Seadrill (Buy, TP: NOK450.00) - The return of a legend
Since its inception in 2005, Seadrill has played a pivotal role in the offshore drilling industry, from an industrial angle and in the financial markets. Earlier this year, the company emerged from its second Chapter 11 process with a substantially deleveraged balance sheet. With an improving offshore drilling market and renewed optimism in the sector, we believe its modern and high-spec fleet is well placed to reap the benefits and participate in any potential industry consolidation. We reinstate a recommendation on Seadrill with a BUY and NOK450 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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