Bleak Offshore Outlook Continues to Shape our Bearish Views on Seadrill
Seadrill shares rallied about 10% after the company announced its quarterly financial results. While quarterly revenue and operating income dropped sequentially by 14% and 32%, respectively, the numbers slightly outperformed the consensus expectation. Earnings had been expected to fall due to the previously announced idling of several rigs.Management reported increased tender activity for rigs, although they are mostly for short-term contracts and are being bid by drillers to very low day rates...
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