Borr Drilling (Buy, TP: NOK65.00) - Volatile times set to remain
Uncertainty in the jackup market has intensified, resulting in greater volatility and more idle time for jackups. While benefiting from good contract coverage, exposure to remote regions, and commercial discipline, it is set to eventually be affected by the market challenges. Thus, we have cut our EBITDA estimates and are 6–12% below consensus for 2025–2026e. We reiterate our BUY, but have lowered our target price to NOK65 (95).
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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