Borr Drilling (Buy, TP: USD3.80) - Need to navigate rough waters
On Aramco overhang and Pemex uncertainty in a tough jackup market, we believe striking a balance between maintaining pricing discipline and utilisation while building backlog from mid-2025 is key. While investors may remain hesitant near-term, we find the long-term jackup outlook promising. We reiterate our BUY, but have cut our target price to USD3.8 (4.5).
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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