SeaDrill's (SDRL) recent good fortune has translated into a boon for the stocks in the oil rig drilling sector, proving once again that a rising tide can lift all ships.
SeaDrill's stock more than doubled on Friday as investors covered short bets on bailout speculation. Earlier in the week, John Fredriksen -- the company's primary shareholder and chairman -- sold one-third of his stake in salmon farmer Marin Harvest, raising $510 million. The sale fueled speculation that Fredriksen will be investing that money in SeaDrill.
The company has said that it will present a plan to restructure almost $11 billion of debt by the end of June.
Rising crude prices are also playing their part in helping lift the oil rig drilling services provider. International standard Brent crude contracts for April delivery were up $1.77 to $40.49 per barrel Monday. West Texas crude was climbing $1.67 to $37.59 per barrel.
Read why the oil rig rally can't be sustained
While SeaDrill's advance stalled a bit Monday, other oil rig companies were climbing. Rival Transocean (RIG) has jumped over 45% over the past five sessions.
Tidewater (TDW) shares rose 12% Monday. The stock spiked 72% last week following the World Bank's decision to partially lift a stay on a compensation claim the company has against Venezuela.
Read more about stressed out Tidewater
Diamond Offshore Drilling (DO) has climbed more than 14% over the past five sessions, rising as high as 24.5%.
Pacific Drilling (PACD) shares, while falling 6.5% today following the release of the company's fourth-quarter earnings results, are still up substantially over the past five sessions.