Ocean Rig (Buy, TP: USD27.00) - A relative winner
Ahead of the Q4 results due on 20 February, we forecast EBITDA of USD123m (consensus USD133m). Ocean Rig has a solid balance sheet to weather the downturn for the foreseeable future and we believe it could secure more work for its rigs going forward, particularly in the North Sea and Brazil. Compared to its peers, Ocean Rig looks attractive on asset values and we see upside potential compared to our NAV of USD27. We maintain our BUY recommendation and USD27 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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