BW Offshore (No_rec, TP: NOK) - BW Energy NAV uplift on Hibiscus
BW Energy has made a material discovery on the Hibiscus prospect, while there has been limited newsflow on BW Offshore’s FPSO fleet besides a few extensions since our last update. Following the exploration success, partly offset by our August revision to oil prices, our gross BW Energy NAV is lifted by 14% to USD1,107m. Including the uplift from the Berge Helene redeployment, we value the FPSO fleet at USD1.1bn, for a total BWO valuation range of USD1.6bn–1.8bn using a 10–35% NAV discount on the BW Energy equity.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.