Seadrill (No_rec, TP: NOK) - Will the magic be back?
We expect Seadrill to complete its restructuring and exit Chapter 11 in early July 2018, and the ‘new Seadrill’ to emerge to capital markets. Compared to the pre-restructuring situation, all unsecured claims are now removed, new capital has been injected, and there is a bank debt amortisation holiday until 2021. We estimate a NAV of the equity in post-restructuring Seadrill of USD1.2bn, while the peer group valuation suggests cUSD2.0bn. To extend its liquidity runway and potentially streamline its fleet, we expect Seadrill to be active in both financial and asset transactions.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.