frame-agreement qualification with national oil companies and majors takes years to earn and shortens the supplier list once won. Offshore and international work carries longer planning horizons, and that horizon is part of what the top of the range is priced on. What changes the answer: Book-to-bill turning down on international and offshore intake.

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    Divider introducing the precedent-transactions section, covering nine recorded deals.

    We turn now to what buyers have actually agreed to pay for tooling, chemistry and contracted horsepower across nine recorded transactions — one completed, one terminated, seven announced.

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    SECTION 04 04 PRECEDENT TRANSACTIONS What Buyers Agreed to Pay for Tooling, Chemistry and Contracted Horsepower Nine recorded transactions: one completed, one terminated, seven announced. 04 of 06 Oil and Gas Equipment and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    The Higher Valuations in the Transaction Record Sit with Technology and Contract Cover

    Walks through three of the transactions with disclosed terms as case studies on technology and contract cover.

    We've picked three of the transactions with disclosed terms to walk through as case studies, and in each case the higher valuations sit with technology content and contract cover rather than with asset scale alone. Deal multiples here are LTM at announcement, drawn from filings, and are not directly comparable to the CY2027E public-market basis shown earlier — we don't claim a spread between the two. The complete transaction list sits in the appendix for anyone who wants the full record. So what: what a buyer is protecting — recurring technology revenue or contracted volume — shows up directly in what they're willing to pay.

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    04 · DEAL CASE STUDIES The Higher Valuations in the Transaction Record Sit with Technology and Contract Cover 3 of 29 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 87 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 41 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Oil and Gas Equipment and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Apr-2024 $8.0B Schlumberger Limited acquires ChampionX Corporation EV / LTM revenue 2.1x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED A diversified multi-line strategic buying ChampionX Corporation adds production- and opex-linked revenue alongside a well construction franchise. The size of the transaction suggests a portfolio move toward customer spend that persists when drilling budgets are cut, rather than a bolt-on. HOW THE TARGET WAS VALUED The transaction is recorded at $8.0B and 2.1x revenue as shown in the filing. A revenue multiple at that level reads as a bridge metric for a business bought for margin mix and aftermarket pull-through, with the earnings case carried by the acquirer's mid-cycle view. Nov-2022 $1.3B Enerflex acquires Exterran Corporation EV / LTM revenue 5.2x EV / LTM EBITDA 5.2x WHY THE DEAL HAPPENED Value shown as recorded in the filing; deal value unit unresolved. HOW THE TARGET WAS VALUED The filing records $1.3B of enterprise value, struck at 5.2x LTM revenue. Dec-2023 $854M Kodiak Gas Services, Inc. acquires CSI Compressco LP EV / LTM revenue 6.6x EV / LTM EBITDA 6.6x WHY THE DEAL HAPPENED A compression operator acquiring CSI Compressco LP adds revenue-generating horsepower and contract term in a single step. The logic reads as fleet scale and basin density in a model where revenue follows horsepower under contract and remaining term. HOW THE TARGET WAS VALUED Recorded at $854M and 6.6x EBITDA, and the one transaction on this page recorded as completed. Contracted compression has been agreed here below the levels recorded where installed base and aftermarket pull-through carried the case.

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    Divider introducing the strategic-implications section on revenue mix, contract cover and cash conversion.

    Finally, we translate the evidence into what it points an owner toward for the next planning cycle: revenue mix, contract cover and cash conversion.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Where Value Is Won Here: Revenue Mix, Contract Cover and Cash Conversion What the evidence points an owner toward in the next planning cycle. 05 of 06 Oil and Gas Equipment and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Where Value Is Won Here: Revenue Mix, Contract Cover and Cash Conversion

    Sets out the strategic questions raised for owners, acquirers and boards by revenue mix, contract cover and cash conversion.

    For owners, the premium end of this set tracks long-cycle backlog and contracted cash flow more than it tracks revenue growth, which points the practical work toward service-line mix and contract term. For acquirers, the recorded transaction pricing runs from 3.0x EBITDA on asset-heavy offshore work up to 17.7x where installed base and aftermarket pull-through carry the case — which buyer constituency is bidding matters more than any single average. For boards, cash conversion and contract cover, not fleet expansion, are the attributes that line up with the top of the range in this sample. So what: capital discipline, not scale, is what this data suggests the market is scoring.

