SFL Corporation Ltd (Hold, TP: USD6.70) - More clarity on Seadrill – for now
SFL announced today that, despite Seadrill filing for Chapter 11, SFL will receive 75% of the original charter for the drilling rigs West Hercules and West Linus. We read this as a clear positive, but note some uncertainty as the agreement needs approval both from the bankruptcy court and the financing banks (for West Hercules). The third drilling rig, the West Taurus, will likely be redelivered to SFL for scrapping, prompting a USD187m impairment.
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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