Three shipowners caught in the crucible of the offshore downturn have emerged as especially promising contenders to capture an upswing, Pareto Securities analyst Synnove Gjonnes said.
Gjonnes has initiated coverage of US-listed owners GulfMark Offshore and Tidewater and Australian-listed MMA Offshore, all with “buy” recommendations.
Her target prices are $41, $44 and AUD 0.34 ($0.28) per share, respectively.
Given the companies’ heavily discounted share prices today, Gjonnes said the implied upside potential is 46% for GulfMark, 58% for Tidewater and 17% for MMA Offshore.
