|Bid||3.3600 x 800|
|Ask||3.3700 x 800|
|Day's Range||3.2303 - 3.6500|
|52 Week Range||2.0700 - 26.7200|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||N/A|
|Earnings Date||Nov 21, 2019|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||10.00|
(Bloomberg) -- Offshore drilling executives are trying to win back investors who have fled their stocks over the past year, insisting that a protracted recovery is gaining momentum.After suffering their worst downturn ever following the collapse of oil prices in 2014, rig companies started regaining hope as crude recovered three years later, bolstering the coffers of the oil companies that pay for their services. But the improvement to the offshore drilling market has been much slower than anticipated, weighing on an industry with too many rigs and too much debt.As oil tumbled again in late 2018 and in recent months to fluctuate around $60 a barrel, offshore drilling stocks took a severe beating. Everyone in oil services has had an “absolutely horrible year,” Pareto Securities AS head of investment banking Tormod Hoiby said on Wednesday at the opening of the firm’s annual Oil & Offshore Conference in Oslo.Getting BetterRig executives were adamant the market is improving and that their valuations present an investment opportunity.“The fundamental recovery in the market and what’s happening in the equities are obviously completely dislocated,” said Anton Dibowitz, chief executive officer of billionaire John Fredriksen’s Seadrill Ltd, which emerged from bankruptcy protection last year.With almost $6 billion of bank debt remaining, Seadrill is a “leveraged play,” but it’s “where you want to be” if you believe in the business, Dibowitz said. After pushing the earliest maturity to 2022, the company has time to wait for the recovery, he said.Read: Seadrill Can Manage Debt That’s Scaring Investors, CEO SaysAnother driller with significant debt, Noble Corp., is in a “very good position to weather the storm,” CEO Julie Robertson said. Day rates for deepwater drillships may rise to $250,000 by the end of the year from up to $200,000 now, and “the fundamentals are much better,” she said, even as she acknowledged sounding like a “broken record.”For shallow-water jack-up rigs, rates have doubled since early 2018 to about $100,000 a day. The market is especially favorable to modern machines like the ones operated by Borr Drilling Ltd., chief financial officer Rune Magnus Lundetrae said at the conference.Read more about Borr founder Troim’s bet on rigs“Interesting enough, now that we have rigs in operation and we actually make some money and day rates are going up, the share price is going down,” the CFO said. “So you decide if this is an opportunity or if this is sort of a conclusion that this is not working.”Wary InvestorsThe stock market’s cold shoulder is understandable, conceded both the CEOs of Seadrill and Pacific Drilling SA, another company that emerged from Chapter 11 last year. After being “burnt three times” in successive market drops since the downturn started, investors want to see evidence of higher day rates, Pacific’s CEO Bernie Wolford said in an interview.“As an industry we’ve let down equity investors over and over again, saying ‘the recovery’s going to be next year,’” Dibowitz said. “They actually want to see us starting to deliver cash flow. And they also want to see us as an industry start acting more rationally, being disciplined.”While Borr intends to pay shareholders back with dividends, CFO Lundetrae declined to say when that might be. Even Odfjell Drilling Ltd, one of the stocks that has performed best during the downturn thanks to its exposure to the healthier market segment of floating harsh-environment rigs, doesn’t intend to start payouts until 2021 or 2022, its CEO Simen Lieungh said at the conference.Investors’ growing interest in renewable energy over the past year is another cause for concern in the oil services industry, Pareto’s new CEO Christian Jomaas said. Yet investments in offshore oil will rise in parallel with global crude demand in the coming years, he said.“There’s a lot of people who take the view that this industry will crumble,” he said in an interview on Thursday. “We don’t believe that.”(Updates with oil price in third paragraph)To contact the reporter on this story: Mikael Holter in Oslo at firstname.lastname@example.orgTo contact the editors responsible for this story: James Herron at email@example.com, Christopher Sell, Rakteem KatakeyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Hamilton, Bermuda, September 4, 2019 – Sonadrill Holding Ltd (“Sonadrill”), Seadrill Limited’s (“Seadrill”) 50:50 joint venture with an affiliate of Sonangol E.P. (“Sonangol”), has secured a nine well contract with six options, each for one well, in Angola for the Libongos drillship. The estimated total contract value is $101 million with commencement expected late Q3 2019 and running to early 2021. The Libongos is the first of two Sonangol owned drillships to be bareboat chartered into Sonadrill along with two Seadrill-owned or managed units.
Such statements are generally not historical in nature, and specifically include statements about the Company's plans, strategies, business prospects, changes and trends in its business, the markets in which it operates and its restructuring efforts. When considering these forward-looking statements, you should keep in mind the risks described from time to time in the Company's filings with the Securities and Exchange Commission, including its Annual Report on Form 20-F (File No. 333-224459).
Industrialist John Fredriksen is seeking investors to take larger stakes in his companies and could relinquish control of operations as part of a plan to reduce his workload, the Norwegian-born 75-year-old told two newspapers on Friday. It was the clearest sign to date of a succession plan for Fredriksen, whose net worth has been estimated at more than $12 billion. Instead, Fredriksen could seek to build even larger firms via mergers, and thus allow other industrial players to become the top owners of individual companies in his portfolio, he told TradeWinds, a shipping industry newspaper.
This Hamilton, Bermuda, August 26, 2019 - Seadrill Limited ("Seadrill" or the "Company") announces that 308,371 Restricted Stock Units ("RSUs”) were awarded on August 23, 2019....
