Seadrill has some issues which are unique to it and distinguishable from LINE:
(1) LINE has an active hedging program; SDRL, which leases/sells equipment, does not.
(2) LINE has a natural gas component to the business, which has not been affected by the slide in oil prices; SDRL's natural gas exposure is very limited.
(3) SDRL relies on a small number of customers. From the SDRL 20-F: "Our contract drilling business is subject to the risks associated with having a limited number of customers for our services. As of December 31, 2013, our five largest customers accounted for approximately 65% of our future contracted revenues, or backlog. Our results of operations could be materially adversely affected if any of our major customers failed to compensate us for our services, were to terminate our contracts with or without cause, failed to renew its existing contracts or refused to award new contracts to us and we are unable to enter into contracts with new customers at comparable dayrates."
(4) SDRL customers have the ability to cancel contracts. "Our future contracted revenue, or backlog, for our fleet of drilling units may not be ultimately realized. As of March 18, 2014, the future contracted revenue for our fleet of drilling units, or contract backlog, was approximately $13.7 billion. We may not be able to perform under these contracts due to events beyond our control, and our customers may seek to cancel or renegotiate our contracts for various reasons, including adverse conditions, resulting in lower dayrates. Our inability, or the inability of our customers to perform, under our or their contractual obligations may have a material adverse effect on our financial position, results of operations and cash flows."