Borr Drilling (Buy, TP: NOK39.00) - Building up contract momentum
With Q2 results largely in line with our forecast, and slightly below consensus, we consider Borr’s commentary about preparing rigs for contract as the main takeaway from the report. We expect investor focus to be on Borr establishing a broader operation and adding backlog on its newbuilds. We see most near-term prospects for Borr in West Africa, followed by the North Sea and Middle East. We maintain 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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