Platform Drilling, US onshore in focus
Platform Drilling, US onshore in focusFor Q3 we forecast EBITDA of USD19m, largely in line with Bloomberg consensus at USD18m. Updates suggest that Statoil will re-tender all its platform drilling contracts in Norway. This will be an important tender for Archer as it’s currently the largest contractor of these platforms. We maintain our HOLD recommendation and NOK10 target price and believe the main difference between us and consensus relates to the valuation of Quintana (we apply USD400m in EV). The Q3 report is due on 31 October before the market opens.
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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