The jackup market continues to tighten and is currently at 93% utilisation with ongoing tenders making it almost sold out. Borr is set to benefit from the most modern fleet and the right amount of availability from 2023. As such, the Company expects to double its EBITDA each of the coming two years, which would result in an EV/EBITDA’24 of 4.2x. We continue our coverage of Borr following our role in the equity offering with a Buy rec. and NOK 61/sh target price.
