Following the acquisition of the Tier 2 semisubmersible rig, Catarina, Ventura is enhancing its equity story by increasing its operational leverage and projected FCF per share growth. Ventura Offshore remains the cheapest driller in our universe, trading at an unwarranted discount to peers with an EV/EBITDA and FCFF-yield in 2025 and 2026 of 3.5x (peers: 4.7x) and 2.0x (3.6x), and 25% (16%) and 42% (22%). We reiterate our Buy recommendation while increasing our TP to NOK 41 (38) to reflect the a ....
