1342 GMT 16 November [Dow Jones] Credit Suisse upgrades Seadrill (SDRL) to outperform from neutral and target to $48 from $45. Says the IPO ofSeadrill Partners was transformational for Seadrill as it provides a platform to delever and grow further through newbuilds or acquisitions. Notes Seadrill has been ultra-aggressive on building out an ultra-deepwater rig fleet and solidifying its position as a dominant high-spec jackup operator. Adds that the success of Seadrill Partners should enable Seadrill to maintain its high dividend payout ratio, take delivery of its newbuilds, and order more rigs. Shares are 0.6% lower at NOK215.50.
[I]Dominic Chopping, © 2012 Dow Jones & Co[/I]