Image: Ocean Onyx Courtesy: Offshore Energy Today
Investment Thesis
Diamond Offshore (DO) is one of the offshore drillers that I am regularly following on Seeking Alpha.
As I said in my preceding articles, the company presents definitive weaknesses when it comes to its rig fleet, but up until now, Diamond Offshore had its balance sheet quite in order.
However, they are quickly weakening now, and are not healthy anymore.
Sadly, this strong positive for Diamond Offshore versus all its peers has vanished.
Diamond Offshore continues to shrink in size, and it is taking