Rankings Oil & gas SED Energy Holdings
SED Energy Holdings
54
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Contract expiry and lost tender−12
- Customer concentration−5
- Macro and regulation−5
Strengths
- Low debt and high payout+2
- Order book+2
How the score is built
From 100 to 54, 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
- 6.73 NOK
- Median analyst target
- 8.50 NOK
- Upside to median
- +26.3%
- Analysts
- 3
- Target range
- 7.50 – 12.00 NOK
- 52-week change
- −16%
- P/E (trailing)
- 6.9
- Forward P/E
- 10.2
- 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? · 4 findings−15 of −30
- −4Future segmentTender-assisted drilling rigs for mature gas fields in the Gulf of Thailand plus 2D seismic (SeaBird) is a fossil niche segment without structural growth. The Ventura merger would add ultra-deepwater drillships for Petrobras, which is a better segment, but it is only a letter of intent.
- −4Moat and pricing powerPTTEP gave two long-term contracts (the work EDrill-1 and T-15 perform today) to Foresight Offshore Drilling at an estimated day rate of approx. 70,000 USD. Pricing power over the competitors is limited.
- −4Quality of growthRevenue has risen 48% TTM, but driven by the merger and high utilization. Analysts now expect revenue -15% and EPS -32% in 2027 (previously -10% and -19%), and the next growth leap is another acquisition (Ventura).
- −3Capital allocationThe share count has risen 11% over a year at the same time as distributions of 109% of profit. Now a pure share purchase is planned with up to 605m new shares (+83%) at a price that is 22% lower than a year ago, and the company goes from almost debt-free to net debt.
Price
Today's multiples against the company's own history and its peers. · 1 finding−4 of −35
- −4Multiples vs own history and peersP/E 6.6 and EV/EBITDA 3.8 (vs 16.5 and 6.2 at the end of 2025) are low, but the history is only about a year, and EPS is expected 32% lower in 2027 after the contract expiries. Pro forma with Ventura the company trades at approx. 4x EBITDA vs 7–8x for larger US drilling companies.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 5 findings−30 of −35
- −12Contract expiry and lost tenderEDrill-1 and T-16 expire in Nov. 2026 and T-15 in Jan. 2027 (50% of the rig fleet). The PTTEP tender for two of the rigs was lost to Foresight (about USD 70,000/day), and three tenders will only be decided in Q4. Earnings and distribution in 2027 are unresolved, and Pareto cut the price target to NOK 8.50 from 10.50 (29/9).
- −5Customer concentrationPTTEP is the dominant customer and has options on several rigs, and Energy Drilling accounts for 88% of revenue. With Ventura, Petrobras joins as almost the only customer for the drillships.
- −5Macro and regulationThe company depends on oil and gas companies' capex in Southeast Asia (incl. Myanmar with sanctions and governance risk), and seismic is highly cyclical.
- −3Ownership structure and liquidityPioneer Logistics owns approx. 40%, and the free float is only approx. 157m of 731m shares. HitecVision sold its entire stake (approx. 1bn NOK) in June, and the share price is −22% over 52 weeks.
- −5Merger and refinancing (Ventura)Non-binding LOI (11/9) to buy Ventura Offshore for up to 605m new shares, so the Ventura owners get c. 45%. The exchange ratio depends on new contract starts and capex. Ventura's 10% bond matures in April 2027 and must be refinanced via a USD 250m bridge from DNB, and pro forma net debt will be c. USD 240m. The drillship Catarina lacks a contract after 2026, and closing (Q1 2027) requires due diligence, a general meeting and court approval.
Plus
Only documented strengths. · 2 findings+4 of +15
- +2Low debt and high payoutNet interest-bearing debt of USD 17.6m (0.1x EBITDA) before Ventura. The distribution is USD 0.0342 per share per quarter (approx. 9% direct yield; Q2 paid 13/11), and guidance of USD 90–110m for 2026 is maintained.
- +2Order bookFirm order book of USD 342m (about 1.3 years of revenue) and 98-99% rig utilization in Q2. Pro forma with Ventura, the order book is about USD 1.3bn.
Caveats
What the score does not capture, or where the data is weak.
Rescored 4/10-2026. Accounts in USD, share price in NOK. Only comparable figures since the merger with Energy Drilling (2025). Half of the rig fleet lacks a contract from Nov 2026/Jan 2027. Non-binding LOI (11/9) to buy Ventura Offshore for up to 605 m new shares – the old list overlooked it. Pro forma figures (net debt about 240 m USD, about 4x EBITDA) come from an analyst blog, not from the company. Ownership data at stockanalysis (HitecVision 17.8%) is outdated.
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