Just waiting
In its Q2 report Seadrill stated that it is in the advanced stages of its restructuring and that Chapter 11 proceedings are likely to be implemented on or before 12 September. USD39m in one-off revenues were partly offset by higher than expected cost, mostly related to the restructuring. Hence, reported EBITDA of USD264m was 6% and 10% ahead of our and consensus forecasts. Q3 EBITDA was guided to be USD175m, which is 22–24% below our and consensus forecasts.
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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