# ![@Laz_Cap Avatar](https://lunarcrush.com/gi/w:26/cr:twitter::800344312374403072.png) @Laz_Cap LazCap

LazCap posts on X about $shlf, $rig, $val, $borr the most. They currently have [-----] followers and [--] posts still getting attention that total [--] engagements in the last [--] hours.

### Engagements: [--] [#](/creator/twitter::800344312374403072/interactions)
![Engagements Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::800344312374403072/c:line/m:interactions.svg)

- [--] Week [-----] +225%
- [--] Month [------] +39,437%
- [--] Months [------] +468%
- [--] Year [------] +193%

### Mentions: [--] [#](/creator/twitter::800344312374403072/posts_active)
![Mentions Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::800344312374403072/c:line/m:posts_active.svg)

- [--] Months [--] -26%
- [--] Year [--] +300%

### Followers: [-----] [#](/creator/twitter::800344312374403072/followers)
![Followers Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::800344312374403072/c:line/m:followers.svg)

- [--] Week [-----] +0.12%
- [--] Month [-----] +8.60%
- [--] Months [-----] +10%
- [--] Year [-----] +13%

### CreatorRank: undefined [#](/creator/twitter::800344312374403072/influencer_rank)
![CreatorRank Line Chart](https://lunarcrush.com/gi/w:600/cr:twitter::800344312374403072/c:line/m:influencer_rank.svg)

### Social Influence

**Social category influence**
[finance](/list/finance)  [stocks](/list/stocks)  [cryptocurrencies](/list/cryptocurrencies)  [countries](/list/countries)  [currencies](/list/currencies)  [technology brands](/list/technology-brands) 

**Social topic influence**
[$shlf](/topic/$shlf), [$rig](/topic/$rig), [$val](/topic/$val), [$borr](/topic/$borr), [$ne](/topic/$ne), [$do](/topic/$do), [debt](/topic/debt), [if you](/topic/if-you), [$7240t](/topic/$7240t), [$sdrl](/topic/$sdrl)

**Top accounts mentioned or mentioned by**
[@ultradeep3](/creator/undefined) [@ropeyyyy](/creator/undefined) [@edark94](/creator/undefined) [@tommydeepwater](/creator/undefined) [@icbarrett](/creator/undefined) [@foamontherunway](/creator/undefined) [@hkuppy](/creator/undefined) [@cornelialake](/creator/undefined) [@lzab1453](/creator/undefined) [@philoinvestor](/creator/undefined) [@thedriller11](/creator/undefined) [@churnerofmarket](/creator/undefined) [@investoren8](/creator/undefined) [@gringoinvesting](/creator/undefined) [@nuttsbyname](/creator/undefined) [@contrarian8888](/creator/undefined) [@liquidseventeen](/creator/undefined) [@makaimarine](/creator/undefined) [@babyanteaterinc](/creator/undefined) [@lundeenne](/creator/undefined)

**Top assets mentioned**
[Transocean LTD. (RIG)](/topic/$rig) [Validity (VAL)](/topic/$val) [Borr Drilling Limited (BORR)](/topic/$borr) [Noble Corporation (NE)](/topic/$ne) [Seadrill Limited (SDRL)](/topic/$sdrl) [Exxon Mobil (XOM)](/topic/$xom) [Kosmos Energy Ltd. (KOS)](/topic/$kos) [Sasol Limited (SSL)](/topic/$ssl) [Celanese Corporation (CE)](/topic/$ce) [LyondellBasell Industries NV (LYB)](/topic/$lyb) [Dow Inc (DOW)](/topic/$dow) [Sigma Lithium Corporation Common Shares (SGML)](/topic/$sgml) [Uber Technologies, Inc. (UBER)](/topic/$uber) [Apple, Inc. (AAPL)](/topic/$aapl) [Sei (SEI)](/topic/$sei) [Venus (XVS)](/topic/venus) [Warner Bros Discovery, Inc. (WBD)](/topic/$wbd) [Golden Ocean Group Limited Common Stock (GOGL)](/topic/$gogl) [Cleveland-Cliffs, Inc. (CLF)](/topic/$clf)
### Top Social Posts
Top posts by engagements in the last [--] hours

"@Edark94 Been following the name for a while. Taught me how misleading backlog can be when your revenue efficiency is poor. Would wait for them to solve April bond maturity first as theyre probs gonna do a rights offering. A true shitco if Ive ever seen one"  
[X Link](https://x.com/Laz_Cap/status/1504716328950718467)  2022-03-18T07:08Z [----] followers, [--] engagements


