Dolphin Drilling (Hold, TP: NOK3.00) - Focus on 2025 liquidity need
Following the earlier announced termination of Borgland and few opportunities for new work, we expect the semi to remain stacked, with retirement as a potential outcome. Focus ahead should be on its cash balance as we forecast a cash shortfall and estimate that a new refinancing of around USD40m is required by mid-2025 (including replacement of the shareholder loan). Along with uncertainty related to the UK tax claim, we believe this will keep investors on the sidelines until there are signs of improvement. We reiterate our HOLD but have cut our target price to NOK3 (4.2).
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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