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TunaTime
LSU Fan
LA
Member since Aug 2012
589 posts

Seadrill Bankruptcy
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.


OceanMan
LSU Fan
Member since Mar 2010
8845 posts

re: Seadrill Bankruptcy
I did too


cave canem
Mississippi St. Fan
land o sand
Member since Oct 2012
6408 posts

re: Seadrill Bankruptcy
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.


ghost2most
LA-Lafayette Fan
Member since Mar 2012
1366 posts

re: Seadrill Bankruptcy
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


windshieldman
New Orleans Saints Fan
Member since Nov 2012
4602 posts
 Online 

re: Seadrill Bankruptcy
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


GenesChin
Army Fan
The Promise Land
Member since Feb 2012
29646 posts
 Online 

re: Seadrill Bankruptcy
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?


632627
Southern Cal Fan
LA
Member since Dec 2011
7062 posts

re: Seadrill Bankruptcy
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.


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PlanoPrivateer
LSU Fan
Frisco, TX
Member since Jan 2004
1978 posts

re: Seadrill Bankruptcy
It is worth about $100. I'd just hold and forget about it. By the way I have a few shares myself.


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TigerTatorTots
New Orleans Pelicans Fan
The Safeshore
Member since Jul 2009
73782 posts

re: Seadrill Bankruptcy
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?


GenesChin
Army Fan
The Promise Land
Member since Feb 2012
29646 posts
 Online 

re: Seadrill Bankruptcy
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


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cave canem
Mississippi St. Fan
land o sand
Member since Oct 2012
6408 posts

re: Seadrill Bankruptcy
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.


GenesChin
Army Fan
The Promise Land
Member since Feb 2012
29646 posts
 Online 

re: Seadrill Bankruptcy
They have enough credit to survive for awhile don't they?

Have a hard time seeing them be fine 12 months from now
This post was edited on 9/13 at 8:11 pm


crazycubes
Member since Jan 2016
3309 posts

re: Seadrill Bankruptcy
For the drillers who can survive , this will mean less competition and an opportunity to purchase drilling equipment for pennies on the dollar


GenesChin
Army Fan
The Promise Land
Member since Feb 2012
29646 posts
 Online 

re: Seadrill Bankruptcy
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


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GenesChin
Army Fan
The Promise Land
Member since Feb 2012
29646 posts
 Online 

re: Seadrill Bankruptcy
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%


GREENHEAD22
LSU Fan
LafayettebywayofBush
Member since Nov 2009
11517 posts

re: Seadrill Bankruptcy
The consolidation on the DW drilling market has yet to begin, when it does I think its going to be severe.


GenesChin
Army Fan
The Promise Land
Member since Feb 2012
29646 posts
 Online 

re: Seadrill Bankruptcy
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


cave canem
Mississippi St. Fan
land o sand
Member since Oct 2012
6408 posts

re: Seadrill Bankruptcy
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.




GenesChin
Army Fan
The Promise Land
Member since Feb 2012
29646 posts
 Online 

re: Seadrill Bankruptcy
What's your guess on a timeline?


tipup
LSU Fan
Member since Sep 2005
1649 posts

re: Seadrill Bankruptcy
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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