Judd Arnold from Lake Cornelia Research Management on Offshore and Tidewater $TDW

Judd Arnold discusses how the offshore place is at an inflection point and why he thinks Tidewater (TDW) is the best way to lay it.

Judd's initial piece on TDW: https://drive.google.com/file/d/1cKYzHg62bamDQa620NZcmn_af0A0xTfT/view

Judd's TDW space: https://twitter.com/CorneliaLake/status/1600172923355922434?s=20&t=_Q2xMKdTTh1Lhlp-HeRD3w

Chapters

• 0:00 Intro
• 2:30 What's interesting about offshore right now?
• 5:50 Comparing today's cycle to 2012-2014
• 10:00 TDW's replacement cost and why new build isn't starting any time soon
• 18:30 Why increasing utilization can quickly spike day rates
• 21:00 Discussing capital returns if we do see a day rate spike
• 25:20 Why focus on TDW versus the other offshore players?
• 30:30 What breaks the offshore cycle?
• 36:10 Offshore as a snowball running down the hill
• 39:30 How regulatory uncertainty impacts terminal value and potential new build dynamics
• 42:40 Discussing TDW's acquisition strategy
• 46:40 Given the cyclicality here, how do you value offshore?
• 54:40 Haven't the stocks already run?
• 59:30 What could accelerate the cycle?