Amid mounting recovery concerns, Seadrill Ltd. plunged to their lowest since the embattled drilling company emerged from bankruptcy less than year ago, when Carnegie Investment Bank AB recommended selling their shares and slashed the price target by 88%.
The offshore rig market recovery is “not happening fast enough” for Seadrill, Carnegie said in a note to clients on Monday. The investment bank cut its recommendation from a buy and lowered the target price to $2.61 (25 kroner) from $21.92 (210 kroner).