Michael Saint Maur Sheil/DigitalVision via Getty Images The core idea of our thesis on Seadrill (NYSE:SDRL), as we recently wrote in this article, is as follows: 1. Growing oil demand and electric vehicle hiccups will support oil prices, which will drive exploration and production ("E&P") 2. Peaking Permian Basin output will increase demand for offshore projects 3. Supply-constrained offshore rig market, exacerbated by high newbuilding prices and reactivation costs Following the 2Q24 earnings release, h ...