Offshore

uteseileren
BDRILL 03.05.2019 kl 11:21 3403

Two steps backwards
When benefitting from a premium valuation (we estimate
USD127m per premium jack-up on the current share
price on a fully invested basis) and high credibility from
investors, there is no room for mishaps like the Qatar
saga for Borr Drilling. Ultimately, we believe it will
benefit from an improving jack-up market and be able to
pull together the USD500m debt financing as well as
other required financing during 2019/20 to bridge our
estimated cash shortfall.

At the same time, we can understand rising investor concerns on future contract
prospects and financing. Still, we keep our NOK35 target price and BUY,
but expect the stock to trade at a discount until it has rebuilt investor confidence.

Rapportér innlegg

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