Noble (Buy, TP: USD48.00) - Consolidation helped challenges
The completed Diamond Offshore transaction has helped to derisk Noble’s earnings profile due to the former’s solid contract coverage for its 7G drillships. For legacy Noble tier-2 rigs and open 7G capacity, we now see even more uncertainty for 2025–2026 and potentially beyond, remaining conservative in our modelling. On the positive side, we believe Noble’s efforts to drive consolidation and become the largest owner of 7G drillships is attracting investor attention. We reiterate our BUY, but have cut our target price to USD48 (55).
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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