Rankings Oil & gas Deep Value Driller
Deep Value Driller
46
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Business after the sale−20
- Price versus residual value (P/NAV)−20
- Unclear future and use of capital−6
Strengths
- Capital allocation and distributions+4
- Debt-free+1
How the score is built
From 100 to 46, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 2.25 NOK
- Median analyst target
- –
- Upside to median
- –
- Analysts
- none
- Target range
- –
- 52-week change
- −88%
- P/E (trailing)
- 0.1
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 1 finding−20 of −30
- −20Business after the saleThe company has sold its only asset and has no operations, revenue or moat left. What remains is cash of about NOK 0.80-1.00 per share and residual inventory of unknown value; the board is 'evaluating strategic alternatives'. The historical bareboat margin is irrelevant going forward.
Price
Today's multiples against the company's own history and its peers. · 1 finding−20 of −35
- −20Price versus residual value (P/NAV)Share price of NOK 1.93 after the ex-date against guided residual cash of NOK 0.80-1.00 per share, i.e. about 2x cash. The investor pays about NOK 1 per share (about NOK 90m) for a residual inventory of unknown value and a listed shell without a plan. Trailing P/E of 1.0 and EV/EBITDA of 0.6 are meaningless as earnings are gone.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−13 of −35
- −4Warrants for the boardThe general meeting on 7 Oct 2026 approved 9,350,831 warrants (approx. 10% of the shares) for board members with a strike of 1.00 NOK, exercisable 16 Oct 2027 to 16 Oct 2030. The strike is below the share price and roughly at the level of cash per share, so shareholders are paying for the board's 'option' to find a new business.
- −6Unclear future and use of capitalThe board has received 'expressions of interest within the marine industry' and will look at investments. The remaining cash may therefore be used on a new, unknown project instead of being distributed, and there is no date for a final liquidation.
- −3Uncertain residual cash and listing statusThe residual cash is a range (NOK 0.80-1.00) after liquidating two subsidiaries; the value of the inventory is unknown, and tax on the distribution has not been commented on. A listed shell with no operations risks thin trading and a requirement from Euronext Growth to acquire a new business.
Plus
Only documented strengths. · 2 findings+5 of +15
- +4Capital allocation and distributionsThe ship was sold for USD 300m against a book value of about USD 83m (30 Jun 2026), the loan was repaid, and almost all of the proceeds (USD 205.5m) are being distributed. A total of NOK 30.30 per share has been paid out since inception.
- +1Debt-freeThe secured loan (USD 93m as of 30/6/2026) was repaid on the handover on 10/9/2026; the company is debt-free.
Caveats
What the score does not capture, or where the data is weak.
Penny deep dive. The decline of -90% is NOT a collapse: the company sold its only asset, the drillship Deep Value Driller, to Eldorado Drilling for USD 300m (completed 10/9-2026), repaid the loan and is paying an extraordinary dividend of NOK 20.60 per share (about NOK 1,926m, ex-date 8/10, payment about 16/10-2026). The company is changing its name to 3030 DVD AS (registration about 8/10-2026), so the Nordnet name may change. A price of NOK 1.93 (9/10-2026, after the ex-date) and 93.51m shares give a market cap of about NOK 180m (DKK 124m); Nordnet's DKK 1,410m is from before the dividend. The board expects residual cash of NOK 0.80-1.00 per share after the dividend, transaction and liquidation costs, so the stock trades at about 2x the guided cash. Stockanalysis' EV (263m) is based on the 30/6 balance sheet with loans that have now been repaid. The residual inventory has unknown value. Industry 'Energy: oil & gas' is historical; there is no operation left. Daily turnover not calculated. Largest owners and short data have not been examined.
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