Shelf Drilling (Buy, TP: NOK100.00) - Keeps building backlog
Yesterday, Shelf Drilling announced that its stacked standard jack-up Compact Driller (300ft from 1992, upgraded in 2013) has secured a 3-year contract with ADNOC in UAE, starting in H1 2019. We believe the contract allows for annual EBITDA generation close to USD10m, which is well above our estimates and also highly supportive for its current implied valuation. We have a BUY recommendation and NOK100 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.