In recent days, the Seadrill Limited (OTCMKTS:SDRLF) stock has been in the middle of a strong rally and the trend continued on Wednesday. Yesterday, investors continued to flock to the stock as it soared by another 28% and thereby took its gains for the past week to a staggering 98%.
The remarkable rally in the stock may have been triggered by a key announcement from the company earlier on this week. The company, along with the issuer Seadrill New Finance Limited, announced that the consent solicitation process was completed successfully. The process was completed in order to bring about amendments to some of the terms related to the indenture.
It was a major development for the company and might have resulted in considerable optimism among investors with regards to the prospects of Seadrill. It should be noted that Seadrill is currently regarded as one of the major players in the offshore drilling contracting space. The company is well known for deploying advanced technology in order to discover oil and gas for its clients. In light of the recent rally in the stock, it could be a good move for investors to perhaps start tracking the stock a bit more closely.
Market Reaction:
On Wednesday, SDRLF stock jumped 28% at $0.99 with more than 3.59 million shares, compared to its average volume of 286k shares. The stock had moved within a range of $0.8800 – 1.1100 after opening the trade at $0.91. Over the past 52-week, the stock has been trading within a range of $0.1600 – 1.1100.
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