In short: "I'm also on the board of Borr. I'm a big believer of Borr." The highest-quality shallow-water jack-up rigs — the fleet that drills "those marginal barrels" in the Middle East, the Gulf and Asia, which is where he thinks the marginal barrel has to come from.
Borr Drilling owns jack-up rigs — the self-elevating drilling platforms used in shallow water — and leases them to oil companies. Currie sits on its board and calls himself "a big believer." Disclose-and-discount that as you like, but the reasoning is the same one behind 1947: if the world's next barrel of oil has to come from shallow water (the Middle East, the US Gulf, Asia), then the fleet that drills those wells gets busier and its day-rates go up.
It's the "picks and shovels" version of his oil view: instead of betting on one field, you own the equipment every field has to rent. The risk is the mirror image — jack-up rigs are a cyclical, capital-heavy business that suffers badly if drilling activity stalls.
44:32When we look at the shallow water, Tim, our CEO, he's an absolute expert in the Gulf. So that's going to be the primary focus. But we look at these assets and anything shallow water. I'm also on the board of Borr. I'm a big believer of Borr. Again, it's the highest quality rigs, these shallow water rigs, they're going to produce those marginal barrels whether it's in the Middle East, or in the Gulf of America, places in Asia. So I think
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