Oil closed down roughly 1.7 % today. This is partly due to lots of monetary accommodation happing around the world, especially Japan, causing the dollar to strenghten. And not to mention the economic data out in the last couple days has not been good. And it would appear from reading some of the comments on this board- and this is amazing to me- there are a lot of people who were unaware SDRL isn't giving a dividend until June. And then there are generally a lot of people on edge about the market rally getting a little long in the tooth and there is the "sell in May and go away" thing coming up. This is my take on why SDRL has been going down, but so are a lot of the oil related stocks.
Your assessment may hold credence since SDRL's stock has historically followed the gyrations of the oil commodity market... Fundamentally, SDRL market share should have held steady: the financial rates relative to debt have never been lower; day-rates never higher; the newest fleet of rigs, with new builds coming on-line later this year and next; combined with 'locked-in contracts' till early 2015 , yet it continues to fall... Hopefully within the near-term, a more solid floor will be attained - Remember the old stock-broker adage:" When there is blood in the streets, it is time to buy"...
Additionally, I too was bemused by your comment "there are a lot of people who were unaware SDRL isn't giving a dividend until June"... That many did not understand the implications of the payment of the accelerated 4th quarter dividend in December, and still thought they were going to get a dividend payment in March, (which was the "4th quarter's dividend", previously accelerated to December., combined with the then-current 3rd quarter dividend) was disheartening to say the least...
"And it would appear from reading some of the comments on this board- and this is amazing to me- there are a lot of people who were unaware SDRL isn't giving a dividend until June."
If you mean PAYING a dividend for the FIRST quarter until June, you are correct. That is how dividends work. They finish up the quarter, then they do the books, then they declare the dividend, then they pay it.
According to Credit Suisse, the Petroleum Safety Agency found a series of non-conformities in the SDRL semi West Hercules. Was supposed to start drilling in April. But might be in the shipyard longer than expected.