Counting on Cash Flow -- more SeaDrill (SDRLF.PK)
I don't have anything new to say about SeaDrill after my posting of a few days ago on news that they have opened a financing agreement with Ship Finance, but I did end up buying some shares after thinking about this one over the holiday. I hope that this SFL agreement will build and allow SeaDrill to return a lot of the cash that it has tied up in rigs to shareholders while still building profitability and enlarging the enterprise.
And I'm confident enough in John Fredriksen and his management team, and in their track record at Frontline, that I'm putting a little more money to work here.
So this is just the official notification that I added on to my SeaDrill position this morning with another pink sheet share purchase (SDRLF.PK) at $13.80 (that's between a 1 and 2% premium to the Oslo close, depending on how the next few minutes of Oslo trading go, which is pretty typical for pricing on this issue).
This is now among my largest holdings, and my average cost per share is standing at $14.93.
And I'm confident enough in John Fredriksen and his management team, and in their track record at Frontline, that I'm putting a little more money to work here.
So this is just the official notification that I added on to my SeaDrill position this morning with another pink sheet share purchase (SDRLF.PK) at $13.80 (that's between a 1 and 2% premium to the Oslo close, depending on how the next few minutes of Oslo trading go, which is pretty typical for pricing on this issue).
This is now among my largest holdings, and my average cost per share is standing at $14.93.
This article posted by One Guy @ 7/05/2006 09:48:00 AM 0 comments
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