No Surprises: Seadrill Headed Towards Bankruptcy

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In the least surprising offshore oil and gas news of the year so far, Seadrill Ltd. announced that it is likely going to file for bankruptcy on September 12. This filing - and that date, for that matter - have been telegraphed previously which makes this statement all the more puzzling:

Source: Reuters

Source: Reuters

We nailed the 9/12 date in our last newsletter. See:

Source: PETITION Newsletter 7/30/17

Source: PETITION Newsletter 7/30/17

As for the newness? Really dude? Is this guy even paying attention to the debtload on that company and the offshore industry, generally? Stock was down 31% on the news (granted to $0.18/share). Suckers.