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Amsterdam-based Core Labs NV (CLB) is a leading oilfield services company with strong growth potential in a niche market.
Core Labs remains better positioned than many of its peers to navigate the current downturn in commodity-price weakness and credit-market turmoil. In a low oil-price environment, the world's major producers become more focused on extracting the maximum possible gas and oil from existing reservoirs, thereby driving the success of Core Labs reservoir optimization technologies.
Additionally, given the low asset intensity of its operations and the resultant limited capex needs, the company generates significant levels of free cash flows. We have lowered our 2009 estimate and price objective, but maintain our Buy recommendation.
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