Noble (No_rec, TP: USD) - The new industry leader
The new industry leader With the Noble and Maersk Drilling combination, two of the most prominent offshore drillers join forces, creating a new industry leader with a capable and modern fleet comprising of 20 floaters and 19 jackups. The combined company is set to cover most geographies and have a diversified client base, and is estimated to realise USD125m in annual synergies. Due to DNB Bank ASA’s role in the transaction, we have withdrawn our recommendation and target price.
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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