Transocean (Hold, TP: USD8.00) - Commercial excellence
With several solid recent awards, in particular for its harsh semis, Transocean is still the offshore driller pushing most for higher dayrates. While we believe the stock could benefit from recent, and upcoming, contracts evidencing the durability of the offshore drilling cycle, its valuation is above peers on all metrics. As part of this premium could be justified by its impressive execution on the financing and commercial side, we reiterate our HOLD, while we have raised our target price to USD8 (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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