Borr Drilling (Buy, TP: NOK35.00) - Responsible and value-creative
Borr Drilling announced the acquisition of Paragon Offshore for an estimated EV of USD267.5m, which we consider attractive compared to Borr’s valuation, and we believe will create around NOK1.5/share in shareholder value for Borr. In addition comes the strategic aspect that Borr gets both North Sea operations and an operational track record (helpful for Middle East operations). In addition we believe Borr will scrap most of the 29 standard jack-ups in Paragon Offshore, helping the jack-up market to balance.
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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