ESV - Ensco - It Is Often Near Bedrock That We Discover Diamonds
Ensco PLC - Semi-submersible Ensco 5005
Investment Thesis
Ensco PLC (ESV) has been one of my long-term investments in the offshore drilling sector with Transocean (RIG). These two offshore drillers are the most representative of this struggling industry. The difference between Transocean and Ensco is that while the first company is focusing exclusively on the ultra-deepwater and deepwater, conversely, the second one is more diversified and owns a significant jack-up fleet which represents a large part of its revenues. This particular characteristic will get even more pronounced in a few months