Improving Operating Results for Seadrill Do not Move our Fair Value Estimate
Seadrill unveiled a quarterly adjusted EPS of $0.59 today, versus a consensus estimate of $0.42. The source of the surprise was better-than-expected margins; EBITDA margins lifted to 64% from 56% from the same quarter of last year. Management cited an 8% reduction in headcount as well as other successful cost reductions.Management made the wise choice in September 2015 to cancel a construction contract with Hyundai Heavy Industries for an ultradeep water semisubmersible rig, the West Mira. It s...
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