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Disclaimer Research
Latest research

Date
Reason
Reason
Industry
Document sector
Pages
Pages
When
Date
Text
Report by
Analyst21
Analyst2
Analyst3
Analyst4

Reason
Update
Industry
Services
Pages
16
When
2020-06-04T07:59:53+2
What’s new: Raising target price to NOK 75/sh, reiterate Buy.
Our take: A solidified renewables position and strong balance sheet screens attractive.
Øystein Vaagen, Analyst

Industry
Offshore/Oil Services
Pages
20
When
2020-06-03T08:54:46+2


Industry
Offshore/Oil Services
Pages
60
When
2020-06-02T08:32:27+2


Industry
Fixed Income E&P
Pages
37
When
2020-06-02T08:10:41+2


Industry
Tankers
Pages
28
When
2020-06-01T23:38:52+2
What’s new: Trading Sell/ Hold ahead of weak summer period.
Our take: Challenging short term but remaining constructive on 2021 due to positive q/q production numbers, quick(er) de-stocking and a ‘this time it’s different’ supply side.
Report by
Espen L. Fjermestad, Head of research
Peder Nicolai Jarlsby, Analyst

Reason
Newsflash
Industry
Gas
Pages
7
When
2020-05-28T14:43:24+2
What’s new: 1q20 results incl. large financial losses and q/q cash delta of -USD 90m.
Our take: Working liquidity levers to bridge cash burn in 2020/ 2021. Range of opportunities worked in Brazil, though the time to cash flow remains key question mark.
Report by
Espen L. Fjermestad, Head of research
Peder Nicolai Jarlsby, Analyst
Ulrik Mannhart, Credit Analyst

Reason
Newsflash
Industry
Gas
Pages
7
When
2020-05-27T13:57:52+2

Report by
Espen L. Fjermestad, Head of research
Peder Nicolai Jarlsby, Analyst
Ulrik Mannhart, Credit Analyst

Industry
Offshore/Oil Services
Pages
20
When
2020-05-27T09:17:14+2


Industry
Fixed Income E&P
Pages
37
When
2020-05-26T10:37:20+2


Industry
Offshore/Oil Services
Pages
60
When
2020-05-26T09:13:01+2


Reason
Newsflash
Industry
Gas
Pages
7
When
2020-05-26T09:02:53+2

Report by
Espen L. Fjermestad, Head of research
Peder Nicolai Jarlsby, Analyst
Ulrik Mannhart, Credit Analyst

Reason
Newsflash
Industry
FPSO
Pages
7
When
2020-05-26T08:12:20+2
What’s new: 1q20 first take - USD 130m EBITDAadj. in line with FS on lower margins
Our take: We re-iterate our view that the long-term cash flow visibility and links to existing production screens attractive
Øystein Vaagen, Analyst

Reason
Update
Industry
Drilling
Pages
14
When
2020-05-25T15:00:55+2
What’s new: 1q20e preview + change of analyst
Our take: ODL strong contract coverage set’s up for healthy 2020 FCF, albeit we see no rush to enter amid high debt, 2021 re-fi risk and weak outlook. Downgraded to Hold (Buy).
Report by
Gustaf Amlé, Equity and Credit Analyst
Øystein Vaagen, Analyst
Jørgen Torstensen , Analyst

Reason
Update
Industry
Drilling
Pages
12
When
2020-05-25T14:59:46+2
What’s new: Update ahead of 1q20 trading updated + change of analyst
Our take: We downgrade to Sell with new TP of DKK 120/sh amid a string of negative news flow next 12 months coupled with negative EPS and weak FCF for the foreseeable future.
Report by
Gustaf Amlé, Equity and Credit Analyst
Øystein Vaagen, Analyst
Jørgen Torstensen , Analyst

Reason
Update
Industry
Drilling
Pages
14
When
2020-05-25T14:58:32+2
What’s new: We remove equity coverage + Maintain Buy on the bonds
Our take: The next step is major debt to equity conversion, we believe. Low asset creation through bonds leaves an attractive distress trade. Buy bonds with the lowest cash price.
Report by
Gustaf Amlé, Equity and Credit Analyst
Øystein Vaagen, Analyst
Jørgen Torstensen , Analyst

