Stock Update (NYSE:SDRL): Seadrill Ltd Disclose Details Regarding Sevan Drilling Limited

Seadrill Ltd (NYSE:SDRL) referred to the press releases dated January 30, 2013, February 7, 2013, May 10, 2013, August 7, 2013, August 29, 2013, November 7, 2013, February 7, 2014, May 7, 2014, August 7,2014, November 7, 2014, February 9, 2015 and May 7, 2015 which announced the forward agreements for Seadrill Limited’s (“Seadrill”) holdings in Sevan Drilling ASA (“Sevan ASA”) shares.

In connection with the migration of Sevan ASA  from Norway to Bermuda, we have closed these agreements and entered in to new agreements with the equivalent number of shares in Sevan Drilling Limited as follows:

Seadrill has entered into a forward agreement for 10,803,274 Sevan Drilling Limited shares expiring August 10, 2015 at a price of NOK 9.795729.

Additionally, Seadrill has entered into a new forward agreement for 4,091,425 Sevan Drilling Limited shares expiring August 6, 2015 with a strike price of NOK 12.486.

Prior to the migration, Seadrill controlled 297,941,358 shares of Sevan ASA, either through direct ownership or forward agreements, representing 50.11% of all issued shares of Sevan ASA. Shareholders will after completion of the settlement of the capital decrease effecting the migration, have approximately the same ownership share in Sevan Drilling Limited as they had in Sevan ASA. Seadrill will announce exact ownership share in Sevan Drilling Limited after completion of the settlement if it deviates from the ownership share in Sevan ASA. (Original Source)

Shares of Seadrill Ltd. closed yesterday at $10.34. SDRL has a 1-year high of $40.22 and a 1-year low of $8.58. The stock’s 50-day moving average is $12.18 and its 200-day moving average is $11.49.

On the ratings front, Seadrill has been the subject of a number of recent research reports. In a report issued on June 17, Canaccord Genuity analyst Alex Brooks reiterated a Sell rating on SDRL. Separately, on May 29, Wells Fargo’s Judson Bailey maintained a Sell rating on the stock .

According to, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Alex Brooks and Judson Bailey have a total average return of 10.8% and 3.0% respectively. Brooks has a success rate of 60.0% and is ranked #1451 out of 3683 analysts, while Bailey has a success rate of 52.9% and is ranked #1893.

The street is mostly Bearish on SDRL stock. Out of 6 analysts who cover the stock, 3 suggest a Sell rating , 2 suggest a Hold and one recommend to Buy the stock.

Seadrill Ltd provides drilling & well services to the offshore industry. It has a fleet of drilling units that is outfitted to operate in shallow water, mid-water and deepwater areas, in benign & harsh environments.

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