Aker BP previous CMD’s have been quite eventful happenings and the company has typically had an ace or two up its sleeve. This one offered few surprises, and rather echoed the message from last year. The positive NOAKA update was the highlight in our view, which potentially can add another ~15 NOK/sh if fully de-risked. We lower our TP to NOK 335 (360), following a lower assumed Brent price for 2020/2021 and a ~20% increase in 2020 capex.
