Adding back a Position

When I am wrong I am wrong. So I am admitting this error right up front. I deleted Seadrill, symbol SDRL, from my trading portfolio just a week ago from the concern that rising interest rates were going to do a number on this firm's profits going forward. Makes sense QE2 ending and SDRL has lots of debt. SDRL basically buys rigs with debt and uses them to do offshore oil drilling work for other companies. So what does SDRL do? They go and report a stellar earnings quarter and raises their already nice dividend. Not only raises the dividend, but adds on a special dividend. Within the earnings report they note the sale of two rigs that are older, and in SDRL's case older means a couple of years. This firm uses the latest in technology so oil companies line up to use them and they have a $11 billion dollar backlog in orders. SDRL also bought a couple of new rigs to use for contracts just awarded from major oil companies, such as Conoco Phillips. So to heck with rising interest rates I am signing back onboard this driller and participating in their profits. Lastly let's add in that Seadrill has NO rigs in United States waters so the current unfriendly political environment here can not harm their business. What's not to like here.