Seeking Alpha
Editor's notes: Analysts are underestimating Seadrill Partners' growth potential; fleet expansion will lead to 40% revenue growth over the next two quarters.

On Tuesday, May 7, Seadrill (SDRL) announced the sale of the T15 tender rig to Seadrill Partners (SDLP) for total consideration of $210 million. Since this new rig will increase the revenues and cash flows of Seadrill Partners, this seems to be the perfect opportunity to re-analyze the company as an investment candidate. Seadrill Partners is an offshore drilling company that was formed via an equity carve-out from parent Seadrill and structured as a master limited partnership for tax purposes (although the entity is actually taxed as a corporation). I examined this company last year and determined that there is little reason for the average investor to favor Seadrill Partners over Seadrill itself....

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