Transocean (Buy, TP: USD4.00) - Contract coverage gives optionality
In an uncertain deepwater market, Transocean provides investors with more time optionality, as we believe it is better positioned than peers for the coming years. This is due to its high-quality fleet and service offering, backlog coverage (77% of our estimated EBITDA covered in 2025–2027), and solid commercial capabilities. Due to these factors and less downside risk to consensus than peers (we are 8–14% below on 2026–2027e EBITDA), we believe it deserves a premium valuation. We reiterate our BUY, but have lowered our target price to USD4 (4.5).
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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