Aker BP (Buy, TP: NOK420.00) - Another one bites the dust
Following a ~55% cost increase and supply chain uncertainties, the partners for the Wisting project postponed making the FID to 2026. With the project breakeven now likely in the mid-USD50/bbl range, we believe this in effect means the project is cancelled, and we have thus removed it from our NAV. Furthermore, we have factored in c15% cost inflation in 2023–2028e capex. Following these revisions, we reiterate our BUY but have cut our target price to NOK420 (435).Aker BP ASA engages in the exploration, development, and production of petroleum resources on the Norwegian Shelf. In addition, Co. has a separate Johan Sverdrup business unit to manage its interest.
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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