We have now updated our Harbour model post the recent 2025 results. We have adjusted our forecasts to reflect the new shareholder return framework and the company’s latest guidance for 2026, which includes the impact of the acquisitions of LLOG and Waldorf. The shares have performed strongly and, while any resolution to the current Middle East situation could see some near-term price weakness, medium term we still believe the shares are attractive, and maintain our Buy recommendation.
