Lowering Seadrill Fair Value Estimate on Increased Financial Distress Risk
We are lowering our Seadrill fair value estimate from $2.60 to $1.50. This lower valuation comes chiefly from a higher cost of capital, which reflects the increased risk that current shareholders are wiped out by the at the conclusion of the company’s negotiations with creditors.In recent news, the company has successfully settled with rig-builder Hyundai Heavy Industries on its rig-in-construction West Mira, which will release $170 million in cash to Seadrill this month. The cash infusion is ...
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