GPT-3 TL;DR: "I believe Transocean is undervalued as a result of the energy sector’s marketwide malaise amidst the Saudi price war and subsequent coronavirus pandemic. The market has mispriced the Company’s unsecured debt securities and I’m looking to take advantage of this rare opportunity. While the Company is currently cash burning at an alarming rate, I don’t believe this will continue at the same pace in 2021 and beyond. Transocean’s fleet has been contracted for more than 70% of 2020, and I believe the Company will generate positive unlevered free cash flow with multiple levers to pull to drive that number higher. With ample liquidity on hand and a management team that is prudently managing down their cash burn, I believe the Company will have the runway it needs to navigate the tough waters that lie ahead through 2021."
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