The following segment was excerpted from this fund letter published by Massif Capital.
Diamond Offshore (DO) (Long): Diamond has been a painful investment for our portfolio. We invested too early in the cycle for offshore equipment, and the trough of the cycle has been extended beyond our modeled scenarios. Capacity utilization throughout the industry has suffered, which has created an extended drag on lower day-rates for forward contracts. We would note though that capacity utilization remains high at Diamond, it is the only driller with a fully contracted fleet of drill ships. One of