There's no normal stock premium on these offshore drillers anymore, in fact valuations of fractions of book value have become the norm.
It seems to me that it's possible the massive short interest has been doing everything they can to keep a lid on while covering.
Double average volume and...ends unchanged? Yeah, right.
And driving all drillers up with it.
Sentiment: Strong Buy
This is going to get some weekend coverage; the move in SDRL is like a lottery win from the pinksheets back in the day.
Interesting day, not sure what to make of it, maybe an internal memo btw some of the biggies that it's time to cover some of the hundreds of billions on the short side. Look at sdrl up 20% + yow.