Seadrill Limited (SDRLF) Stock Resumes Another Round Of Rally: Will it Hit $1?

Over the course of the past month, Seadrill Limited (OTCMKTS:SDRLF) has been on the radars of many investors and the company’s stock has also recorded handsome gains.

The rally continued on Tuesday as the stock jumped by another 36% and took its gains for the past month to as much as 235%. Earlier on in the week, it was announced that the company and the issues, Seadrill New Finance Limited, successfully completed the consent solicitation process that is related to some terms in the indenture. It was a major development for the company and might have been one of the factors behind the rally in the stock yesterday.

It should be noted that the consent solicitation actually expired on July 9, 2021 at 5 p.m New York City time. On the other hand, in light of the massive gains made by the company during this time, it is also necessary for investors to get a better idea about the company’s business. Seadrill is one of the better known names in the offshore drilling space. As a major contractor, the company is well known for deploying advanced technology by way of which it discovers oil and gas for its clients across the world.

Market Reaction:

On Tuesday, SDRLF stock soared 36% at $0.7750 with more than 2.79 million shares, compared to its average volume of 243k shares. The stock had moved within a range of $0.6800 – 0.8100 after opening the trade at $0.68. Over the past 52-week, the stock has been trading within a range of $0.1600 – 0.8100.

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