Sea1 Offshore (Buy, TP: NOK30.00) - Another strong performance
A strong start to the year included EBITDA and FCF above our estimates and consensus, driven by a solid operating performance, higher mobilisation income than we expected, and the reversal of an earlier recognised loss. We consider most items primarily isolated to Q1, and have made limited, but positive, estimate revisions, with few changes to its contract backlog since Q4. We reiterate our BUY and NOK30 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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