Seadrill downgraded at Credit Suisse As previously reported, Credit Suisse downgraded Seadrill to Neutral from Outperform. The analyst believes Seadrill misjudged the market with the amount of new rigs it built that have not been contracted and believes there is too much funding uncertainty under a backdrop of high debt repayments and softening dayfloater rates. Price target lowered to $30 from $40.
Seadrill reports Q4 EPS 32c, consensus 63c Reports Q4 revenue $1.26B, consensus $1.25B. Net income was negatively impacted by a non-cash impairment of goodwill of US$232 million relating to the Jack-up segment.