Arctic Securities has downgraded shares in offshore shipowner Dof after a weaker than expected third quarter report this week.
Arctic analysts Sveinung Alvestad and Tord Aasen Augestad dropped the Oslo-listed owner from buy to hold.
The pair explain the buy rating had been based on Dof being a levered bet on an offshore recovery, with exposure to the subsea IMR market that is expected to spring back earlier than other sectors.
