Borr Drilling (Buy, TP: NOK39.00) - Positioned to gain from expanded tender
With increased scope on the ongoing QatarGas jack-up tender to 8–9 rigs (from six rigs), we believe Borr Drilling is well positioned to put more rigs to work, being among the few contractors that have multiple rigs available that meet the requirements. The tender is one of the key opportunities in the jack-up market at present, and as we see limited competition, we believe some contractors may test higher pricing.
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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