Borr Drilling Minor model adjustments
We have updated our estimates following the latest contract updates and other marginal revisions, and expect Q1 EBITDA of USD117m (Bloomberg consensus USD120m). We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our NOK95 target price. The Q1 results are due on 23 May.
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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