VAL - Valaris

[thepupil]

https://s23.q4cdn.com/956522167/files/doc_presentations/2021/Valaris-Investor-Presentation_May-2021.pdf

- promotional kuppy VIC writeup of recent, CHECK

- net cash balance sheet to provide some degree of runway, CHECK

- one of largest most modern drilling fleets, CHECK

- 1/10 of replacement cost, whatever that means, CHECK

- no diligence, future tax deduction, read the presentation and throw 25-200 bps in it depending on one's risk tolerance, CHECK

sorry can't be more value add, but when it will never be high conviction, there's no utility (to me) in doing any work, beyond the above. One either chooses to participate in small size, or not. not gonna check a million fleet status reports, or build a global supply/demand of rigs spreadsheet, or kid myself with anything else. the BK wiped all the debt and oil is up. this used to be a $20 billion EV company. It's now $1.5 billion (no idea as to comparability). that's the pitch. 

[DooDiligence]

Article with a list of recent contracts.

So this is what happened to ENSCO. I worked for them back when they bought Argosy. If deepwater picks up I might dust off my DPO next summer for one last ride.

[lnofeisone]

Curious what Valaris will do with parts of ENSCO that don't fit the O&G mission, e.g., https://www.ensco.com/news-media/press-releases/ensco-inc-awarded-571-million-department-transportation-contract