"Offshore Deepdive Part II $OIH $RIG $VAL $NE $DRLCO $DO $SDRL $ODL.NO https://lazcap.substack.com/p/offshore-deepdive-part-iisd=pf https://lazcap.substack.com/p/offshore-deepdive-part-iisd=pf"  
[X Link](https://x.com/Laz_Cap/status/1547243303858470914)  2022-07-13T15:35Z [----] followers, [--] engagements


"@GringoInvesting Does that mean June in Uruguay was [---] degree Celsius cooler than on avg"  
[X Link](https://x.com/Laz_Cap/status/1550178387964166144)  2022-07-21T17:58Z [----] followers, [--] engagements


"6/n Disclosure: Part [--] of the deepdive concludes that for most scenarios the less levered players will do better than $RIG However as I'm uber bullish on day-rates my $RIG position is biggest by far (also own $ODL.NO $DO $VAL in that order)"  
[X Link](https://x.com/Laz_Cap/status/1582053019541450752)  2022-10-17T16:56Z [----] followers, [--] engagements


"@ropeyyyy @nuttsbyname @contrarian8888 @Ultradeep3 $SHLF did an amazing deal buying those [--] JUs from $NE. Even tho I prefer high-spec floaters over JUs. The fact that they were able to get the deal partially debt financed in this environment also v telling"  
[X Link](https://x.com/Laz_Cap/status/1582071703639056384)  2022-10-17T18:11Z [----] followers, [--] engagements


"1/n Cannabis follow up: Main pushbacks were 1) tax liabilities to be included in debt 2) poor EBITDA to FCF conversion hence wrong valn metric Re 1) after factoring in tax liabilities $VRNO still looking solid from BS perspective - though not as good as Green Thumb $GTBIF 1/n $VRNO $VRNOF Started small position (85bp) in Verano. Thesis in nutshell: - (legal) cannabis growing market - sector bombed out (MSOS ETF -87.5% from peak) - VRNO cheapest in space (5.4x EV/LTM EBITDA 4.2x run-rate) - growing cf +ve - 1x NIBD/EBITDA 1/n $VRNO $VRNOF Started small position (85bp) in Verano. Thesis in"  
[X Link](https://x.com/Laz_Cap/status/1611113936694157313)  2023-01-05T21:34Z [----] followers, 13.9K engagements


"Summing up my thoughts on U.S. MSOs in an article. Really like current setup esp. w money now leaving sector for first time in a while. $MSOS $GTBIF $CURLF $TCNNF $MRMD $VRNOF https://lazcap.substack.com/p/venturing-into-cannabissd=pf 1/n Cannabis follow up: Main pushbacks were 1) tax liabilities to be included in debt 2) poor EBITDA to FCF conversion hence wrong valn metric Re 1) after factoring in tax liabilities $VRNO still looking solid from BS perspective - though not as good as Green Thumb $GTBIF https://lazcap.substack.com/p/venturing-into-cannabissd=pf 1/n Cannabis follow up: Main"  
[X Link](https://x.com/Laz_Cap/status/1617988873342312449)  2023-01-24T20:53Z [----] followers, 14.2K engagements


"$RIG $VAL $NE $DO $SDRL $SHLF $BORR Quite the chart (from Clarksons via Upstream) If you view investment in supply as main determinant of future returns this is what you want to see. https://www.upstreamonline.com/rigs-and-vessels/offshore-oil-and-gas-market-approaching-tipping-point-for-drilling-rig-newbuilding/2-1-1466221 https://www.upstreamonline.com/rigs-and-vessels/offshore-oil-and-gas-market-approaching-tipping-point-for-drilling-rig-newbuilding/2-1-1466221"  
[X Link](https://x.com/Laz_Cap/status/1668614138137022464)  2023-06-13T13:39Z [----] followers, 13.5K engagements


"5/n From $RIG $VAL $NE all have it $RIG thru cold-stacked assets $VAL bc resetting contract book $NE thru $XOM index-linked Guyana contracts + NS HE CJ-70 exposure which has been lacking IMO - $VAL has least of them in near term bc of so-so UDW contracts well into '24/25"  
[X Link](https://x.com/Laz_Cap/status/1672158959535370240)  2023-06-23T08:25Z [----] followers, [--] engagements


