Odfjell Drilling Ltd. (Odfjell Drilling) is an integrated offshore drilling and oil service company. The Company operates through three segments: Mobile Offshore Drilling Units (MODU), Drilling & Technology, and Well Services. The Mobile Offshore Drilling Units is responsible for operations of mobile drilling units fully or partly owned by the Company and units owned by other companies. It operates mobile drilling units in Norway, United Kingdom, Angola, Vietnam and Brazil. The Drilling & Technology segment is providing platform drilling, project management and engineering services. Drilling & Technology operates from offices in Bergen, Stavanger and Aberdeen. The Well Services segment is a provider of casing and tubing running services (TRS), drill tool rental and well intervention services to the onshore and offshore oil and gas industry. The Well Services are provided to onshore and offshore drilling operations in the North Sea, mainland Europe and Black Sea, among others.
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.
After a relatively slow period for new UDW awards lately, we expect several tenders to conclude rig selection before the summer holidays kick in. We see dayrates for the majority of the jobs around the USD350k level, and into the high USD300ks. We see several stacked rigs returning to the market, and with lucrative contract economics, industry discipline on the supply-side remains key. Valuations of Noble and Valaris in particular remain compelling, with the implied value per drillship at USD214m–247m, equal to EV/EBITDA of c3x at the asset level on leading edge dayrates.
The US Interior Department has provided an update on the progression of the next five-year offshore leasing plan, saying that it expects to publish a proposed programme by the end of June. This is the second draft to be published before a final programme is sent to Congress and the president for approval. Using historical development timelines as references, the new five-year plan could be approved by Q2 2023, which ultimately could result in the first lease sale being held in H2 2023. Hence, there will be a c12 month gap between expiry of the current plan and the new plan being approved. We b...
The CHMP has recommended full approval of Pepaxti for 4L RRMM patients. This is truly positive news for the company and a contrast to the FDA’s handling of its application last year. The EC will vote on the CHMP’s opinion in 60 days (no need for additional confirmatory trials according to the CHMP). We reiterate our BUY and have raised our target price to SEK40 (14).
Unfortunately, this report is not available for the investor type or country you selected.Browse all ResearchPool reports
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.