Transocean Minor model adjustments
We have updated our estimates, primarily due to reflecting Transocean’s recent fleet status report. Ahead of the Q1 results (due after market close on 1 May), we expect Q1 EBITDA of USD185m, above consensus at USD157m, mostly due to our revenue estimate being above consensus. We do not consider these changes to be material, and we have not changed our HOLD recommendation. We reiterate our USD5 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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