Seadrill Stock Rose 20% despite Bankruptcy



Stock rise

Seadrill (SDRL) stock closed at $0.28 on September 13, 2017. The stock rose more than 20% in a single day. In the previous day, the stock had given a 17.6% return. In just two days, the stock price has risen 41%. However, the stock is still down 91.9% from the start of the year. Now we’ll see how other offshore drilling stocks performed.

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Stock performance

The stock performances of offshore drillers (IYE) on September 13, 2017, are as follows:

  • On September 13, 2017, Pacific Drilling stock was de-listed from the NYSE (New York Stock Exchange). The stock last traded on the stock exchange on September 12. The company no longer met NYSE’s standards, as its average market capitalization was less than $15.0 million over a 30-day trading period. Pacific Drilling stock will no longer trade on the NYSE but instead trade on the OTC Bulletin Board under the ticker PACDF.
  • Transocean (RIG) rose 4.8%. The stock is down 37.4% YTD (year-to-date).
  • Diamond Offshore (DO) rose 1.9%. The stock is down 22.9%.
  • Noble (NE) rose 6%. The stock is down 34.4%.
  • Ensco (ESV) rose 5.6%. The stock is down 51.1%.
  • Atwood Oceanics (ATW) rose 4.5%. The stock is down 43.8%.
  • Seadrill Partners (SDLP) rose 0.89%. The stock is down 19.7%.

Series overview

North Atlantic Drilling entered a restructuring agreement with its bank lenders and bondholders. To implement the restructuring plans, the company has filed for Chapter 11 bankruptcy. Its shareholders will receive nothing. Seadrill also has filed for Chapter 11 bankruptcy protection. In the next article, we’ll see why the rose stock rose despite the bankruptcy.


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