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.
The company has been suffering from a series of self-inflicted and ill-fated actions aggravated by a caustic economical environment for the past several years.
We lived through a sluggish offshore drilling recovery, a reverse split, a slowdown of the world economy due to a Pandemic coronavirus outbreak,