Credit Suisse, J Wicklund, 3/14: "If you think the worst is over, consider SDRL making the smart move of dropping another drilling rig into its SDLP vehicle.... Financial opportunities and engineering have provided a lifeline for companies that have aggressively ordered rigs with money they do not have."
Does this "financial engineering" enhance SDRL's ability to maintain its dividend?
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Well according to last cc 20% of rig sales will be put into a pool for special dividends or share buybacks. So about $160 million just got added. About 30 Cents a share is now available as a special dividend. The rest is intended to apply toward debt. I think creating this arrangement was brilliant.