Ventura Offshore (Buy, TP: NOK50.00) - Focus on re-pricing opportunities
The recent rig acquisition (Catarina, 6G semi) builds scale and should be accretive to earnings and the asset-based valuation. In Brazil, we see a bright outlook for new long-term contracts starting in mid-2026, supported by ongoing tenders and Petrobras’s rig demand comments. In our view, new contracts at leading-edge dayrates (cUSD400k) would be key to the investment case, with the stock trading at a 2027e EV/EBITDA of 1.0x. We reiterate our BUY and NOK50 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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