Awilco Drilling (Hold, TP: NOK34.00) - Lost one, won one
Q4 adj. EBITDA was largely in line with our forecast and consensus, and the company once again proposed a DPS of USD0.20. While the 3-year Alpha Petroleum contract did not materialise, this was offset by a new 450-day programme award that we believe is with Shell and has slightly better economics overall. We maintain our HOLD recommendation, but have trimmed our target price to NOK34 (35) mainly on FX.
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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