Seadrill down 6% in Oslo. Was down more but recovered. Opening overreaction may be a buy opportunity.
Div has been increased.
Net income 49c. Without Archer writedown 81c. Analyst forecast 77c. A good result as Archer goodwill writedown is non cash.
Like Cramer, if you say sell, I bought yesterday. No rigs unemployed last Q, and the Pemex deal will help financing newbuilds.
Their soft spot is that a few jack ups contracts expire this year. Will be interesting to see day rates when they sign new contracts. I think only 1 drillship with expiration of contract this year.