Tag Archives: songa offshore

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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Posted in Oil services, rig | Tagged , , | 6 Comments