"10/n Lastly on the "time-decay" of the equity (1/2) Assuming leverage won't kill you it is either life of assets or the moves the co makes. Life of assets is similar across all drillers and no concern for next cpl yrs. Wrt mgmt no mgmt team here is $AAPL"  
[X Link](https://x.com/Laz_Cap/status/1672158967273848832)  2023-06-23T08:25Z [----] followers, [--] engagements


"11/11 Time-decay (2/2) But I'd much rather roll with mgmt that managed to preserve ANY equity value over multiple cycles (i.e. $RIG) rather then cos that restructured and wiped out equity (i.e. $VAL $NE $DO) - sometimes even twice (i.e. $SDRL). END"  
[X Link](https://x.com/Laz_Cap/status/1672158968788004865)  2023-06-23T08:25Z [----] followers, [--] engagements


"@TommyDeepwater Vast majority of opex is crewing the rig. Which if done locally is quite cheap in India. Take e.g. $SHLF on JU side - making really nice margins in India as JU opex there in $20k/day vicinity"  
[X Link](https://x.com/Laz_Cap/status/1696861737486536898)  2023-08-30T12:25Z [----] followers, [---] engagements


"@LiquidSeventeen Do you know what they intend to do with current cash On existing production this screens extremely cheap even when using required FCF yield of 20% and taking all mgmt projections with a grain of salt"  
[X Link](https://x.com/Laz_Cap/status/1706681307718189108)  2023-09-26T14:45Z [----] followers, [--] engagements


"@TommyDeepwater @Ultradeep3 I count six units rolling off in [--] on that chart. Add the newbuilds and suddenly majority of floater capacity for $VAL in need of recontracting. Study $BORR FSR if you want to see what true tightness looks like"  
[X Link](https://x.com/Laz_Cap/status/1710669884173037649)  2023-10-07T14:54Z [----] followers, [---] engagements


"@MakaiMarine That makes a ton of sense - thank you Is this a Scorpio-specific issue or do many tanker cos make these mistakes when providing outlooks"  
[X Link](https://x.com/Laz_Cap/status/1712436487319441479)  2023-10-12T11:54Z [----] followers, [---] engagements


"@ICBarrett @Ultradeep3 @FoamOnTheRunway @hkuppy @CorneliaLake While everyone debated $RIG vs $VAL $NE would have offered - clean B/S & turned-over shhldr base - non-degen mgmt - cap returns - operating lvg from $XOM Guyana contracts + extra juice should CJ-70 mkt wake up $VAL the value trap of this space - bidding strategy matters LT"  
[X Link](https://x.com/Laz_Cap/status/1725854106546237700)  2023-11-18T12:30Z [----] followers, [----] engagements


"$SHIP Felt like a proper fool for quite some time having bought this name in Mar/Apr (avg. entry around $4.8/share). Has been an absolute beast of late w strong rally in capes. Letting go of a bit here. Defo more lucky than smart on this one"  
[X Link](https://x.com/Laz_Cap/status/1729155086855913700)  2023-11-27T15:07Z [----] followers, [----] engagements


"Good news for $SEI $GALP.PL $RIG $TTE $ODL.OL $NOL.OL $SFL Wow Namibia 👀 Galp updated their PEL [--] drilling last night. They undersold the Jan [--] release. Significant oil column found Also $TTE just announced its acquiring an additional 10% in its famous Venus discovery H/T @BabyAnteaterInc https://t.co/SBKmyDqpki $GALP.PL $RIG $TTE $ODL.OL $NOL.OL $SFL Wow Namibia 👀 Galp updated their PEL [--] drilling last night. They undersold the Jan [--] release. Significant oil column found Also $TTE just announced its acquiring an additional 10% in its famous Venus discovery H/T @BabyAnteaterInc"  
[X Link](https://x.com/Laz_Cap/status/1745037838788251879)  2024-01-10T11:00Z [----] followers, [---] engagements


"@lundeen_ne @AlmostMongolian V different trades these. No clue about $WBD but think pitch for drillers here not deep value but v strong fundamental biz trajectory setting you up for high probability of decent medium returns"  
[X Link](https://x.com/Laz_Cap/status/1792522404708986990)  2024-05-20T11:46Z [----] followers, [---] engagements


"@ValueSituations Check the restructuring proposal - 99.9% dilution coming your way"  
[X Link](https://x.com/Laz_Cap/status/1800534846235943392)  2024-06-11T14:25Z [----] followers, [---] engagements


