I second Chesakaw's recommendation that SDRL feels high here for buying in -- but for different reasons (that aren't based on technical analysis).
I think the market as a whole is high and not at its lows for the year, and a receding tide will lower all ships. Heck, if the ECB disappoints tomorrow and Friday's jobs report is weak, you'll probably see a drop of at least 300 Dow points. SDRL would likely go down with it.
As a long-term investor, if you are thinking of starting a substantial long-term position, why not wait and see how things go in the next few months or until SDRL hits a very attractive price target, whichever comes first? $35-$36 seems like a good target though there are no guarantees SDRL will return to that level. Certainly if oil drops, that will help a lot even though SDRL doesn't make its money on the price of oil.
If SDRL's price comes down a little but not enough, you might consider selling some near-term naked puts at a strike near your target, in a quantity that works out to the same number of shares you'd like to ultimately purchase. (Ie, 1000 stock shares = 10 naked put contracts).
All my opinions of course. For what it's worth, I am looking to purchase a good amount of SDRL shares (for long-term holding), but I am holding off for hopefully better buying opportunities.