Noble (Buy, TP: USD30.00) - A more balanced portfolio
Noble secured key contract wins for four deepwater rigs with Shell (US Gulf) and Total (Suriname) with a meaningful bonus component. Having incorporated these contracts and expected idle time and contract preparation, our 2026–2027e are largely unchanged, despite the contracts being considered solid. Also, the jobs provide it with better backlog visibility and a more diversified backlog with respect to clients and pricing (fixed versus market-linked), which we believe investors will like. We reiterate our BUY and USD30 target price, supported by NAV, while we find it fairly valued on cash flow metrics.
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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