"Have a feeling it's $RIG time again"  
[X Link](https://x.com/Laz_Cap/status/1851943833782628559)  2024-10-31T11:06Z [----] followers, [----] engagements


"$ASTL Took a fair bit of time with some ups and downs in between. Progressing on buildout + shareholder action + orange man beta getting this closer to FV. Trimming 20% of posi here and keeping rest. $ASTL Based on some v simple math you're looking at an EV of $1.1b vs RR-EBITDA of $600mm i.e. EV/EBITDA of 1.8x for lowly-levered biz that's transforming into low-emission steel producer. What am I missing https://t.co/6oIlEuzCL4 $ASTL Based on some v simple math you're looking at an EV of $1.1b vs RR-EBITDA of $600mm i.e. EV/EBITDA of 1.8x for lowly-levered biz that's transforming into"  
[X Link](https://x.com/Laz_Cap/status/1854566067684643107)  2024-11-07T16:46Z [----] followers, [---] engagements


"@kimsin6 $VAL/Aramco thru ARO have newbuild program ongoing. Would suspect agenda to get intl drillers out of Saudi as still moving fwd w this. Feels like bigger holder puked today 7% of float changed hands - most since Sep-23 offering. Most oversold on daily/weekly since Covid"  
[X Link](https://x.com/Laz_Cap/status/1860001002973462826)  2024-11-22T16:42Z [----] followers, [---] engagements


"@lzab1453 Is this to say that $GOGL shareholders are about to get an Economou-style treatment"  
[X Link](https://x.com/Laz_Cap/status/1897414222231060528)  2025-03-05T22:29Z [----] followers, [---] engagements


"Great job LG. $X $CLF"  
[X Link](https://x.com/Laz_Cap/status/1927363191400550892)  2025-05-27T13:56Z [----] followers, [----] engagements


"@junkbondinvest Isnt that the worldline ticker tho CRYACU is Ritz Yacht"  
[X Link](https://x.com/Laz_Cap/status/1939414110283907432)  2025-06-29T20:02Z [----] followers, [----] engagements


"@ConsensusGurus Wasnt. Its the wrong ticker. Ritz-Carlton is double digit"  
[X Link](https://x.com/Laz_Cap/status/1939415767130235267)  2025-06-29T20:08Z [----] followers, [---] engagements


"@YellowLabLife would be curious why choose pre-production asset like Patriot over say Lithium Argentina where you don't have execution risk and sit bottom quartile"  
[X Link](https://x.com/Laz_Cap/status/1940700918703706135)  2025-07-03T09:15Z [----] followers, [---] engagements


"@CapitalValor One read: Worst borrowers found a home in PC now stress starting to show as said borrowers cant refi and PC cant distribute PC now big part of listed PE firms plus often sponsor-backed borrowers biting the dust in PC land Ergo both sell off"  
[X Link](https://x.com/Laz_Cap/status/1973487534337630646)  2025-10-01T20:37Z [----] followers, [---] engagements


"$RIG announcing fixture for last of Cat-D HE semi at $455k day-rate. Not sure if rate is clean but would be quite the data point. https://deepwater.com/news/detailID=27806 https://deepwater.com/news/detailID=27806"  
[X Link](https://x.com/Laz_Cap/status/1656281024387530753)  2023-05-10T12:52Z [----] followers, 29.9K engagements


"My top picks for [----] $KOS - Kosmos Energy Constructive on the cap stack 28s effectively funded equity levered stub but can re-rate to $2-2.5 and beyond by YE $SSL / $SOL.JS Sasol Chems bottoming (see $CE $LYB $DOW) - history of major moves need to like SA though"  
[X Link](https://x.com/Laz_Cap/status/2014732253645938804)  2026-01-23T16:09Z [----] followers, 26.1K engagements


"Anyone here ever look at Kistos Plc $KIST Screens extremely cheap but OTOH could be just another AIM-listed sh*tco"  
[X Link](https://x.com/Laz_Cap/status/1706582748595466656)  2023-09-26T08:13Z [----] followers, [----] engagements


