(Image: Semi-submersible Ocean BlackRhino Source: ALP Marine Traffic)
Investment Thesis
Diamond Offshore (DO) is one of the "struggling" offshore drillers with still a decent balance sheet. However, as I said in my preceding articles, the company presents definitive weaknesses when it comes to its rig fleet. Furthermore, Diamond Offshore doesn't own a jack-up fleet anymore and continues to shrink in size with only thirteen floaters still active.
One substantial asset segment for the company is the moored assets class right now (e.g., Ocean Onyx, Ocean Apex, etc.), which appears in demand especially in