Borr Drilling (Buy, TP: NOK95.00) - Bump in the road, patience needed
With the full effects of the Aramco situation yet to unfold, we see the risk of a bump in the road for the premium jackup market in the coming quarters, with volatile news flow. We have cut our estimates accordingly. However, we believe a solid cash position should support dividends and the shareholder-friendly approach should continue. We reiterate our BUY but have cut our target price to NOK95 (110).
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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