"1/n $MSOS update Two months into the trade some observations can be made which I wanted to share. - b/s strength as a good starting point in depressed sector w restrictive credit environment - backward-looking measures of profitability masking turnarounds (still useful) $MSOS $GTBIF $MRMD $VRNOF $CURLF $TCNNF Thesis playing out so far - sector +5.6% since initiation (vs. e.g. QQQ +2.8%) and top picks outperforming - $MRMD +23.7% - $VRNOF +13.6% - $GTBIF +7.9% vs. $MSOS +5.6% and shunned names underperforming - $CURLF +0.3% - $TCNNF -1.8% https://t.co/ONtaU5UVu1 $MSOS $GTBIF $MRMD $VRNOF"  
[X Link](https://x.com/Laz_Cap/status/1640655141811417090)  2023-03-28T10:00Z [----] followers, [----] engagements


"2/n Balance sheet strength (1) $AAWH $ACRDF $AYRWF $CCHWF Shared 1st chart in orig article. Excluded first four operators on left on basis of leverage. Since then all four have u/p'ed $MSOS (2nd chart). ctd"  
[X Link](https://x.com/Laz_Cap/status/1640655143526977537)  2023-03-28T10:00Z [----] followers, [---] engagements


"@lzab1453 Fair enough. Basically here what I did. Mind you v rough. Over time you build equity value through deleveraging whereas now there basically isn't any (pure option). My question - isnt't $SHLF offering you similar upside w much more liquidity + easier price discovery"  
[X Link](https://x.com/Laz_Cap/status/1643527449425133568)  2023-04-05T08:14Z [----] followers, [---] engagements


"4/n Leverage - critique: co overlevered in Q4 '22 ppl on here were hinting at bankruptcy - actual: name is levered more so than any other of floater comps that much is true - however biz CF +ve maturities termed out thru recent refis ample liquidity ctd"  
[X Link](https://x.com/Laz_Cap/status/1649472236162523136)  2023-04-21T17:56Z [----] followers, [---] engagements


"5/n Leverage (ctd.) - legitimate point: leverage constraining room for M&A no disagreement here - at this stage in cycle fin leverage a +ve IMO; model $RIG + $SHLF 2-3yr out see how EV shifts to equity - conclusion: liqu. fine B/S no +ve for M&A but for delev. to come"  
[X Link](https://x.com/Laz_Cap/status/1649472237664083972)  2023-04-21T17:56Z [----] followers, [---] engagements


"$SHLF Bought a fair bit into this dip since it broke below $24. Soon to be 2nd biggest position in drillers. Pitch simple: old fleet many rigs valued at scrap cpl contracts at mkt rates get you outsized CF fairly levered but just about as much as you want this point in cycle"  
[X Link](https://x.com/Laz_Cap/status/1653666759663136769)  2023-05-03T07:44Z [----] followers, [----] engagements


"@jwshaff Good question. Dismissed it at first true. Basically JU rates going parabolic currently and $SHLF has nice combo of operating and financial leverage w old rigs + debt. Also really underperformed floater players lately so nice Moment for a switch"  
[X Link](https://x.com/Laz_Cap/status/1656410317956476928)  2023-05-10T21:26Z [----] followers, [---] engagements


"@oracleof90402 I also left out $DDRIL $NOL $ODL $SDNS $DVD"  
[X Link](https://x.com/Laz_Cap/status/1668901947976343555)  2023-06-14T08:43Z [----] followers, [----] engagements


"$NETI Getting bought out by Cadeler for $15/share. Only Im an idiot and sold two days ago at $10.5 https://x.com/ed_fin/status/1669588515292585984s=46&t=0G4BcM7U-uyZBte0vcoP2w $NETI Eneti signs contract for newbuild at $265k dayrate https://t.co/kQa16RfuPx https://x.com/ed_fin/status/1669588515292585984s=46&t=0G4BcM7U-uyZBte0vcoP2w $NETI Eneti signs contract for newbuild at $265k dayrate https://t.co/kQa16RfuPx"  
[X Link](https://x.com/Laz_Cap/status/1669599844757807105)  2023-06-16T06:56Z [----] followers, [----] engagements


"$NETI Good coverage on a few points wrt the $CADLR deal by @Hierony69122434 Looks like $NETI mgmt. once again paid themselves handsomely on doing a deal. https://www.bairdmaritime.com/work-boat-world/offshore-world/column-cadeler-merging-with-eneti-read-the-small-print-where-does-us66-million-go-offshore-accounts/ $NETI Getting bought out by Cadeler for $15/share. Only Im an idiot and sold two days ago at $10.5 https://t.co/j1U6cNbf0F"  
[X Link](https://x.com/Laz_Cap/status/1670717503377424385)  2023-06-19T08:57Z [----] followers, [----] engagements


