That's possible for sure and yep, the share price would crater...

That's possible for sure and yep, the share price would crater I'd think.

Coincidentally I've had a good look at the DDH1 prospectus over the last few days for industry comparative purposes. Either buyers were suckered into that for the price they got it away for or MSV is very cheap. I think it's a case of both being true. If you want drilling exposure at this point in the cycle (I definitely do), MSV looks to be best positioned with a much wider margin of safety valuation wise. DDH1 got off for a premium which has since been mostly shredded (I think it's almost at fair value now but I wouldn't touch it even where it's currently trading). Risk/reward at MSV looks far better with the caveat that there's no further "surprises". If MSV trades on similar metrics to DDH if/when utilisation rates maximise, you'd think shareholders would do very well from here. I'll be keen to see the next quarterly.