All these new companies springing up and raising more debt.
I wonder if all these new rigs sdrl has on order will go to the new company with them raising debt to pay for it all.
To me it all looks like sdrl is being diluted in a round about way.
Or maybe I just don't understand these complex financial structures.
You should look at the structure of a mid-stream pipeline company such as Kinder-Morgan in its various corporate identities for insight. There are four ways of increasing assets -- floating debt, selling equity, retaining earnings, and depreciating capital assets at a higher rate than required to maintain their true value. Each approach particularly appeals to a different type of investor, so the best companies have a balanced approach to "maximize their shareholder value".
Fundamentally the soundness of this approach is based on the fact that the companies' assets are of high quality and of value over the long term, and that the companies have a predictable, stable customer base well into the medium term future.
Sure, things can go wrong with this approach, but the best companies hedge for and minimize the risks. Kinder-Morgan, for example, had a major pipeline accident near Tucson a few years ago which was more-or-less their fault and came very close to frying a number of nearby homeowners. They settled up, (hopefully) fixed the causes and it ended up as a blip on their corporate record.
Off-topic: the post preview appears to eliminate any blank lines separating paragraphs, which is a major bug in the new BB regime, if true for the actual posts.