Seadrill (NYSE:SDRL) said Friday it would cut $1.1 billion in Petrobras (NYSE:PBR) orders from its backlog over a corruption scandal at the Brazilian state-run oil company.
So backlog is 19 billion not $20 billion.
No big deal.
Nadl was up 4.6%.
Imho it is not good for Nadl to be following the oil prices too closely BC most analyst are trying to influence the prices on CNBC.
Nadl would have been much higher if SDRL had rallied as well.
Most pre market trades were around $2.30 to $2.40 range.
Let's just hope on the next down day for oil Nadl takes off a dollar.