$SDRL Seadrill not in buy zone yet.

Recent moves in Seadrill should not be taken with to much optimism, any recovery has a long way to go, so need to be jumping in it yet. We await a cross on the 3day and 1 week 7&12ma's to confirm a bias on the long side in confluence with sustained volume .
The improvements in forward pricing and utilization are leading indicators that the recovery is progressing, and we expect that floater fixtures made in 2018 mark the low point in this cycle. Similarly, we see improving trends in the premium jack-up market with marketed utilization above 80% and rates trending toward $80,000 to $100,000 per day range, driven by increased activity in the Middle East. There remains a significant bifurcation between premium and standard jack-up units, and we expect a preference for premium units to continue and result in further attrition of standard jack-up.

During the second quarter, we added approximately $160 million in backlog related to the following contracts. In Angola, we extended the West Gemini, keeping her busy into August. Following this extension, she will undertake her SPF before returning to Angola in Q4 to perform nine well contract with three options. Total contract value for the firm portion of this contract is approximately $84 million. We have a great track record of operating in Angola and hope to expand our operational footprint here through our Sonadrill JV. Equinor exercised three options in the West Hercules in Norway keeping her busy through Q1 2020. Following the options Equinor have access to the West Hercules through a continuous optionality mechanism, which could keep her busy through 2020.
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