Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

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Equity Bottom-Up

<ul>
<li>SDRL is scheduled to report first quarter results on May 23, 2023, before the market open and has provided a glimpse to the profitability Aquadrill is operating at</li>
<li>The Aquadrill fourth quarter results affirm our investment thesis of the profitability the business is operating at with the day rates Aquadrill has secured</li>
<li>SDRL is the last company of the major drill ship owners to report first quarter results. Peers have shed a positive outlook on the industry and day rate trend</li>
</ul>


SDRL is scheduled to report first quarter results on May 23, 2023, before the market open and has provided a glimpse to the profitability Aquadrill is operating at
The Aquadrill fourth quarter results affirm our investment thesis of the profitability the business is operating at with the day rates Aquadrill has secured
SDRL is the last company of the major drill ship owners to report first quarter results. Peers have shed a positive outlook on the industry and day rate trend


SDRL: Aquadrill Numbers Ahead of Q1 Results

<ul>
<li>SDRL reported its long awaited fourth quarter results after the Company consummated the purchase of Aquadrill.</li>
<li>It was in the Q123 when SDRL was able to generate revenue from its new Brazilian contracts making it more likely investors would minimize their interest on the Q4 results</li>
<li>The purchase of Aquadrill provides scale to SDRL’s operations through a larger fleet size and being able to internally manage the Aquadrill fleet as contracts begin the expire</li>
</ul>


SDRL reported its long awaited fourth quarter results after the Company consummated the purchase of Aquadrill.
It was in the Q123 when SDRL was able to generate revenue from its new Brazilian contracts making it more likely investors would minimize their interest on the Q4 results
The purchase of Aquadrill provides scale to SDRL’s operations through a larger fleet size and being able to internally manage the Aquadrill fleet as contracts begin the expire


SDRL: Deal Is Done, Now for the Free Cash Flow

<ul>
<li>SDRL remains scheduled to report fourth quarter results on April 5, 2023, while awaiting final regulatory approval to close the Aquadrill acquisition</li>
<li>We continue to view the transaction as a gamechanger for SDRL as Aquadrill would further improve SDRL’s balance sheet while letting SDRL leverage its back office and scale for Aquadrill</li>
<li>SDRL’s registration statement included disclosures of SDRL making additional principal payments in first quarter of 2023.</li>
</ul>


SDRL remains scheduled to report fourth quarter results on April 5, 2023, while awaiting final regulatory approval to close the Aquadrill acquisition
We continue to view the transaction as a gamechanger for SDRL as Aquadrill would further improve SDRL’s balance sheet while letting SDRL leverage its back office and scale for Aquadrill
SDRL’s registration statement included disclosures of SDRL making additional principal payments in first quarter of 2023.


<ul>
<li>SDRL is trying to put emphasis on receiving all the required regulatory approvals to close the Aquadrill transaction than on reporting its quarterly results</li>
<li>Fourth quarter 2022 is not likely to show much of the benefits the business and industry have been experiencing in recent weeks</li>
<li>Day rates have continued to increase as utilization rates remain high and companies are not willing to reactivate their drill ships unless customers pay for the process</li>
</ul>


SDRL is trying to put emphasis on receiving all the required regulatory approvals to close the Aquadrill transaction than on reporting its quarterly results
Fourth quarter 2022 is not likely to show much of the benefits the business and industry have been experiencing in recent weeks
Day rates have continued to increase as utilization rates remain high and companies are not willing to reactivate their drill ships unless customers pay for the process


<ul>
<li>We are initiating coverage of Seadrill Ltd. (SDRL) with a Buy Rating and $50 target.</li>
<li>SDRL emerged from Chapter 11 bankruptcy protection in February 2022 and its shares began trading on the NYSE in October 2022</li>
<li>The current environment for drill ships is supportive for the business with day rates rising over the past year. With expectation of no new ship builds to saturate anytime soon</li>
</ul>


We are initiating coverage of Seadrill Ltd. (SDRL) with a Buy Rating and $50 target.
SDRL emerged from Chapter 11 bankruptcy protection in February 2022 and its shares began trading on the NYSE in October 2022
The current environment for drill ships is supportive for the business with day rates rising over the past year. With expectation of no new ship builds to saturate anytime soon


United States

Seadrill Limited operates as an oil and gas field service company. The Company offers drilling contracting services to unlock oil and gas resources for clients across harsh and benign locations. Seadrill serves customers worldwide.

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Seadrill (SDRL US)

SDRL: Aquadrill Numbers Ahead of Q1 Results

SDRL released Aquadrill's fourth quarter numbers showing how profitable the business had turned ahead of SDRL completing the transaction

BWS Financial Inc

SDRL: Deal Is Done, Now for the Free Cash Flow

SDRL after the Company closed the purchase of Aquadrill and reported fourth quarter 2022 results. The current trends in day rates suggest SDRL...

BWS Financial Inc

SDRL: Merger and Earnings

SDRL filed a registration statement related to its merger with Aquadrill. We continue to believe the transaction would be a catalyst for SDRL's...

BWS Financial Inc

SDRL: Sailing Thru an Acquisition

There has been little news from SDRL while peers have reported quarterly results. SDRL is in the process of closing the Aquadrill transaction,...

BWS Financial Inc

SDRL: A Sea of Profits, Initiating

SDRL has undertaken asset sales to raise cash, which greatly improves the balance sheet. Additionally, the pending purchase of Aquadrill would...

BWS Financial Inc

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