#offshore deepwater drilling - look back at the previous cycle peak/near peak (late 2013) $OIH $RIG $NE $VAL $SDRL 1/10
Rising DRs & utilization similar to the current cycle but new rig orders MIA/asset values muted. With supply side frozen (except a few stranded rigs) + utilization tightening expect asset values to start driving the equity bus. Headroom up to fair value sizeable 2/10
