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ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • Stian Wibstad
PREMIUM
BORR-NO Borr Drilling L...

Rates still going strong

Impressive new contracts and increasing dividends point to continued solid rates despite Saudi suspensions. EBITDA up 2%/3%/16% for '24/'25e/'26e, BUY and TP of NOK 85 (75).

BORR-NO BORR DRILLING LIMITED
05/27/24 May 27, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
PREMIUM
BWO-NO BW Offshore Lim...

Good operational performance in Q1

Solid uptime and earnings in Q1. Barossa remains under control, but not completed yet. Another quarter with slightly less worry - BUY, TP NOK 38 (32).

BWO-NO BW OFFSHORE LIMITED
05/27/24 May 27, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth
05/24/24 May 24, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • Stian Wibstad
BORR-NO BORR DRILLING LIMITED
05/23/24 May 23, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth
PREMIUM
SEAPT-NO Seacrest Petrol...

Estimates down on lowered production assumptions

Q1 figures broadly as expected. Export terminal delay lowers production assumptions. Short-term liquidity risk prevails.

SEAPT-NO SEACREST PETROLEO
05/23/24 May 23, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth
SEAPT-NO SEACREST PETROLEO
05/22/24 May 22, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • Stian Wibstad
PREMIUM
ODL-NO Odfjell Drillin...

Cash flow and market outlook remain strong

Q1 EBITDA at USD 85m, 4% above cons. Higher capex but FCF remains very strong, as does the outlook BUY, TP of NOK 73 (75)

ODL-NO ODFJELL DRILLING
05/21/24 May 21, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • Stian Wibstad
05/16/24 May 16, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • Stian Wibstad
PREMIUM
SDRL-NO SEADRILL

Navigating a challenging '24 very well

Underlying Q1 numbers fairly in line. Maintains guidance and increases visibility. Minor estimate changes - BUY, TP NOK 670 (unch.)

05/16/24 May 16, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • Stian Wibstad
ODL-NO ODFJELL DRILLING
05/15/24 May 15, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • Stian Wibstad
05/15/24 May 15, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
PREMIUM
ARCH-NO ARCHER LIMITED

Delivering steady improvements

Solid Q1, we increase '24e EBITDA by 2%. 2024 guidance reiterated, looks robust. Still attractive - Note the reverse share split - BUY - TP NOK 37 (1.5).

05/08/24 May 8, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth
IPCO-SE INTERNATIONAL PETROLEUM CORP.
05/07/24 May 7, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
04/23/24 April 23, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
  • Martin Mauseth
SEAPT-NO SEACREST PETROLEO
04/22/24 April 22, 2024 1 EN
ABGSC Renewable Energy Research ... (+3)
  • ABGSC Renewable Energy Research
  • Åsne Holsen
  • Daniel Vårdal Haugland
IWS-NO INTEGRATED WIND SOLUTIONS
BONHR-NO BONHEUR
ORSTED-DK ORSTED
VWS-DK VESTAS WIND SYSTEMS
CADLR-NO CADELER
EWIND-NO EDDA WIND
EQNR-NO EQUINOR
04/19/24 April 19, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
04/12/24 April 12, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+2)
  • ABGSC Oil & Oil Services Research
  • John Olaisen
04/12/24 April 12, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+5)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • John Olaisen
  • Martin Mauseth
  • Stian Wibstad
PREMIUM
PRS-NO PROSAFE
SUBC-NO SUBSEA 7 ... (+24)

Q1'24 sector preview

We expect strong Q1 reports and bullish management teams. Oil price assumptions up, near-term gas price slightly down. Best risk/reward in AKRBP, VAR, IPC, TGS, ODL, DOFG and SUBC.

PRS-NO PROSAFE
SUBC-NO SUBSEA 7
TGS-NO TGS
BWE-NO BW ENERGY
BWO-NO BW OFFSHORE LIMITED
EQNR-NO EQUINOR
AKRBP-NO AKER BP
DNO-NO DNO
VAR-NO VåR ENERGI
OKEA-NO OKEA
PGS-NO PGS
AKER-NO AKER ASA
AKSO-NO AKER SOLUTIONS
AKAST-NO AKASTOR
SEAPT-NO SEACREST PETROLEO
BORR-NO BORR DRILLING LIMITED
SDRL-NO SEADRILL
PEN-NO PANORO ENERGY ASA
DOFG-NO DOF GROUP
ODL-NO ODFJELL DRILLING
ARCH-NO ARCHER LIMITED
BNOR-NO BLUENORD
IPCO-SE INTERNATIONAL PETROLEUM CORP.
NOL-NO NORTHERN OCEAN LTD.
04/11/24 April 11, 2024 1 EN
ABGSC Oil & Oil Services Research ... (+3)
  • ABGSC Oil & Oil Services Research
  • Haakon Amundsen
  • John Olaisen
PREMIUM
SUBC-NO SUBSEA 7

Stronger earnings momentum from Q2e

We estimate USD 156m in Q1 EBITDA. Book-to-bill ~1x in Q1e, solid tender pipeline. Still attractive cash flow yield — BUY, TP NOK 220 (200).

04/11/24 April 11, 2024 1 EN
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