NODL-NS: Initiation (BUY, TP 90)

We initiate coverage of Northern Drilling with a BUY recommendation and target price of NOK 90

All the time Seadrill remains in disarray, Northern Drilling has emerged as the new investment vehicle for Fredriksen ahead of the next cyclical upturn in the rig space. The company currently has two more or less complete semi-sub newbuildings warehoused at HHI, and the main assumption is for delivery in Jan/19.

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