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Started By
Message
Seadrill Bankruptcy
Posted on 9/13/17 at 9:23 am
Posted on 9/13/17 at 9:23 am
As I'm sure everyone has seen, sdrl filed for ch 11 yesterday. Shareholders will get 2% (if it passes in court). I'm trying to decide whether to keep or sell my shares. Luckily i only have 317 shares at $5 a share. What should i do? And yes i know im a jackass for keeping them this long.
4
Posted on 9/13/17 at 10:22 am to TunaTime
I did too
Posted on 9/13/17 at 10:31 am to OceanMan
Fair warning then, Transocean will most likely be the next major drilling company to go down.
I would not be holding any offshore drilling company or periphial right now, especially supply boats.
I would not be holding any offshore drilling company or periphial right now, especially supply boats.
Posted on 9/13/17 at 1:04 pm to cave canem
Lost about $500 on this POS. Never sold because the transaction cost is more than the value of my shares lol.
Seriously, $500 is now worth about $5
Seriously, $500 is now worth about $5
Posted on 9/13/17 at 1:37 pm to ghost2most
quote:
Lost about $500 on this POS. Never sold because the transaction cost is more than the value of my shares lol.
Well I lost $2,000 on Bank of Greece, NBG, now known as NBGGY
Posted on 9/13/17 at 1:50 pm to cave canem
quote:
Fair warning then, Transocean will most likely be the next major drilling company to go down.
I would not be holding any offshore drilling company or periphial right now, especially supply boats.
You think they go belly up or just keep tanking?
Posted on 9/13/17 at 2:04 pm to windshieldman
quote:
Well I lost $2,000 on Bank of Greece, NBG, now known as NBGGY
i lost on 5k VNR. bought at $24, rode it up to $32, and never sold, hoping for a miracle.
edit- finally sold it at $0.60 just to offset gains.
Posted on 9/13/17 at 3:40 pm to TunaTime
It is worth about $100. I'd just hold and forget about it. By the way I have a few shares myself.
Posted on 9/13/17 at 4:03 pm to TunaTime
Explain to me why anyone wouldn't sell if they filed ch 11 and the shares still have a value?
With shareholders getting 2%, wouldn't that mean your 100 shares is essentially going to be 2 shares after they reemerge from ch 11?
With shareholders getting 2%, wouldn't that mean your 100 shares is essentially going to be 2 shares after they reemerge from ch 11?
Posted on 9/13/17 at 5:06 pm to TigerTatorTots
quote:
Explain to me why anyone wouldn't sell if they filed ch 11 and the shares still have a value?
Depending on your platform it could cost some money to sell
That said you can wrote off on taxes or offset gains so who knows
Posted on 9/13/17 at 7:18 pm to GenesChin
quote:
You think they go belly up or just keep tanking?
Belly up and since they made the bad decision to relocate headquarters to Switzerland it is going to be ugly, think chapter 7 not chapter 11.
Thier only out is the banks are already in so deep they keep loaning money to keep the creditors from filing.
Posted on 9/13/17 at 8:10 pm to cave canem
They have enough credit to survive for awhile don't they?
Have a hard time seeing them be fine 12 months from now
Have a hard time seeing them be fine 12 months from now
This post was edited on 9/13/17 at 8:11 pm
Posted on 9/14/17 at 9:31 am to GenesChin
For the drillers who can survive , this will mean less competition and an opportunity to purchase drilling equipment for pennies on the dollar
Posted on 9/14/17 at 11:22 am to crazycubes
quote:
For the drillers who can survive , this will mean less competition and an opportunity to purchase drilling equipment for pennies on the dollar
Problem is finding out what drillers those are
With shale + depressed oil prices, I can't imagine many have good long term futures
Posted on 10/2/17 at 7:41 pm to cave canem
quote:
Thier only out is the banks are already in so deep they keep loaning money to keep the creditors from filing.
Still thinking Transocean goes bellyup?
Checked back in on this and looks like they've gone up about 10%
Posted on 10/2/17 at 8:14 pm to GenesChin
The consolidation on the DW drilling market has yet to begin, when it does I think its going to be severe.
Posted on 10/2/17 at 8:42 pm to GREENHEAD22
quote:
The consolidation on the DW drilling market has yet to begin, when it does I think its going to be severe.
Question is when this would happen if it does
Posted on 10/3/17 at 5:55 am to GenesChin
quote:
Still thinking Transocean goes bellyup?
Checked back in on this and looks like they've gone up about 10%
They are in worse shape financially now than they were then and have concentrated on a business segment that is dead for the forseable future.
They may limp along with a dead cat bounce here or there but the writing is on the wall.
Short answer is yes.
Posted on 10/3/17 at 6:37 am to cave canem
What's your guess on a timeline?
Posted on 10/4/17 at 11:01 am to GenesChin
Run offshore out of Fourchon and look at the drill ships that are just sitting there anchored. I would stay away from DW drilling companies.
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