DnB Markets - Shelf Drilling (SHLF) Shelf Drilling (Buy, TP: NOK115.00) - Extending liquidity runway

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DnB Markets

Martin Huseby Karlsen

Shelf Drilling (Buy, TP: NOK115.00) - Extending liquidity runway

Shelf Drilling has announced it plans to offer USD550m of Senior Notes due in 2025 and subsequently retire its 2018 and 2020 notes. This move increases its liquidity runway from 2020 to 2025, and we consider it a positive for the equity story. Shelf Drilling is OTC-listed in Norway and we consider the planned extended runway a positive ahead of a potential listing on a more established stock exchange.

30/01/2018 8 EN

Underlying

Shelf Drilling

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Provider

DnB Markets

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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Analysts

Martin Huseby Karlsen

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Shelf Drilling (Buy, TP: NOK115.00) - Extending liquidity runway

Petrobras UDW rig selection

Back to normal with Petrobras

US GoM deepwater heating up

Seafood - Fat Trout Weekly

Seafood - Fat Trout Weekly

Seafood - Norwegian biomass update

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