SONG-NO: Initiation (BUY, TP 47)

We initiate coverage of Songa Offshore¬†with a BUY recommendation and target price of NOK 47 Songa Offshore has an EV/M.cap of 6.2 (implied 16% equity ratio) and has four modern rigs on long-term contracts to Statoil until 2022/24 (three vintage…

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