"@philoinvestor Well debt problem is specific to $RIG / $SHLF. Will leave it up to whoever to make up their mind whether earnings will cover debt payments. Wrt life of asset - UDW hasnt been around for full lifecycle. JUs from 80s still operating even getting LT contracts. No concern IMO yet"  
[X Link](https://x.com/Laz_Cap/status/1671833446920998913)  2023-06-22T10:52Z [----] followers, [---] engagements


"$RIG Enjoyed this debate w @philoinvestor Point or two I'd like to add. 1/n @Laz_Cap Yes I am referring to $RIG here specifically. Other names have much different financial positions. On your second point. A jackup or a drill may have a life of 30+ years yes but what does that mean for the equity stack of said asset Not much it depends on the situation and @Laz_Cap Yes I am referring to $RIG here specifically. Other names have much different financial positions. On your second point. A jackup or a drill may have a life of 30+ years yes but what does that mean for the equity stack of said"  
[X Link](https://x.com/Laz_Cap/status/1672158953139056640)  2023-06-23T08:25Z [----] followers, [----] engagements


"2/n In asset-heavy cyclical industries two types of leverage working either in your favour or against you: - operational - financial both are liabilities in a down-cycle assets in an up-cycle. Bc restructurings not much of latter left in OSD except $RIG / $SHLF / $BORR"  
[X Link](https://x.com/Laz_Cap/status/1672158954804133893)  2023-06-23T08:25Z [----] followers, [----] engagements


"3/n If you believe in sustained recovery of offshore capex from NOC/IOC + shareholder-imposed discipline wrt newbuilds from drillers (for now) you're likely looking at a sustained up-cycle for OSD. In that case you want as much as possible of both types of leverage"  
[X Link](https://x.com/Laz_Cap/status/1672158956335112193)  2023-06-23T08:25Z [----] followers, [---] engagements


"4/n Re operational leverage Entire sector has it but some contract books worse than others/more filled up. This is why e.g. $SDRL and $ODL u/p'ed names like $DO over LTM"  
[X Link](https://x.com/Laz_Cap/status/1672158957777874944)  2023-06-23T08:25Z [----] followers, [---] engagements


"$ODL Odfjell Drilling out with presi on refi. Based on LTM EBITDA $100mm FCF generated vs. $570mm mkt cap (assuming new interest/amort. terms). Given earnings long time from peaking + distributions likely announced in Aug what's the right FCF yld https://www.odfjelldrilling.com/disclosure/successful-completion-of-refinancing/ https://www.odfjelldrilling.com/disclosure/successful-completion-of-refinancing/"  
[X Link](https://x.com/Laz_Cap/status/1675805518361755648)  2023-07-03T09:55Z [----] followers, [----] engagements


"$SHLF Bought more and more as it first broke below [--] NOK then below [--] NOK - defo a bit early on the buy button. Finally coming back $SHLF Bought a fair bit into this dip since it broke below $24. Soon to be 2nd biggest position in drillers. Pitch simple: old fleet many rigs valued at scrap cpl contracts at mkt rates get you outsized CF fairly levered but just about as much as you want this point in cycle. $SHLF Bought a fair bit into this dip since it broke below $24. Soon to be 2nd biggest position in drillers. Pitch simple: old fleet many rigs valued at scrap cpl contracts at mkt rates"  
[X Link](https://x.com/Laz_Cap/status/1687384842709676032)  2023-08-04T08:47Z [----] followers, [----] engagements


"$ODL F I N A L L Y Three attempts a year+ of waiting. Now broke the [--] NOK level. with vengeance Should continue to trade well into earnings later this month on expected div announcement. $ODL Odfjell Drilling out with presi on refi. Based on LTM EBITDA $100mm FCF generated vs. $570mm mkt cap (assuming new interest/amort. terms). Given earnings long time from peaking + distributions likely announced in Aug what's the right FCF yld https://t.co/udBpjW1GFt https://t.co/D24jQt3GNj $ODL Odfjell Drilling out with presi on refi. Based on LTM EBITDA $100mm FCF generated vs. $570mm mkt cap (assuming"  
[X Link](https://x.com/Laz_Cap/status/1687385759781715969)  2023-08-04T08:51Z [----] followers, [----] engagements


