Vantage Drilling Company
VTDG
position
long
Craig Effron
Thesis
Vantage Drilling owns the newest deep water fleet in the country, with seven of the hundred deep water drilling platforms globally. The bonds are currently undervalued at around $30, while the drilling platforms are worth significantly more, suggesting a potential for substantial returns if oil prices recover.
Did it work?
failed
confidence: high
The investment thesis was based on the expectation that Vantage Drilling's undervalued bonds would appreciate due to the value of its deep water drilling platforms and a recovery in oil prices. However, with a price performance of -100%, it indicates that the investment has lost all value, confirming that the thesis did not play out as anticipated.
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