Energy Daily-05/18/2026

Research evidence excerpt

Energy Daily-05/18/2026

.8x9.0x

the restructuring BP £ 5.52 2.1 % 3.6 % 30.4 % - 9.3x

• In our view, Prosafe is not particularly cheap on 2026-27 earnings, still ConocoPhillipsENI $€ 122.423.52 -0.32.9 %% 5.90.3 %% 32.647.3 %% 2.0%- 13.6x9.3x

reflecting legacy rates in Brazil, although we remain constructive on long-term ChevronEquinor NOK$ 361.0191.1 2.43.9 %% 3.47.8 %% 26.655.3 %% 0.9%- 14.8x8.3x

market fundamentals. This includes one of the highest utilization rates in the AkerVår EnergiBP NOKNOK347.647.3 2.81.5 %% 6.07.2 %% 40.147.1 %% -- 12.8x9.1x

oil service sector with most of the competitive global fleet either working or RenewableAverage IPPs and developers Last price -12.6day% -14.4week% 32.7YTD% EV/EBITDA11.5x

about to commence contracts Ørsted DKK 162.6 0.3 % 0.6 % 32.9 % - 8.2x

• There remains significant upside to leading edge dayrate vs pre-2014 levels, ScatecCloudberry Clean Energy NOKNOK104.213.0 0.00.8 %% 1.72.0 %% -1.91.4 %% -- 10.1x16.6x

while asset valuations are among the lowest in the sector relative to newbuild BonheurMagnora ASA NOKNOK260.031.9 1.00.5 %% -2.36.2 %% 62.33.4 %% -- 38.9x3.0x

costs. We also note that single asset companies such as Jacktel or OrronEolus Energy AB SEKSEK44.19.5 -0.1-1.8 %% 13.9-1.6 %% 106.92.3 %% -- 33.0x1.9x

Seatankers (Edda Fortis) generate significant EBITDA per rig (Jacktel at USD WindAverageOEMs Last price -10.3day% -10.7week% 30.6YTD% EV/EBITDA8.6x

40m+), highlighting the earnings potential if Prosafe can optimize its contract Vestas DKK 190.9 0.0 % -1.7 % 10.5 % - 8.5x

portfolio, with MtM multiples becoming increasingly attractive SiemensNordex Energy $€197.245.3 -4.6-1.8 %% -6.2-4.2 %% 39.855.5 %% -- 17.3x9.3x