Greenlight Capital (David Einhorn) discloses updated portfolio positions in 13F filing

New FHN SDRL ATVI positions, Exited GPN CIVI

Highlights from Q2 2023 filing as compared to Q1 2023:

• New positions in: FHN (~1.3 mln shares), SDRL (~0.27 mln), ATVI (~0.22 mln), AAP (~0.04 mln), HRI (~0.04 mln), SHC (~0.01 mln)
• Increased positions in: NPWR (to ~2.51 mln shares from ~0.76 mln shares), GPK (to ~1.77 mln from ~1.07 mln), BKI (to ~1.34 mln from ~0.92 mln), CPRI (to ~1.65 mln from ~1.24 mln), SWN (to ~9.23 mln from ~8.92 mln) CEIX (to ~2.85 mln from ~2.72 mln),
• Maintained positions in: GRBK (~16.6 mln shares), BHF (~3.12 mln shares), LIVN (~1.03 mln shares), GLD (~0.23 mln shares), FCNCA (~0.02 mln shares)
• Closed positions in: GPN (from ~0.6 mln shares), CIVI (from ~0.46 mln), PANA (from ~0.28 mln), CNXC (from ~0.21 mln)
• Decreased positions in: KD (to ~4.45 mln shares from ~8.5 mln shares), NBSE (to ~0.14 mln from ~2.73 mln), TECK (to ~1.35 mln from ~2.49 mln), NYCB (to ~1.71 mln from ~2.28 mln), THC (to ~0.93 mln from ~1.43 mln), SLV (to ~1.24 mln from ~1.49 mln), REZI (to ~0.49 mln from ~0.66 mln), WFRD (to ~0.43 mln from ~0.58 mln), ODP (to ~1.52 mln from ~1.63 mln), GPOR (to ~0.22 mln from ~0.28 mln)

=Seadrill Ltd (SDRL) reported earnings on Thur 24 August 2017 (b/o)

Seadrill Ltd reports Q2 (Jun) results, beats on revs

• Reports Q2 (Jun) net of breakeven, may not be comparable to the Capital IQ Consensus of ($0.09); revenues fell 33.5% year/year to $577 mln vs the $527.92 mln Capital IQ Consensus.
• Seadrill Limited order backlog of approximately $3.1 billion

Restructuring Update

• The Company is in advanced discussions with certain third party and related party investors, an ad hoc group of its bondholders and its secured lenders on the terms of a comprehensive recapitalization, which remains subject to further negotiation, final due diligence, final documentation and requisite approvals. As previously disclosed, we continue to believe that implementation of a comprehensive restructuring plan will likely involve chapter 11 proceedings, and we are preparing accordingly. We have now completed actions to insulate Archer, Seadrill Partners and Seamex from a default caused by a chapter 11 filing by Seadrill.
• The extension provides additional time to finalize negotiations and prepare for the necessary potential implementation filings.
  It is likely that the comprehensive restructuring plan will involve the raising of approximately $1 billion of new capital, an approximately five year extension of our bank facilities and a deferral of amortizations and will require a substantial impairment or conversion of our bonds, as well as impairment and losses for other stakeholders, including shipyards. As a result, the Company currently expects that shareholders are likely to receive minimal or no recovery for their existing shares.

=Seadrill Ltd (SDRL) reported earnings on Wed 24 May 2017 (b/o)

Seadrill Ltd beats by $0.01, beats on revs; appoints new CEO:

• Reports Q1 (Mar) earnings of $0.06 per share, $0.01 better than the Capital IQ Consensus of $0.05; revenues fell 36.1% year/year to $569 mln vs the $562.06 mln Capital IQ Consensus.
  • 98% economic utilization
  • Seadrill order backlog of ~$3.4 bln

New CEO

• Additionally, co announced the appointment of Anton Dibowitz as CEO with effect from July 1.
  • Dibowitz is currently Chief Commercial Officer and Executive Vice President
• He will succeed Per Wullf who will remain a Director of the company