NEW YORK (TheStreet) -- Seadrill (SDRL) - Get Seadrill Ltd. Report, the world's largest offshore driller, is having a difficult time convincing the market that the current setback in fleet utilization is not indicative of an adverse change in business outlook.

The stock closed Friday at $38. And despite having reported solid first-quarter results, these shares, are down 5% year to date, have barely moved. And with better-than-expected results already in hand from Transocean (RIG) - Get Transocean Ltd. Report and Ensco (ESV) , there are now concerns that both are taking business away from Seadrill.

In this video, energy analyst Richard Saintvilus explains why the stock is heading to $45. Saintvilus argues that Seadrill should benefit from a secular shift toward ultra-deepwater offshore drilling. That and its attractive fleet characteristics should spur improved fleet utilization going forward.

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With Seadrill stock still down 5% year-to-date, I see this as a great buying opportunity. On the basis of long-term recovery in drilling demand and improved fleet characteristics, I project Seadrill's fair value to reach $45 by the end of the year.

At the time of publication, the author held no position in any of the stocks mentioned.

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This article represents the opinion of a contributor and not necessarily that of TheStreet or its editorial staff.