BW Offshore (Hold, TP: NOK40.00) - Update on the Mateus
BW Offshore has announced that Petrobras has declared the first one-year option for Cidade de São Mateus, in line with its 6-month notice period. Should the unit be required to return, we believe most of the received insurance settlement of USD250m (NOK10.5/share) would be required. While we believe it is unlikely that the FPSO will return to service and consider the move from Petrobras as a tactic in the ongoing settlement process, we view the option exercise on the downside, which also prevents BWO from marketing the unit elsewhere.
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.