Tellurian (Buy, TP: USD3.00) - 2021 set to be a key year
2020 was another challenging year for Tellurian, as Covid-19-related uncertainty dealt a blow to its prospects of signing long-term equity agreements. The themes of the year were cash preservation and strengthening the board and management. For the Driftwood LNG project, 2021 looks set to be a ‘make-or-break’ year. Total has the option to back out of its equity commitment by June if no FID has been reached, which in our view would be a major blow to the project. We reiterate our BUY and our USD3.0 target price.Tellurian is developing a portfolio of natural gas production, liquefied natural gas (LNG) marketing, and infrastructure assets that includes an LNG terminal facility (the Driftwood terminal), and three related pipelines (the Pipeline Network). The proposed Pipeline Network will consist of three pipelines, the Driftwood pipeline, the Haynesville Global Access Pipeline and the Permian Global Access Pipeline. The Driftwood pipeline interconnect with existing interstate pipelines throughout southwest Louisiana to secure adequate natural gas feedstock for the Driftwood terminal. The Driftwood pipeline will be comprised of pipeline segments and compressor stations.
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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