Shelf Drilling (Buy, TP: NOK65.00) - Higher rates in India jack-up tender
As India is a low-cost region, we consider the day-rates (USD43k–49k) bid in the most recent ONGC tender as a solid data point for the jack-up market, up c70% from the most recent ONGC jack-up awards. We believe Shelf Drilling is well placed to secure 3-year contracts for two standard rigs in the tender. We maintain our BUY and NOK65 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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