Source: Valaris.
Note: The title used for my article is the title of the fourth book from the "Hitchhiker's Guide to the Galaxy" tetralogy.
Investment Thesis
The London-based Valaris plc (VAL), formerly EnscoRowan, reported its first-quarter results on April 30, 2020.
We knew what was coming for a while because we learned from Reuters that "Valaris, which employs about 5,800 people worldwide, in recent weeks hired corporate restructuring experts at turnaround firm Alvarez & Marsal".
Offshore drilling has been struggling for numerous years, even before this double black swan event messed up the