SDRL-el az adossag, ami 10Mrd koruli, a problema lenyege. Idonkent emlekeztess, felrakom az ujakat. De oktoberig el kene adni.
Itt van a (nekem meglevo utolso) update:
Apr 29, 2016 Commentary
Seadrill Limited is in the process of restructuring its debt. As we went to press, the company announced that it had reached a short-term agreement with its banks to extend the three-nearest maturing credit facilities, and amend some of its debt covenants. None of the agreements were extended for more than six months, however, and one extension only goes until December, 2016. On a positive note, Seadrill received a reset on its leverage covenant, a revised definition of the equity ratio in regards to the market value of its rigs, and a suspension of a provision that allows lenders to receive a prepayment under their secured credit facilities. Looking ahead, matters that will need to be addressed on a long-term basis include: upcoming debt maturities, amortization covenants and minimum value clauses (MVS), which are used to help keep loan-to-value ratios in check when asset values drop. We think the MVS clauses will be a particularly important part of the longer-term
negotiations. The last reported drillship sale was 75% below its initial cost. In late March, the five-year-old drillship Deepsea Metro II sold for $210 million. The owners had paid $860 million for the ship in 2011. Given the near-term outlook for offshore drilling, there is little demand for used rigs, thus asset sales would likely be met with more firesale-type prices. Seadrill has stated publicly that it believes that the majority of rigs with contracts expiring in 2016 will be unable to find suitable follow-on work, and that many of them will be idled for prolonged periods. At this point, we do not think the company is planning to sell any assets. Still, Seadrill is highly leveraged, and we are concerned that it may have trouble refinancing its debt if the MVS clauses are triggered. At some point, this could force it to trade equity for debt. This stock is untimely. These shares have more than doubled in price since our last full-page report three months ago. The
Rank & rating changes:4
4/8/16 - Technical rank Upgraded
4/22/16 - Technical rank down
4/29/16 - Technical rank down
5/7/16 - Price Stability down
jump in share price was driven by a 30% increase in the price of oil over the same time period. Industry conditions remain weak, though, and it will likely be 2017 or 2018 before new offshore exploratory drilling takes place. All said, investors should remain on the sidelines for now.
Wayne C. Nef May 6, 2016
Itt van a (nekem meglevo utolso) update:
Apr 29, 2016 Commentary
Seadrill Limited is in the process of restructuring its debt. As we went to press, the company announced that it had reached a short-term agreement with its banks to extend the three-nearest maturing credit facilities, and amend some of its debt covenants. None of the agreements were extended for more than six months, however, and one extension only goes until December, 2016. On a positive note, Seadrill received a reset on its leverage covenant, a revised definition of the equity ratio in regards to the market value of its rigs, and a suspension of a provision that allows lenders to receive a prepayment under their secured credit facilities. Looking ahead, matters that will need to be addressed on a long-term basis include: upcoming debt maturities, amortization covenants and minimum value clauses (MVS), which are used to help keep loan-to-value ratios in check when asset values drop. We think the MVS clauses will be a particularly important part of the longer-term
negotiations. The last reported drillship sale was 75% below its initial cost. In late March, the five-year-old drillship Deepsea Metro II sold for $210 million. The owners had paid $860 million for the ship in 2011. Given the near-term outlook for offshore drilling, there is little demand for used rigs, thus asset sales would likely be met with more firesale-type prices. Seadrill has stated publicly that it believes that the majority of rigs with contracts expiring in 2016 will be unable to find suitable follow-on work, and that many of them will be idled for prolonged periods. At this point, we do not think the company is planning to sell any assets. Still, Seadrill is highly leveraged, and we are concerned that it may have trouble refinancing its debt if the MVS clauses are triggered. At some point, this could force it to trade equity for debt. This stock is untimely. These shares have more than doubled in price since our last full-page report three months ago. The
Rank & rating changes:4
4/8/16 - Technical rank Upgraded
4/22/16 - Technical rank down
4/29/16 - Technical rank down
5/7/16 - Price Stability down
jump in share price was driven by a 30% increase in the price of oil over the same time period. Industry conditions remain weak, though, and it will likely be 2017 or 2018 before new offshore exploratory drilling takes place. All said, investors should remain on the sidelines for now.
Wayne C. Nef May 6, 2016
Ázsia: mérsékelt optimizmus
Ugrás a cikkheza teljes cikk: http://www.portfolio.hu/cikkek.tdp?k=1&i=131019