The next problem for shareholders is whether the BV holds up.
This is all Saudi Arabia's doing. They want to drive out as much of the non-OPEC competitors business as they can; targeting Shale Drilling. They also want to try and kill Iran's (their moral enemy) economy. They think they have enough money in reserve to accomplish their goals.
And SDRL Management would be unloading Debt as fast as they can, right? But they're not even using all the cash savings from suspending the Dividend to reduce Debt. In fact they said their going to use part of the funds to buyback 10% of their stock and other monies to explore new opportunities. Does that sound like a company that is panicking over meeting Debt payments or worried about breaching Debt Covenants?
They would be applying ALL of the suspended dividend cash towards reducing Debt. But they aren't. So what does that tell you?
On Dec 1
Don't even think about seeing any dividend reinstatement for at least a year. They as much said so when they announced the suspension.