2 managers · $144M totalData: SEC EDGAR 13F · 2026Q1
Manager holders · last 4 qtrsⓘ
2
2025Q2 – 2026Q1 · flat QoQ
Total position
$144M
Combined value across tracked managers
Net move this quarter
↓ Trimming
Weighted by holders' share change
HolderQ actionValue% of port.Style
PabraiTrim-24.58%$135M31.97%Deep value / Concentrated
HoskingⓘAdd+17.01%$9M0.31%Contrarian value / Global diversified
What managers sayⓘ
2020-10-21azvalor Asset ManagementBearQuarterly letter 3Q2020Detail →
2019-12-31Cobas Asset ManagementNeutralComments on Fourth Quarter 2019Detail →
2019-10-31Cobas Asset ManagementBearComments on Third Quarter 2019Detail →
2019-07-15Cobas Asset ManagementBullComments on Second Quarter 2019Detail →
2018-11-05azvalor Asset ManagementBullQuarterly letter 3Q2018Detail →
Earnings Callsⓘ
Q1 2026May 5, 2026
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Q1 results beat expectations, with operational efficiency reaching 98% and average daily revenue hitting a ten-year high.
Contract revenue $1.08B, adjusted EBITDA $440M (margin >40%), and early repayment of $358M in debt.
Added $1.6B to backlog, secured a three-year contract with Vår Energi in Norway, three extensions with Petrobras in Brazil, and five wells for Deepwater Asgard in the Eastern Mediterranean. The acquisition of Valaris received a second request from the DOJ, but the transaction is still expected to close in 2026.
Full-year revenue guidance lowered to $3.9B, with capital expenditures increased by $20M. Debt is expected to decline to $4.9B by year-end, with leverage of approximately 3.3x.
Management is bullish on deepwater utilization approaching 100%, with energy security driving long-term demand; however, some project delays and inflationary cost pressures are beginning to emerge.