Source: MarineTraffic photo: Harvey Wilson
Investment thesis
The London-based Valaris plc (VAL), formerly EnscoRowan, has experienced the most drastic fall-out that I have witnessed in the offshore drilling industry. I am still amazed at how quickly this company collapsed in such short notice. Below is a Year to date chart comparison, including Transocean (RIG), Valaris Plc, Diamond Offshores (DO), Noble Corp (NE), and Seadrill (SDRL). Nearly all of them are on the brink of bankruptcy, even if Transocean may still be in a better place. Valaris Plc performed the worse with a drop