ses, the market is adding capacity at sub-cost of capital returns, which could snuff out pricing improvements before it even takes hold. Figure 4: North America Operating Margins by Company SLB HAL BHI WFT —CJES 40% 35% 30% 25% - 20% 15% 10% 5% 0% 2006 2007 2008 2009 2010 2011 2012 2013 2014E 2015