Shelf Drilling North Sea (Buy, TP: NOK45.00) - Overlooked
Having underperformed peers by c20 % over the past three months, we believe Shelf Drilling North Sea (SDNS) has been overlooked in the recent revaluation of offshore drillers and improved equity market appetite for jackups. Despite some fleet-specific headwinds, we see the current share price as an attractive entry point into asset values. We reiterate our BUY and NOK45 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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