Borr Drilling (Buy, TP: NOK110.00) - Seeing is believing
Given the sluggish sentiment for offshore drilling, we believe investors would like to see more contracts followed by actual P&L and cash-flow improvement to gain trust and confidence in the ongoing jack-up market recovery. As Borr steadily puts rigs in operation, we believe this will gradually unfold in the coming quarters. At the same time, we highlight that patience is needed for the equity upside potential to unfold. We maintain our BUY with a NOK110 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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