Seadrill's core earnings for the second quarter exceeded the company's own guidance, and are set to rise in the third, the Oslo and New York-listed oil drilling rig operator said on Tuesday. The company, controlled by Norwegian-born billionaire John Fredriksen, reported $69 million in quarterly adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), beating the $55 million forecast it made in May. "From a market perspective we continue to see increased tendering activity and a favorable shift in contract terms," Chief Executive Anton Dibowitz said in a statement.
Since the end of the second quarter, Seadrill and GDI entered into a 50:50 joint venture, Gulfdrill, which will initially manage and operate five premium jack-ups in Qatar with Qatar Petroleum. The total contract value is expected to be $656 million (including mobilization fees). The contracts have options which could add up to $700 million in additional total contract value.
Seadrill and Gulf Drilling International (GDI) have formed a jointly owned rig firm to conduct exploration on behalf of Qatar Petroleum from 2020 to 2024, Seadrill said late on Thursday. GulfDrill, a 50-50 joint venture between Seadrill and GDI, will initially operate five so-called jackup rigs on a $656 million contract with Qatar Petroleum. The GulfDrill venture will charter two of its rigs from Oslo- and New York-listed Seadrill and three more from an unnamed shipyard.
Hamilton, Bermuda, August 15, 2019 - “Seadrill Limited ("Seadrill" or the “Company) refers to the announcements made on May 1, 2019 in connection with the award of drilling contracts by Qatar Petroleum to Gulf Drilling International (“GDI”). Seadrill and GDI have entered into a 50:50 joint venture, GulfDrill, which will initially manage and operate five premium jackups in Qatar with Qatar Petroleum commencing throughout 2020. The total contract value is expected to be $656 million (including mobilization fees).
Hamilton, Bermuda, August 9, 2019 - Seadrill Limited is scheduled to release its second quarter 2019 results on Tuesday 20th August, 2019. A conference call and webcast will be.
Interserve Group on Tuesday named Rolls-Royce veteran Mark Morris as its new finance chief in place of Mark Whiteling who stepped down in April soon after the British outsourcer was placed in administration. Morris has worked at Rolls-Royce Plc for 28 years in various roles and was the engine maker's finance head before joining offshore drilling contractor Seadrill more than three years ago in the same role, the company said. Interserve Plc, one of the British government's biggest contractors, was placed in administration in March and was immediately taken over by its lenders and renamed Interserve Group, after shareholders rejected a rescue plan for the debt-laden company.
Hamilton, Bermuda, July 17, 2019 - Seadrill Limited ("Seadrill" or "the Company") has secured a nine well contract with three options, each for two wells, for the West Gemini in West Africa. Total contract value for the firm portion of the contract is expected to be approximately $84 million with commencement expected in early Q4 2019 and running through Q4 2020. Such statements are generally not historical in nature, and specifically include statements about the Company's plans, strategies, business prospects, changes and trends in its business, the markets in which it operates and its restructuring efforts.
Hamilton, Bermuda, July 3, 2019 – Seadrill Limited (the “Company”) has received approval from the required majority of shareholders for the written resolutions distributed on June 21, 2019. As a result, the Board of Directors has been increased back to seven seats after it was reduced to six on July 2, 2019 and the newly created seat may be filled by the Directors. The Board of Directors reappointed Scott Vogel on July 2, 2019 and his term runs until the next Annual General meeting.
Hamilton, Bermuda, June 21, 2019 - Seadrill Limited (the "Company") has distributed written resolutions to its shareholders to increase the Board of Directors back to seven seats after it falls to six on July 2, 2019 and for the Directors to fill the newly created seat. The request is being made to shareholders of record on June 13, 2019. Such statements are generally not historical in nature, and specifically include statements about the Company`s plans, strategies, business prospects, changes and trends in its business, the markets in which it operates and its restructuring efforts.
The market has been volatile in the last 6 months as the Federal Reserve continued its rate hikes and then abruptly reversed its stance and uncertainty looms over trade negotiations with China. Small cap stocks have been hit hard as a result, as the Russell 2000 ETF (IWM) has underperformed the larger S&P 500 ETF […]
Norwegian energy sector union Safe on Friday said it planned to take 667 members on strike at floating offshore installations if state-sponsored wage mediation due on June 27 fails. Some Transocean, Seadrill and Odfjell Drilling rigbs could be affected by the potential strike, as well as Equinor's Statfjord C platform, the union said in a statement. Norway's largest oil workers' union Industri Energi on Thursday said it planned to take up to 937 members on strike if the mediation fails.
Hamilton, Bermuda, June 6, 2019 - Seadrill Limited (the "Company") advises that the 2019 Annual General Meeting of the Shareholders of the Company was held on June 5, 2019 at 11:00 a.m., at the Hamilton Princess and Beach Club, 76 Pitts Bay Road, Hamilton HM CX. The audited consolidated financial statements for the Company for the year ended December 31, 2018 were presented to the Meeting. 1) To increase the authorized share capital of the Company to US$13,888,000.
Hamilton, Bermuda, June 6, 2019 - Seadrill Limited ("Seadrill" or the "Company") is pleased to announce the appointment of Stuart Jackson as Chief Financial Officer, effective upon release from his current employment which is expected by the beginning of August. Stuart is an experienced finance executive with 20 years of experience in CFO roles at LSE, NASDAQ, OSE and AIM listed companies, including offshore and oil field services experience having served as CFO for Bibby Offshore, CEONA Pte and Acergy SA. Commenting, Anton Dibowitz, CEO, stated "Stuart has a breadth of experience, deep industry expertise and a strong track record of creating shareholder value through capital market transactions, mergers & acquisitions and driving efficiency.