Image: Semi-submersible Ocean Onyx Source: ALP Maritime service.
Investment Thesis
While Diamond Offshore (DO) is considered one of the best offshore drillers still standing upright, primarily, when it comes to its clean balance sheet, low net debt, and potential for growth assuming a full-blown recovery in the offshore drilling sector next year; it still presents definitive weaknesses when it comes to its rig fleet. I find Diamond Offshore's fleet unbalanced when it comes to quality, variety, and competitiveness. The company doesn't own a jack-up fleet anymore.
On the one hand, Diamond Offshore owns