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Fly News Breaks for August 13, 2019
SDRL
Aug 13, 2019 | 05:37 EDT
BTIG analyst Gregory Lewis downgraded Seadrill Limited to Neutral from Buy without a price target. The company emerged from bankruptcy with too much debt, and its options to increase liquidity are costlier today than they were last year owing to increasing concerns about the pace of the recovery of offshore drilling, Lewis tells investors in a research note. A recovery in offshore drilling recovery is underway with both activity and pricing moving higher, but the slope of the recovery "continues to look like an infinity pool," says the analyst.
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