The share price has support at the $35.00 level. I think we will head down to the $35.00 level and remain there a bit. Stiffing the shareholders to supply larger gains to the bondholders is never bullish for a stock. SDRL trends up or it trends down; today's news, in my opinion, has put SDRL is a downtrend for a while.
I don't know. I would love to be a buyer, too, but circumstances in the offshore drilling industry are reminiscent of developments in the shipping industry as new-build dry bulk vessels and tankers flooded the market. Companies using the most financial leverage were the first ones swirling down the drain as day rates collapsed. Please convince me I'm wrong.
We are in a much different environment today than the time you are referencing. I spent 35 years with one of the premiere upstream companies and I base my views on that experience. I expect oil/NG prices to rise and there be no coming glut of rigs. I believe this stock will at least double over the next three years, all the while collecting an enormous 10+ GROWING dividend. Investors will look back on this time as a gift. All JMHO!