Borr Drilling (Buy, TP: NOK39.00) - Walking the rig
Yesterday we hosted an investor visit to Borr Drilling’s ‘Ran’ jack-up, which is being reactivated in the Netherlands. Being a young company, we believe the trip – together with updates from the CEO – provided valuable insight into Borr Drilling’s efforts to put rigs back to work as well as its operational capabilities. In our view, the QatarGas tender for 8–9 high-spec jack-ups and opportunities in Mexico are the most significant opportunities for Borr Drilling to secure further backlog. We reiterate our BUY and NOK39 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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