|Bid||0.000 x 487300|
|Ask||0.000 x 115900|
|Day's Range||1.780 - 2.250|
|52 Week Range||1.360 - 4.700|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||16.68|
Seadrill Partners (SDLP), an MLP formed by Seadrill Limited (SDRL) to own, operate, and acquire offshore drilling rigs, was the top MLP gainer in the week ending July 6. Seadrill Partners rallied 12.1%. Last week, the gains could be attributed to a favorable court ruling and a new contract.
John Fredriksen’s stake in Seadrill Ltd., once worth more than $5 billion, was virtually wiped out in the oil-market crash. Now, the Norwegian-born shipping tycoon is placing a new wager on offshore drilling after overcoming a bondholder rebellion and pushing through the most complicated restructuring ever for the industry. After more than two years of negotiations with banks, new investors, bondholders and shipyards on how to deal with the industry’s biggest debt load, Seadrill emerged from bankruptcy protection this week.
Olsen Energy (FOE.OL) took another dive on Wednesday after it said it stopped paying its creditors to preserve liquidity, in the latest example of a rig firm falling victim to slow demand recovery in the sector. A number of offshore drillers, including Seadrill (SDRL.N), once the world's largest rig company by market capitalisation, were forced to restructure their debts after demand fell sharply due to the oil market's downturn in 2014-2016. Consolidation of smaller players could help the drilling market's recovery, Seadrill's Chief Executive Anton Dibowitz told Reuters on Tuesday.
Due to a change in the share count and a massive reduction in the equity held by common investors before today's Chapter 11 emergence, all the major financial websites are miscalculating Seadrill's price movement.
Seadrill (SDRL) stock fell to a 52-week low of $0.10 on July 2—a fall of 52.5% from the previous day’s closing price. The stock fell after the company announced that it successfully emerged from Chapter 11 bankruptcy. Equity investors were well aware that they would only retain up to 2% in the company.
Seadrill Limited ("SDRL or the Company") announces today that Seadrill Partners, the Master Limited Partnership it established in 2012 and in which it holds approximately a 46.6% interest in, has been awarded a $273 million settlement from the English High Court following a dispute with Tullow Ghana Limited in relation to the early termination of the West Leo.
A London judge ordered Tullow Oil to pay rig owner Seadrill around $254 million saying Tullow was wrong to end a rig contract in Ghana on grounds of force majeure over a maritime dispute, Tullow said on Tuesday. Tullow cancelled the contract for Seadrill's West Leo rig in December 2016 after Ghana set a drilling moratorium on its TEN offshore oil and gas field which is located in waters then claimed by both Ghana and Ivory Coast.
Consolidation among smaller offshore oil rig companies would help to boost a recovery in the drilling market, Seadrill CEO says.
The offshore driller announced it is emerging from Chapter 11, and the market is finally applying a more realistic valuation to its shares. Keep reading to find out what's happening.
Offshore energy company Seadrill, which filed for chapter 11 in September, said that it has emerged from bankruptcy protection.
Seadrill’s (SDRL) YTD (year-to-date) returns were 50.7% as of June 27. The stock has outperformed Transocean (RIG), Diamond Offshore (DO), Noble (NE), and Ensco (ESV). They rose 14%–25% during this period.
Seadrill Limited ("Seadrill" or the "Company") announces today (the "Effective Date") that it has emerged from chapter 11 after successfully completing its reorganization pursuant to its chapter 11 plan of reorganization (the "Plan"). The Plan has re-profiled the Company`s debt and provided substantial liquidity that puts the Company in a strong position to execute its business plan.
Tullow Oil (TLW.L) on Thursday raised its 2018 production outlook to 86,000-92,000 barrels of oil per day from 82,000-90,000 bopd, boosted by its offshore fields in Ghana. Tullow said it is preparing for the London Commercial Court to decide on a $277 million claim brought by Seadrill over the termination of the West Leo rig contract for force majeure in Ghana. Tullow has set aside $128 million in case it loses.
Most offshore drilling stocks traded in the green in the week ended June 22. The best performer for Week 25 was Noble. Seadrill was the weakest performer among its peers.
With Seadrill (SDRL) nearing bankruptcy exit, it is likely to improve the liquidity position of the company and provide growth opportunities.
As previously announced, on April 17, 2018, the court overseeing the Company`s chapter 11 cases entered an order confirming Seadrill`s plan of reorganization (the "Plan"). Since confirmation of the Plan, the Company has been preparing to close the Plan transactions and satisfy conditions precedent, which will occur on the "Effective Date" of the Plan anticipated to be in the first half of July 2018. Existing Seadrill Limited will be wound up and the new Company with the reorganized capital structure will assume its name. We plan to re-list the new Company`s common stock on both the New York Stock Exchange and the Oslo Stock Exchange as before, retaining the same ticker symbols as before. Listing for both exchanges is expected to occur during July 2018, shortly after the Effective Date.
Most of the offshore drilling stocks traded in the green in the week ended June 1, returning 3.0%–6.5%. The best performer among these peers for week 22 was Seadrill (SDRL). The stock had fallen more than 32.0% in week 21. In week 22, the weakest performer among its peers was Seadrill Partners, which was the only stock trading in the red.
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