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ABGSC Credit Research ... (+2)
  • ABGSC Credit Research
  • Bendik Fougner Engebretsen
ABGSC Credit Research ... (+2)
  • ABGSC Credit Research
  • Bendik Fougner Engebretsen

Improved cash flow outlook

Waldorf Production has entered 2024 with a stronger balance sheet than we anticipated.

ABGSC Credit Research ... (+2)
  • ABGSC Credit Research
  • Bendik Fougner Engebretsen

Cash flow below expectations in Q3’23

On the bottom line, Waldorf Production's Q3'23 report was slightly softer than we had anticipated, primarily due to a significant underlift.

ABGSC Credit Research ... (+2)
  • ABGSC Credit Research
  • Bendik Fougner Engebretsen

Working to fill near-term liquidity gap

Decommissioning payment raises near-term liquidity risk. Management has several options to secure sufficient liquidity. We see upside in bond prices, despite the unusually high risk.

ABGSC Credit Research ... (+2)
  • ABGSC Credit Research
  • Bendik Fougner Engebretsen

Adequate liquidity headroom

Waldorf Production reported a credit neutral Q1'23. We estimate adequate liquidity going forward, and we see good risk-reward in the bonds.

ABGSC Credit Research ... (+2)
  • ABGSC Credit Research
  • Bendik Fougner Engebretsen

E&P bonds in the Nordic High Yield market

Rallying commodity prices in 2021-2022 have enabled E&P companies to improve their balance sheets, with long-lasting gains for credit quality.

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