Borr Drilling (Buy, TP: NOK39.00) - Waiting for contract updates
At its Q3 results, due Wednesday 21 November, we expect focus to be on status updates of the LOIs it announced earlier this autumn, as well as new contract opportunities. We believe that in particular the QatarGas tender for 8–9 rigs starting between mid-2019 and mid-2020 represents a key opportunity. In addition, we expect Borr to continue to add backlog in West Africa and the North Sea. At the earnings call, we expect management to be upbeat on the market and company outlook. We keep our BUY and target price of NOK39.
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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