Seadrill (SDRL -1.9%) is cut to Neutral at HSBC Securities, which notes industry fundamentals...

|About: Seadrill Limited (SDRL)|By:, SA News Editor

Seadrill (SDRL -1.9%) is cut to Neutral at HSBC Securities, which notes industry fundamentals remain strong but the surprise factor is limited. The firm says $4B of ultra-deepwater contracts in July are a clear sign of drilling market momentum, but upside to market expectations is more limited vs. elsewhere in oil services. Also, SDRL plans to sell $1B in unsecured notes via a private offering for institutional investors.