"$SHLF Now up 70% last three months. Party probably about to be over as I victory lap here but its been a nice run. $SHLF Bought more and more as it first broke below [--] NOK then below [--] NOK - defo a bit early on the buy button. Finally coming back https://t.co/ZL9pPwC9wA $SHLF Bought more and more as it first broke below [--] NOK then below [--] NOK - defo a bit early on the buy button. Finally coming back https://t.co/ZL9pPwC9wA"  
[X Link](https://x.com/Laz_Cap/status/1701871901407051782)  2023-09-13T08:14Z [----] followers, [----] engagements


"Entertaining a $BORR vs $SHLF switch here. Rationale being that - due to big rally in Shelf - ratio of implied value per JU for Borr/Shelf now at low-end of 3yr range. With Borr you get absolute killer mgmt/premium fleet/low capex and better downside protection (post refi only). $SHLF Bought more and more as it first broke below [--] NOK then below [--] NOK - defo a bit early on the buy button. Finally coming back https://t.co/ZL9pPwC9wA $SHLF Bought more and more as it first broke below [--] NOK then below [--] NOK - defo a bit early on the buy button. Finally coming back https://t.co/ZL9pPwC9wA"  
[X Link](https://x.com/Laz_Cap/status/1709965736234340695)  2023-10-05T16:16Z [----] followers, [----] engagements


"$BORR vs. $SHLF switch off to a decent start. +16% spread if counting Shelf's move today (not captured below). Entertaining a $BORR vs $SHLF switch here. Rationale being that - due to big rally in Shelf - ratio of implied value per JU for Borr/Shelf now at low-end of 3yr range. With Borr you get absolute killer mgmt/premium fleet/low capex and better downside protection (post refi only). https://t.co/WbndiptUvr Entertaining a $BORR vs $SHLF switch here. Rationale being that - due to big rally in Shelf - ratio of implied value per JU for Borr/Shelf now at low-end of 3yr range. With Borr you"  
[X Link](https://x.com/Laz_Cap/status/1714287791604121647)  2023-10-17T14:30Z [----] followers, [----] engagements


"@TheDriller11 @ropeyyyy @churnerofmarket While I agree with the fundamental premise of a better setup in JUs over floaters @ropeyyyy is correct in that the terms of the recent refi make near term distributions v tricky. Also given the 75% coverage for '24 (think higher w options) not too much NT op. leverage"  
[X Link](https://x.com/Laz_Cap/status/1719146201994440822)  2023-10-31T00:16Z [----] followers, [---] engagements


"@Maklarmatte @TheDriller11 @ropeyyyy @churnerofmarket I own both but lightened up on $SHLF as it crossed above [--] NOK; been adding a lot to $BORR in low $6s with proceeds. As of today still own bit more of $SHLF but might change. Both have decent upside from here IMO"  
[X Link](https://x.com/Laz_Cap/status/1719270170315690263)  2023-10-31T08:28Z [----] followers, [---] engagements


"Should actually say while everyone fights over what floater player to be long True tightness is in JUs Took me a long time to realize and if things do get really tight in floater-land then stocks gonna fly but that tightness is already here in JUs as of today $SHLF $BORR @ICBarrett @Ultradeep3 @FoamOnTheRunway @hkuppy @CorneliaLake While everyone debated $RIG vs $VAL $NE would have offered - clean B/S & turned-over shhldr base - non-degen mgmt - cap returns - operating lvg from $XOM Guyana contracts + extra juice should CJ-70 mkt wake up $VAL the value trap of this space - bidding strategy"  
[X Link](https://x.com/Laz_Cap/status/1725931395162276013)  2023-11-18T17:38Z [----] followers, [----] engagements


"@UnironicOilBull @MugsLuck @Investoren8 $BORR obv not as cheap as $SHLF but you get - near-term shareholder ret - less maintenance capex - less white space Both offer you exposure to v strong JU mkt with refid balance sheets and strong mgmt teams"  
[X Link](https://x.com/Laz_Cap/status/1734131407033639301)  2023-12-11T08:42Z [----] followers, [---] engagements


"@Investoren8 Day-rate momentum for JUs has definitely helped $SHLF share px performance in the past Day-rate momentum for JUs also now much more likely to stall now"  
[X Link](https://x.com/Laz_Cap/status/1753007861443993977)  2024-02-01T10:50Z [----] followers, [---] engagements


