Offshore

delta
02.10.2018 kl 00:02 6329

Nordea med oppdatering på riggaksjer 28.9.18. Har kjøpsanbefaling på ODL med kursmål kr. 50.. Nordea skriver:

Business description
Odfjell Drilling is an integrated offshore drilling and oil service company with
established expertise in the operation of ultra-deepwater and harsh environment
offshore rigs in Norwegian waters and internationally. It has also built a position
as a major supplier of personnel for drilling operations and maintenance on fixed
and floating production platforms in the North Sea. Odfjell Drilling has a fleet
comprising four ultra-deepwater rigs and one mid-water rig, all North Sea
capable and on long-term contracts.

Investment case
Odfjell Drilling stands out among its peers thanks to its compelling pricing, solid
balance sheet and attractive backlog that effectively bridge the cycle. Moreover,
we consider it a hot takeover candidate.
Given its sophisticated fleet of assets, it looks set to benefit greatly from the next
upcycle in the North Sea. We are already starting to see this materialising,
boding well for a continued tightening supply/demand balance for the rigs that
can survive the next few years.
We believe the market will be increasingly willing to lower the company's
discount, in line with likely news of further scrapping in the North Sea and a
further recovery in demand, making this an attractive investment opportunity.

Main risks
Key downside risks: reduced demand for exploration, development or production
drilling due to low oil prices; no improvement in the market; further decline in
day rates and utilisation.

Estimate and valuation changes
Our estimates now include the recently announced one-well (plus optional
wells) contract with Itacha for work in the UK for Deepsea Bergen.
Commencement is scheduled from February 2019, and the firm well is expected
to keep the rig busy in 115 days. We model a day rate of USD 100,000. Moreover,
our estimates take into account an adjusted revenue recognition relating to
Deepsea Stavanger's contract in West Africa; the key takeaway is that revenue
will be recognised once the rig is operating (in other words in 2019, not in 2018).
Redigert 21.01.2021 kl 01:52

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