Seadrill (Buy, TP: USD54.00) - Awards seen as ‘good enough’
Two new long-term Brazil jobs at cUSD450k are on a par with our forecast, helping cycle duration and building visibility for the earnings story. Although we see consensus dropping for 2026 (we are 26% below on EBITDA), these datapoints seem ‘good enough’, given the weak sentiment for the sector. We reiterate our BUY and USD54 target price.
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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