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    05 · STRATEGIC IMPLICATIONS Where Value Is Won Here: Revenue Mix, Contract Cover and Cash Conversion NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Oil and Gas Equipment and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Earnings Durability Has Carried More Weight than Pace Across the eight names, the premium end is associated with long-cycle backlog and contracted cash flow rather than with faster revenue. The practical work is service-line mix, contract term, and the cash left after keeping the fleet in service. FOR ACQUIRERS Recorded Pricing Spans a Wide Band, so Know Who You Are Bidding Against Pricing in this transaction record runs from 3.0x EBITDA on asset-heavy offshore work up to 17.7x where installed base and pull-through aftermarket carry the case. Which buyer constituency sets the price for a given asset matters more than any average. FOR BOARDS Capital Discipline Is What the Scorecard Now Reads Cash conversion and contract cover, rather than fleet expansion, are the attributes associated with the top of the range across these eight names. That frames fleet renewal, leverage and build-versus-buy choices heading into the next planning cycle.

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    06

    Divider introducing the appendix covering the full comparable universe, methodology and sources.

    The appendix that follows carries the full comparable universe, the valuation basis and where every underlying disclosure lives.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Oil and Gas Equipment and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Lists all eight rated companies' CY2027E EV/EBITDA, shaded above or below the 7.7x sector median.

    Every rated company in the sample appears here with its CY2027E EV/EBITDA, shaded above or below the 7.7x sector median so the range is easy to scan. Tickers link back to the underlying source for anyone who wants to verify a specific figure. So what: this table is the reference point behind every multiple quoted earlier in the report.

    Everything on this page

    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (7.7x); amber marks below · 8 rated companies · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 8 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Oil and Gas Equipment and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥9.8x · median 11.9x · 2 companies Oceaneering International, Inc. OII Diversified multi-line oilfield services $4.9B 12.0x 4% 13% 17 TechnipFMC plc FTI Diversified multi-line oilfield services $28.7B 11.8x 6% 21% 28 CORE — 5.3x–9.8x · median 7.7x · 4 companies Slb N.V. SLB Diversified multi-line oilfield services $86.4B 9.2x 8% 24% 31 USA Compression Partners, LP USAC Diversified multi-line oilfield services $6.7B 7.9x 7% 58% 65 Flowco Holdings Inc. FLOC Diversified multi-line oilfield services $3.1B 7.6x 9% 40% 49 Weatherford International plc WFRD Diversified multi-line oilfield services $6.7B 5.9x 10% 22% 32 DISCOUNT — <5.3x · median 2.4x · 2 companies Drilling Tools International Corp. DTI Diversified multi-line oilfield services $162M 3.5x 8% 27% 35 OMS Energy Technologies Inc. OMSE Diversified multi-line oilfield services $56M 1.3x 13% 26% 39

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Lists precedent transactions with disclosed terms, newest first, the first of two pages.

