(Image: Semi-submersible Ocean BlackRhino Source: ALP Marine Traffic)
A surprising move
Diamond Offshore (DO) is one of the offshore drillers that I am regularly following on Seeking Alpha.
The Company presents definitive weaknesses when it comes to its rig fleet, but up until a month ago, Diamond Offshore had its balance sheet quite in order. The concern is that, recently, the oil prices took a turn for the worse and have dropped well below the breakeven level for oil operators that started to cut CapEx drastically. This situation had severe consequences for offshore drillers like