Why Seadrill Partners LLC Surged Nearly 20% in April [The Motley Fool]
SEADRILL PARTNERS (SDLP)
US:NYSE Investor Relations:
seadrillpartners.com/investor-relations
Company Research
Source: The Motley Fool
The offshore drilling company popped because of this one key factor. Matthew DiLallo ( TMFmd19 ) May 8, 2018 at 4:09PM What happened Seadrill Partners LLC ( NYSE:SDLP ) rallied in April, ending the month up 19.6%. While higher oil prices played a role, the main fuel was news that its parent company received court approval on a restructuring deal with bondholders. So what Crude oil continued rebounding in April, with the global benchmark price, Brent, jumping 7.7% to nearly $75 per barrel. Driving that rally was the continued improvement in market fundamentals as demand growth remained strong while supplies tightened. Those stronger oil prices make it increasingly likely that oil companies will approve additional offshore drilling projects, which should boost rig demand and dayrates, setting Seadrill Partners up to earn more money in the future.
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