Rowan (Hold, TP: USD15.00) - Opportunistic deal closed
Rowan today confirmed it had concluded the purchase of two modern jack-ups from Petrobras for USD38.5m per rig, above its USD30m bid in the auction in Q2 2017. While the rigs are considered premium jack-ups (built in 2013), they were built in Brazil after a lengthy construction process, have a limited working history, their condition is debated, and meaningful investment is probably required. Hence, we see no read-across from the price tag to other transactions, but still view it as an opportunistic deal by Rowan.
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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