"@Edark94 @HesperianMetals What about Almonty"  
[X Link](https://x.com/Laz_Cap/status/1858080596330725551)  2024-11-17T09:31Z [----] followers, [---] engagements


"$SHLF Surely this is getting a bit excessive. Company has 3+ yrs to turn things around / supply overhang to resolve itself. And even if you assume non of the suspended rigs (that haven't found work yet) ever work again - there's still equity upside left"  
[X Link](https://x.com/Laz_Cap/status/1859996478493835661)  2024-11-22T16:24Z [----] followers, [----] engagements


"Quoting as can't comment. Any view on where production net to $TLW will tail off Not that they're particularly attractive here but if you believe in 50kboe/d net to them + $65 long-term oil the 1L 2026s should be fine. Equity different story"  
[X Link](https://x.com/Laz_Cap/status/1891899970560647340)  2025-02-18T17:17Z [----] followers, [----] engagements


"@joeriwestland @ed_fin Dont forget $SHLF"  
[X Link](https://x.com/Laz_Cap/status/1942182656122159142)  2025-07-07T11:23Z [----] followers, [---] engagements


"$SGML up 40% pre mkt on no news cannot be short cvr alone"  
[X Link](https://x.com/Laz_Cap/status/1990409214808801548)  2025-11-17T13:18Z [----] followers, [---] engagements


"$SGML now up 150% in just over two weeks. I take it. $SGML up 40% pre mkt on no news cannot be short cvr alone $SGML up 40% pre mkt on no news cannot be short cvr alone"  
[X Link](https://x.com/Laz_Cap/status/1991521918240133241)  2025-11-20T15:00Z [----] followers, [---] engagements


"Charts of the cos in my software basket look like some high-cost EM oil producer shitcos $GTLB $BILL $PATH $PYPL $ADBE"  
[X Link](https://x.com/Laz_Cap/status/1993395053717602772)  2025-11-25T19:03Z [----] followers, [---] engagements


"That First Brands IRR should look different now. guys want only one thing and it is disgusting (DIP loan precedent transactions sheet with roll-up-to-new-money ratios and implied IRRs): https://t.co/ioXwvYGGDN guys want only one thing and it is disgusting (DIP loan precedent transactions sheet with roll-up-to-new-money ratios and implied IRRs): https://t.co/ioXwvYGGDN"  
[X Link](https://x.com/Laz_Cap/status/1998844142705934412)  2025-12-10T19:55Z [----] followers, [---] engagements


"@joelspadawan1 Is front-running LMEs a source of long-/ or short-alpha for the purpose of this post"  
[X Link](https://x.com/Laz_Cap/status/2013573799363375139)  2026-01-20T11:26Z [----] followers, [--] engagements


"@respeculator Shouldnt these be div adjusted Thought e.g. $VALE just made record high on div-adj basis"  
[X Link](https://x.com/Laz_Cap/status/2015095668629508245)  2026-01-24T16:13Z [----] followers, [---] engagements


"@TraderOver1 Fundamentally speaking - not much reason to be bullish rn. But stocks in the space seem to have the lows behind them and if that's true - fundies will inflect in 6-9 months. For cyclicals price action matters"  
[X Link](https://x.com/Laz_Cap/status/2014779630704619842)  2026-01-23T19:17Z [----] followers, [----] engagements


"Anyone ever look at European auto suppliers such as Valeo Forvia Pirelli or Brembo In general not a space I like but some of these charts look like they're inflecting upwards or at least found a bottom $FR.FP $FRVIA $PIRC $BRE.IT"  
[X Link](https://x.com/Laz_Cap/status/1989685358682927393)  2025-11-15T13:22Z [----] followers, [---] engagements


"Add $RCO - Remy Cointreau to the list Looks like bottom's in My top picks for [----] $KOS - Kosmos Energy Constructive on the cap stack 28s effectively funded equity levered stub but can re-rate to $2-2.5 and beyond by YE $SSL / $SOL.JS Sasol Chems bottoming (see $CE $LYB $DOW) - history of major moves need to like SA though My top picks for [----] $KOS - Kosmos Energy Constructive on the cap stack 28s effectively funded equity levered stub but can re-rate to $2-2.5 and beyond by YE $SSL / $SOL.JS Sasol Chems bottoming (see $CE $LYB $DOW) - history of major moves need to like SA though"  
[X Link](https://x.com/Laz_Cap/status/2021273032669483502)  2026-02-10T17:20Z [----] followers, [---] engagements

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