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SDLP - Seadrill Probably On Its Way To Another Restructuring
Seadrill Partners LLC Representing Limited Liability Company Interests
Image: The Jack-up West Castor (Courtesy Seadrill)
Investment Thesis
As we all know, the new Seadrill Ltd. (SDRL) emerged from Chapter 11 bankruptcy on July 2, 2018. Long-term shareholders lost practically everything in this process, albeit they were still able to get a minimal part in the new SDRL. However, after a year, SDRL continued to drop and reached an all-time low last week.
Data by YCharts
This long and painful collapse should serve as a harsh reminder that the offshore industry is not sufficiently stable and doesn't provide a long-term investment logic,