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[Update] FY2024 10K - Valaris Performance Review

[Update] FY2024 10K - Valaris Performance Review

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AK
Mar 03, 2025
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[Update] FY2024 10K - Valaris Performance Review
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One of the last high conviction pitches from me was the Offshore Drilling Industry. The thesis was simple - supply in offshore drilling is diminishing while demand is picking up. Given new builds are still more expensive, the prices charged by offshore drillers were going to go up. The entry point on this trade when I wrote it up was a mid-cycle lull, w…

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