Added to YB: 2025-02-05
Pitch date: 2025-02-04
NOL.OL [bullish]
Northern Ocean Ltd.
+12.74%
current return
Author Info
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Company Info
Northern Ocean Ltd. provides offshore contract drilling services for the oil and gas industry worldwide.
Market Cap
NOK 238.1M
Pitch Price
NOK 7.93
Price Target
N/A
Dividend
N/A
EV/EBITDA
21.17
P/E
-3.40
EV/Sales
3.69
Sector
Energy Equipment and Services
Category
special_situation
Idea Update - 2/3/2025 - Northern Ocean Ltd.
NOL.OL: Backlog up from <$100m to >$500m on $400m Equinor deal ($460K/day). Deepsea Bollsta at 90% utilization = ~$85m annual EBITDA. Risk: Mira rig idle post-spring. $80m+ debt due 2023, all maturing 2026. Both rigs at $450k/day = $170m EBITDA (3.7x), >35% FCF yield. Compelling risk-reward, but cautious.
Read full article (2 min)