Following its spin-off from Odfjell Drilling in 2022, OTL offers attractive oil service exposure to a recovering E&P spending cycle without the traditional caveat of specialised offshore assets weighing on the balance sheet. While not protected against the cycle swings, it leaves OTL in control of its own destiny as illustrated by its returns throughout the cycle. Trading at an excessive discount to peers across valuation metrics, we initiate with a BUY and NOK 66 TP.