Seadrill Trending After CEO Says Bank Talks Are Good

Seadrill Ltd

is trending after CEO Per Wullf told Reuters that its good dialogues with the banks continue as part of their refinancing plan, and expect to have refinanced within the second quarter at some point. Link: uk.reuters.com/article/seadrill-refinancing-idUKL5N16F1EQ Shares of the Norwegian rig firm have jumped 300 percent since Feb.25 when it reported its quarterly results. On March 4, they touched a high of $7.49 on a whooping volume of 148.52 million shares. Wullf told Reuters that short sellers are beginning to panic at the potential success of its refinancing plan. "We have been working for some months with a refinancing plan. We have run it by our board as we said during our (fourth-quarter-results conference) call. Now, people are realizing that we have started. Those who have shorted the share are beginning to panic and see that the shareholders may succeed," Wullf said in an interview. Shares of SDRL were trading at $5.94. They were trading between $1.57 and $15.44 during the past 52-weeks.