Seadrill (No_rec, TP: NOK) - Favourable ruling on West Leo termination fee
Tullow announced that the court has ruled in favour of Seadrill and Seadrill Partners related to the termination of West Leo in 2016. Tullow is to pay cUSD254m to the Seadrill group. West Leo is 42% owned by Seadrill and 58% by Seadrill Partners. Through its direct ownership in the rig and ownership in Seadrill Partners, we estimate the net positive impact for Seadrill to be cUSD165m, equal to USD1.65/share in ‘new Seadrill’.
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