Rowan (Buy, TP: USD18.00) - Strategic Norway job secured
Rowan has announced that its Norway-capable jackup N-class Rowan Stavanger (430ft from 2011) has secured a two-well programme offshore Norway with Equinor starting Q3 2019. At the same time the parties have entered into a frame agreement. To our knowledge this is the first time Rowan is working with Equinor and we consider it a strategic win. The dayrate for the job looks to be ~USD144k, including certain integrated services (we estimate ~USD10k/day). We forecast USD145k for such rigs in 2019 and consequently consider the rate to be largely in line with our forecast.
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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