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Seadrill (SDRL) Divests Three Jack-up Rigs and JV Interest
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Seadrill Limited (SDRL - Free Report) has completed the sale of its former joint venture (JV), Gulfdrill LLC, to its JV partner Gulf Drilling International (“GDI”). Simultaneously, Seadrill has also inked an agreement with Gulf Drilling to part with three of its jackup rigs, namely the West Castor, the West Telesto and the West Tucana.
Seadrill had previously announced the sale of the Qatar jackup fleet and its 50% interest in the JV that operated them to Gulf Drilling International. SDRL has now concluded this deal, selling its jackup rigs operating offshore Qatar for cash proceeds of $338 million. This sale aligns with the company’s broader objective to focus on its core operations, optimize its portfolio and simplify its business.
Last month, Seadrill announced a new contract, along with a contract extension for two of its drillships, namely the West Capella and the West Neptune.
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
SM Energy is an upstream energy firm operating in the prolific Midland Basin region and the South Texas region. For 2024, the company expects its production to increase from the prior-year reported figure, signaling a bright production outlook.
Hess Midstream owns, operates, develops and acquires a wide range of midstream assets, providing services to Hess Corporation and other third-party customers. The partnership has a stable fee-based revenue model secured via long-term commercial contracts. Since Hess Midstream operates through 100% fee-based contracts, it is exposed to minimal commodity price risks.
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Seadrill (SDRL) Divests Three Jack-up Rigs and JV Interest
Seadrill Limited (SDRL - Free Report) has completed the sale of its former joint venture (JV), Gulfdrill LLC, to its JV partner Gulf Drilling International (“GDI”). Simultaneously, Seadrill has also inked an agreement with Gulf Drilling to part with three of its jackup rigs, namely the West Castor, the West Telesto and the West Tucana.
Seadrill had previously announced the sale of the Qatar jackup fleet and its 50% interest in the JV that operated them to Gulf Drilling International. SDRL has now concluded this deal, selling its jackup rigs operating offshore Qatar for cash proceeds of $338 million. This sale aligns with the company’s broader objective to focus on its core operations, optimize its portfolio and simplify its business.
Last month, Seadrill announced a new contract, along with a contract extension for two of its drillships, namely the West Capella and the West Neptune.
Zacks Rank and Key Picks
Currently, SDRL carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Archrock Inc. (AROC - Free Report) , SM Energy (SM - Free Report) and Hess Midstream Partners LP (HESM - Free Report) . Archrock and SM Energy presently sport a Zacks Rank #1 (Strong Buy) each, while Hess Midstream carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
SM Energy is an upstream energy firm operating in the prolific Midland Basin region and the South Texas region. For 2024, the company expects its production to increase from the prior-year reported figure, signaling a bright production outlook.
Hess Midstream owns, operates, develops and acquires a wide range of midstream assets, providing services to Hess Corporation and other third-party customers. The partnership has a stable fee-based revenue model secured via long-term commercial contracts. Since Hess Midstream operates through 100% fee-based contracts, it is exposed to minimal commodity price risks.