Seadrill Ltd. , once the crown jewel of billionaire John Fredriksen’s business empire, is at the mercy of short-term speculators as the biggest funds shun the offshore driller amid a struggle to avoid bankruptcy. “It’s trading at option value and day traders are the ones pushing the price up and down,” Anders Bergland, an analyst at Clarksons Platou Securities AS , said Tuesday, right after the company again warned shareholders and bond investors they were facing steep losses in any restructuring deal. “There are no funds buying this right now, it’s trading.” Seadrill fell as much as 29 percent on Wednesday after closing 38 percent down the day before, already at a record low. The stock traded 25 percent lower at 6.51 kroner as of 12:47 p.m. in Oslo. The company has been working on a restructuring of the offshore-drilling industry’s biggest debt load for more than a year. […]