Seadrill LimitedNYSE
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  • Tue, Oct. 18, 5:35 PM
    | Tue, Oct. 18, 5:35 PM | 2 Comments
  • Fri, Oct. 14, 5:37 PM
    | Fri, Oct. 14, 5:37 PM
  • Tue, Oct. 4, 2:10 PM
    | Tue, Oct. 4, 2:10 PM
  • Tue, Oct. 4, 12:50 PM
    | Tue, Oct. 4, 12:50 PM
  • Tue, Oct. 4, 10:14 AM
    • Seadrill (SDRL +25.1%) surges but is off earlier gains of as much as 46% following a Bloomberg report that 23% shareholder John Fredriksen could provide a loan to help the company restructure its debt; Seadrill Partners (SDLP +3.9%) and North Atlantic Drilling (NADL +3%) also are higher.
    • Fredriksen is willing to lend as much as $1.2B as part of a potential deal with banks that would imply a postponement of all bank maturities to at least 2020, helping the lenders avoid outright losses, according to the report.
    • In response, SDRL says only that it is "in discussions with its stakeholders regarding its refinancing and recapitalization plans and there are no material developments to disclose."
    • The pressure from weak crude oil prices is particularly high on SDRL, whose net interest-bearing debt of $9.1B at the end of Q2 is the highest among its peers; the company will need at least $1B in new capital, analysts from banks including Nordea and DNB have said.
    | Tue, Oct. 4, 10:14 AM | 41 Comments
  • Tue, Oct. 4, 9:24 AM
    | Tue, Oct. 4, 9:24 AM
  • Mon, Oct. 3, 3:57 PM
    • Seadrill (SDRL, SDLP) says it is disputing Tullow Oil's (OTCPK:TUWLF, OTCPK:TUWOY) claim of force majeure on a contract for the West Leo drilling rig employed offshore Ghana on the TEN development project.
    • Tullow claims the field is subject to a drilling moratorium by Ghana's government due to an ongoing border dispute; SDRL says additional Tullow-operated fields within Ghana where the West Leo previously has operated under the contract are not subject to such arbitration proceedings, but Tullow is asserting that a further drilling moratorium applies to these additional fields.
    • SDRL -8.9%, SDLP -5.4% near the close of trading.
    | Mon, Oct. 3, 3:57 PM | 5 Comments
  • Mon, Oct. 3, 2:19 PM
    | Mon, Oct. 3, 2:19 PM
  • Fri, Sep. 30, 2:01 PM
    | Fri, Sep. 30, 2:01 PM
  • Tue, Sep. 27, 10:27 AM
    • North American Drilling (NADL -4.1%) is sharply lower after Statoil (STO -2%) canceled its drilling contract for NADL's West Epsilon jack-up about two months before expiration; Seadrill (SDRL -2.2%), which owns ~70% of NADL, also is lower.
    • NADL says it will receive an $11M lump sum payment because of the early termination.
    • The rig's dayrate is $247K, so the cancellation means ~$14M in lost backlog; NADL's total backlog is now an estimated $370M.
    | Tue, Sep. 27, 10:27 AM | 9 Comments
  • Wed, Sep. 7, 5:36 PM
    | Wed, Sep. 7, 5:36 PM | 6 Comments
  • Thu, Sep. 1, 5:36 PM
    • Top gainers, as of 5.25 p.m.: ATEC +12.6%. DB +8.9%. CGI +3.7%. SDRL +3.0%. RIGL +2.9%.
    • Top losers, as of 5.25p.m.: PAY -14.9%. LULU -8.6%. PQ -7.9%. SEAC -4.7%. CCXI -4.5%.
    | Thu, Sep. 1, 5:36 PM | 2 Comments
  • Fri, Aug. 26, 5:05 PM
    • Seadrill (NYSE:SDRL) is maintained with a Sell rating and a $2 stock price target at Evercore ISI, which issued a report today highlighting the company's massive amount of debt coming due during the next 12 months.
    • The firm notes that Q2 results showed SDRL generated $303M in cash from operations and lowered capex to just $13M in Q2 from $37M in the prior quarter; the company built cash by $195M to $1.287B, and Evercore expects SDRL to continue to build cash as $2.388B of debt is due in the next 12 months, and believes additional debt-for-equity swaps and potential new equity issuances are likely.
    • With ~20% of SDRL's floater fleet cold stacked and another 20% of the floater and jackup fleet idle, the firm thinks more cold stackings are likely, as well as deferral of five newbuild floaters and eight jackups through at least 2017.
    | Fri, Aug. 26, 5:05 PM | 14 Comments
  • Thu, Aug. 25, 8:19 AM
    • Seadrill (NYSE:SDRL) +4.3% premarket after Q2 earnings fell 31% Y/Y amid lower rig rates but beat analyst estimates thanks to $285M in cost cuts YTD en route to fulfilling its revised 2016 cost-cutting target to $390M.
    • Q2 EBITDA fell 14% Y/Y to $557M from $651M but exceeded the $510M analyst consensus as well as the company's own guidance; SDRL expects EBITDA will drop to $380M in Q3 and total $1.8B for the full year, implying a further decline to $335M in Q4.
    • Eight of SDRL's rigs are coming off contracts during Q3 or will be idle for a longer period than in Q2, and three of its rigs will be paid lower rates.
    • However, the company senses "a growing belief that we are at or near the bottom of this downcycle. There is a growing realization that the current level of investment is not sustainable and increased capital expenditure will be required to slow decline curves and grow production at some point."
    • SDRL reiterates that it expects to conclude the refinancing process of its $10M debt by year-end.
    | Thu, Aug. 25, 8:19 AM | 41 Comments
  • Thu, Aug. 25, 5:46 AM
    • Seadrill (NYSE:SDRL): Q2 EPS of $0.52 beats by $0.10.
    • Revenue of $868M (-20.4% Y/Y) misses by $16.15M.
    • Press Release
    | Thu, Aug. 25, 5:46 AM | 32 Comments
  • Mon, Aug. 22, 8:53 AM
    • Seadrill (NYSE:SDRL) -2.2% premarket after saying it is reviewing its legal options after Mexico's Pemex cancels a two-year extension of the contract for the West Pegasus deepwater semi-submersible rig.
    • SDRL says it had reduced dayrate payments for five of its jack-up rigs on the condition that Pemex would extend its deal for the West Pegasus by two years.
    • SDRL says it is entitled to recover the dayrate discounts and the costs of demobilizing the rig.
    | Mon, Aug. 22, 8:53 AM | 7 Comments