Shelf Drilling (Buy, TP: NOK35.00) - Building visibility in a volatile market
Given uncertain times in the jackup market, we welcome the acknowledgement of compliance (AoC) in Norway and contract wins in Thailand and Nigeria, helping de-risk 2025–2026e earnings. We see the next key steps as visibility on its Aramco exposure and building 2026 backlog for its standard rigs in India, supporting cash-flow generation for deleveraging. We reiterate our BUY, but have cut our target price to NOK35 (40).
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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