Reason
Update
Industry
Drilling
Pages
16
When
2020-05-25T14:57:25+2
What’s new: We remove equity coverage + updated model
Our take: High debt and unfunded NB capex leaves RIG with more than 9bn reasons to address the capital structure. We remove equity coverage. Buy 1L’s and PGN’s.
Report by
Gustaf Amlé, Equity and Credit Analyst
Øystein Vaagen, Analyst
Jørgen Torstensen , Analyst

Reason
Update
Industry
Drilling
Pages
14
When
2020-05-25T14:54:52+2
What’s new: We remove equity recommendation + updated model
Our take: Limited contracts and weak outlook sets up the company for a debt re-org. We maintain Buy on the 1L amid attractive asset creation and recovery potential. Buy
Report by
Gustaf Amlé, Equity and Credit Analyst
Øystein Vaagen, Analyst
Jørgen Torstensen , Analyst

Reason
Update
Industry
Drilling
Pages
14
When
2020-05-25T14:53:59+2
What’s new: We remove equity coverage
Our take: A Deep out of the Money option on higher UDW activity from the 2h21.
Report by
Gustaf Amlé, Equity and Credit Analyst
Øystein Vaagen, Analyst
Jørgen Torstensen , Analyst

Reason
Update
Industry
Drilling
Pages
14
When
2020-05-25T14:52:46+2
What’s new: We remove equity recommendation
Our take: Bleak outlook, unfunded capex and tepid liquidity is a deadly cocktail. We remove equity coverage and shy away from the CB as well.
Report by
Gustaf Amlé, Equity and Credit Analyst
Øystein Vaagen, Analyst
Jørgen Torstensen , Analyst

Reason
Update
Industry
Drilling
Pages
14
When
2020-05-25T14:51:46+2
What’s new: We remove equity recommendation + updated model
Our take: We believe the next step for NE is a major debt to equity conversion. We maintain Buy on the PGN, as the asset creation suggest strong recovery through equity conversion.
Report by
Gustaf Amlé, Equity and Credit Analyst
Øystein Vaagen, Analyst
Jørgen Torstensen , Analyst

Reason
Update
Industry
Drilling
Pages
14
When
2020-05-25T14:50:38+2
What’s new: Voluntarily ch.11 + updated model
Our take: Current bond pricing leaves essentially zero steel value on the fleet. We find recovery on the notes ranging from 25-50 cents through equity conversion. Buy the bonds.
Report by
Gustaf Amlé, Equity and Credit Analyst
Øystein Vaagen, Analyst
Jørgen Torstensen , Analyst

Reason
Update
Industry
Drilling
Pages
15
When
2020-05-25T14:45:54+2
What’s new: We remove equity recommendation + change of analyst
Our take: The sudden change in outlook leaves liquidity risk in SHLF next year. We maintain Buy on the bond, considering it one of the cheapest bonds with JU exposure in the space.
Report by
Gustaf Amlé, Equity and Credit Analyst
Øystein Vaagen, Analyst
Jørgen Torstensen , Analyst

Reason
Update
Industry
Drilling
Pages
14
When
2020-05-25T13:58:43+2
What’s new: We remove equity recommendation + updated estimates
Our take: The recent change in outlook leaves the future of AWDR uncertain. It all comes down to the NB program, which at present looks very much at risk.
Report by
Gustaf Amlé, Equity and Credit Analyst
Øystein Vaagen, Analyst
Jørgen Torstensen , Analyst

Industry
Shipping
Pages
2
When
2020-05-25T09:23:07+2


Reason
Comment
Industry
Gas
Pages
7
When
2020-05-21T11:30:47+2
What’s new: 1q20 results impacted by 1.17/sh in one-offs, operational numbers in line
Our take: TGP looks robust and should stay clear any force-majeure due to contract structure and quality of counterparties. Lowering TP to 16 to reflect IDR elimination.
Report by
Espen L. Fjermestad, Head of research
Peder Nicolai Jarlsby, Analyst
Ulrik Mannhart, Credit Analyst
Gustaf Amlé, Equity and Credit Analyst

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VLGC Market Outlook with Fearnresearch

Our Equity Analyst, Peder Nicolai Jarlsby and Senior Analyst LPG, Martin Kjendlie goes in-depth on the booming VLGC market. Watch the full video in our research portal.

Published

October 16, 2019