John Fredriksen’s Northern Drilling has got the nod from local financial authorities to proceed with a listing on the Oslo Axess, Norway’s secondary stock market. Trading under the symbol NODL is expected to start tomorrow. Northern Drilling had earlier this year tapped Oslo’s OTC market.
In the 130-page listing prospectus prepared by Arctic Securities there is a cautiously optimistic outlook on where oil prices are headed in the coming couple of years.
“Inventories are forecasted to continue to decline going forward as demand is expected to remain higher than supply, and consequently Arctic Securities oil research team forecasts an increase in Brent crude oil prices in the coming years towards USD 75/bbl on average in 2020. With a similar oil price forecast, Rystad Energy estimates offshore E&P spending will start to increase again as of 2019,” the prospectus stated.