    This page carries transactions with disclosed terms, newest first, with deal values linked to the underlying filing. Multiples shown are LTM at announcement where disclosed, and they sit on a different basis from the CY2027E public multiples used elsewhere in the report. So what: this is the primary reference list for anyone checking a specific deal's terms.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 29 transactions with disclosed terms in this tier (70 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 87 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 41 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 29 transactions shown; the rest are in the companion workbook. Oil and Gas Equipment and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Nov-2025 Gulf Island Fabrication, Inc. → BW Offshore Limited n/a n/a 3.0x Gulf Island Fabrication, Inc. and BW Offshore Limited were recorded in Nov-2025 at 3.0x EBITDA, and the transaction is recorded as terminated. A fabrication business reaching for offshore production assets marks the asset-heavy end of this record. Jun-2025 Crane Company → Baker Hughes Company n/a n/a 17.7x The Jun-2025 announcement pairing Crane Company with Baker Hughes Company is recorded at 17.7x EBITDA. An industrial buyer at that level suggests an underwriting case built on installed base and pull-through aftermarket rather than on activity levels. Oct-2024 Nabors Industries Ltd. → Parker Wellbore $100M n/a n/a Nabors Industries Ltd. announced the acquisition of Parker Wellbore in Oct-2024 at $100M. Buying crew scale and international well construction footprint is a familiar route to basin density and frame-agreement coverage. May-2024 DTI → SDPI n/a 7.2x n/a Drilling Tools International Corp. (DTI) announced the acquisition of SDPI in May-2024 at 7.2x revenue. A rental platform adding downhole technology is buying revenue per active tool and NPT credibility with operators, not fleet count alone. Apr-2024 Schlumberger Limited → ChampionX Corporation $8.0B 2.1x n/a Schlumberger Limited announced the acquisition of ChampionX Corporation in Apr-2024 at $8.0B and 2.1x revenue, as recorded in the filing. Production chemistry and artificial lift are opex-linked lines that keep earning when drilling budgets tighten. Mar-2024 Dril-Quip, Inc. → Innovex Downhole Solutions, Inc. n/a 7.5x 7.5x Dril-Quip, Inc. announced its combination with Innovex Downhole Solutions, Inc. in Mar-2024 at 7.5x EBITDA. Subsea and surface equipment adding short-cycle downhole products broadens the call-off work available between project awards. Mar-2024 Variperm Energy Services Inc. → Variperm Holdings Ltd. n/a 3.7x n/a The Mar-2024 transaction between Variperm Energy Services Inc. and Variperm Holdings Ltd. is recorded at 3.7x revenue. Protected downhole technology in heavy-oil completions travels well with an owner already qualified at those operators. Mar-2024 RMSpumptools Ltd → ChampionX UK Limited n/a 7.5x 7.5x RMSpumptools Ltd announced the purchase of ChampionX UK Limited in Mar-2024 at 7.5x EBITDA. Component-line carve-outs recur through the cycle as multi-line owners rationalise portfolios and narrow their product focus. Dec-2023 Kodiak Gas Services, Inc. → CSI Compressco LP $854M 6.6x 6.6x Kodiak Gas Services, Inc. completed the acquisition of CSI Compressco LP at $854M and 6.6x EBITDA, as recorded in the filing. Compression is underwritten on revenue-generating horsepower and remaining contract term, closer to infrastructure than to cyclical service…

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Continues the list of precedent transactions with disclosed terms, newest first.

    This second page completes the list of transactions with disclosed terms shown newest first, again with deal values linked to the underlying filing. The remaining recorded transactions, including those without disclosed terms, sit in the companion workbook. So what: between these two pages, every disclosed-terms transaction used in this report's analysis is traceable to its source.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 29 transactions with disclosed terms in this tier (70 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 87 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 41 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. 18 of 29 transactions shown; the rest are in the companion workbook. Oil and Gas Equipment and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Nov-2023 Forum Energy Technologies, Inc. → Variperm Energy Services Inc. n/a n/a 3.7x Jul-2023 Dril-quip → Great North Wellhead and Frac n/a n/a 3.2x Jul-2023 Patterson-UTI Energy, Inc → Ulterra Drilling Technologies, L.P. n/a 5.4x 5.1x Value shown as recorded in the filing; deal value unit unresolved. May-2023 Rexel S.A. → Wasco Holding B.V. n/a n/a 9.2x Mar-2023 KLX Energy Services Holdings, Inc. → Greene’s Energy Group, LLC n/a 0.5x 2.2x Value shown as recorded in the filing; deal value unit unresolved. Nov-2022 Enerflex → Exterran Corporation $1.3B 5.2x 5.2x Value shown as recorded in the filing; deal value unit unresolved. Nov-2022 Select Energy Services, Inc. → Breakwater Energy Services, LLC $13M n/a n/a Dec-2019 Hunting PLC → Enpro Subsea Ltd n/a n/a 9.7x Sep-2018 Aleris Corporation’s Duffel facility → Atid Drilling Ltd. n/a n/a 7.3x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Sources, Assumptions and Data Quality.

    Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. 21

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Oil and Gas Equipment and Services Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 8 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Oil and Gas Equipment and Services and it clears the coverage gate with 8 of 8 companies (100%). EV / Revenue, P / E are carried as a cross-check. The set earns: 8 of the 8 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 1 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 399 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (398) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

22. 22

    On This Set, the Premium Has Sat with Earnings That Look Durable Rather than Fast.

    Closes on the finding that the premium in this set has tracked earnings durability rather than growth pace.

    On this set, the premium has sat with earnings that look durable rather than fast. The companion tables carry the full universe and source index for any figure you want to trace further.

    Everything on this page

    On This Set, the Premium Has Sat with Earnings That Look Durable Rather than Fast. NeuraCap AI — Oil and Gas Equipment and Services Coverage September 2026 · Prepared by NeuraCap AI · Confidential Oil and Gas Equipment and Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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