DnB Markets - Borr Drilling (A2JAU0) ... Northern Lights

Report

DnB Markets

Alexander Aukner ...

Jon Masdal
Marius Knudssøn
Martin Huseby Karlsen
Ole-Andreas Krohn

EUR 93.09 For Business Accounts Only

Northern Lights

26/11/2019 13 EN

Underlyings

Borr Drilling

See profile

BMG1466R1088 Bermuda

Scottish Salmon Co. Ltd.

Scottish Salmon Company is engaged in the production and sale of Scottish salmon along with complementary investments in other Scottish seafood products. Co. conducts all its salmon farming, processing, and sales and marketing activities through its subsidiary, The Scottish Salmon Company Limited.

See profile

JE00B61ZHN74 Jersey

Provider

DnB Markets

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.

See profile

Analysts

Alexander Aukner

Jon Masdal

Marius Knudssøn

Martin Huseby Karlsen

Ole-Andreas Krohn

Other Reports on these Companies

DnB Markets

Petrobras UDW rig selection

For the Petrobras tender for high-specification UDW rigs, updates suggest that it has made a rig selection. The tender was split into two categories (with and without MPD) and called for a duration of three years with start-up in September 2022. As previously reported, Seadrill had presented the lowest bid in the MPD category, and updates now suggest that two Seadrill UDW 7G drillships, West Tellus and West Carina, have been selected. The rigs were offered at dayrates of USD230k and USD245k, respectively, and we expect awards to be made at, or around, those levels.

Free Trial

September 23, 2021 September 23, 2021 3 EN

DnB Markets

Borr Drilling (No_rec, TP: NOK) - Treading a thin (liquidity) line

While we subscribe to the view of a (slightly) improving jackup market, management expectations of putting all delivered rigs (23) to work in 2022 look optimistic to us. Regardless of how many rigs it puts to work, we consider the near-term liquidity situation pressing, and the Q2 results provided no relief. Hence, on our view of a need for a capital injection late-2021/early-2022, high debt level and a valuation well above peers, we still see a risk the current equity eventually will be marginalised. We have no recommendation or target price on Borr Drilling.

Free Trial

September 1, 2021 September 1, 2021 12 EN

DnB Markets

Back to normal with Petrobras

In the three Petrobras tenders for low-spec UDW rigs that had bids due late last week, things were ‘back to normal’ compared to the solid dayrates in its recent tender for high-spec UDW rigs. Now, local (and Indian) contractors emerged as the low bidders and dayrates offered were mostly in the high USD100k/low USD200k, representing an expected downtick from the recent high-spec tender. Given the low technical specification on these tenders, interest was low from international contractors with only Valaris offering one rig and a third-party offering a Noble drillship. Looking ahead, we expect P...

Free Trial

August 9, 2021 August 9, 2021 3 EN

Avanza Bank (Hold, TP: SEK257.00) - Understated activity resurgence

We expect rising stock markets and customer activity to offset much of the NII headwind from looming rate cuts, and to drive positive consensus earnings revisions for 2024–2025e. Our 2024–2026 EPS forecasts are broadly unchanged, leaving the stock trading at a 2025e P/E of c17x. With 10% upside potential to our unchanged SEK257 target price, we reiterate our HOLD.

Free Trial

7h / 2m 7h / 2m 1 EN

Steffen Evjen

Steffen Evjen

Solid NCS production in March

The preliminary Norwegian Offshore Directorate (NOD) production figures for the NCS in March showed strong liquids production of 2,086kboed (~4% above forecast) and gas production of 365mcm/d (broadly in line). Overall production was up 2.7% MOM. On a company level, production was down MOM for most names in February; Aker BP and Equinor were hit by reduced production from Johan Sverdrup, while Vår Energi was hampered by downtime at Fenja.

Free Trial

7h / 49m 7h / 49m 1 EN

Steffen Evjen

Steffen Evjen

Weekly news, topics & discussion

This week, we published a Q1 preview on Equinor. We believe its share price upswing since its CMU is mainly attributable to strong performance by its peer group. The stock is trading at a 15% premium to peers, in line with its historical average. In other news, Vår Energi reported Q1 production in line with our estimates, with realised prices slightly above. We expect focus in the full Q1 report (due on 23 April) to be on Balder X and Johan Castberg. Also, according to news sources, Equinor’s challenging Wisting project looks set to move forward.

Free Trial

8h / 12m 8h / 12m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Northern Lights

Petrobras UDW rig selection

Borr Drilling (No_rec, TP: NOK) - Treading a thin (liquidity) line

Back to normal with Petrobras

Avanza Bank (Hold, TP: SEK257.00) - Understated activity resurgence

Solid NCS production in March

Weekly news, topics & discussion

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe