I’m never sure with this whether it’s a collective case of Norwegian thinking that refuses to accept the scale of the change taking place in the offshore industry or simply the desire to try and get investment banking fees? Maybe a little of both.
Either way it’s clear the market has realised Seadrill is headed for restructuring way before the analyst community…
Down 23%. Analysts yesterday morning:
Look at the price targets! And it’s not like anyone didn’t see it coming (Seadrill over 6 months):
There is a liquidity squeeze coming in offshore as all these crazy asset play deals, that were nothing more than momentum trades, have no momentum. The fact is Seadrill is performing miles behind the restructuring plan of only a few months again. Yet again the promised summer hasn’t come and financial markets know it.