More questions than answers after Q3

Uncertainty remain after weak Q3

Valuation update

In this note, we show updated valuation statistics for the E&P sector

Petrobras rig pool tender appears to have awarded three of four rig slots

For the Petrobras ‘rig pool’ tender, which had bids due in mid-October, bid evaluation appears to have been completed. The tender was for “up to” four deepwater rigs with 3-year duration across three lots. It seems Petrobras has only progressed with three of the maximum four rigs it could award. Lots 1 and 2 appear to have gone to local contractors Constellation and Etesco, while only Seadrill was selected in Lot 3, making up the three rigs in total (meaning Valaris was not selected in Lot 3). While it is unclear why the last slot was not filled, we believe this could be viewed as a small setb...

Truecaller (Buy, TP: SEK60.00) - iOS product a game changer

Sinch is set to launch a new iOS product when iOS18.2 is released later in Q4, and Truecaller aims to convert iOS users to Premium subscribers in 2025. This could be a game changer, boosting revenue growth and driving more stable subscription revenues.