now that's a good question. An investing friend I've lost touch with indicated to me that DVR and HLX management have a very good track record of keeping vessels well maintained and spreading out drydockings so as not to have unexpected huge hits on individual quarters. I hope they do some drydocking during Q4-Q1 to have as much capacity online as possible for the green months. That's been their M.O. in the past and I don't see any reason not to expect more of the same.

A good question you bring up though is when will they need to start investing in fleet renewal. One big plus of DVR is their excellent balance sheet and splashing out big bucks for new vessels will kill that safety/stability advantage they have as an investment choice. Still, until I hear something that worries me in a CC, I'm a buyer of this company whenever I can get what I think is good value price-wise.

Best wishes,
P