ATW-US: Initiation (BUY, TP 19)

We initiate coverage of Atwood Oceanics with a BUY recommendation and target price of USD 19

The company has four modern UDWs/Drillships and five modern Jackups on the water, in addition to an aging Deepwater rig and two UDW newbuildings stacked at DSME until 2019/20 but deliverable at Atwood’s option.

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