When market price is below intrinsic value that’s when you shouldn’t dilute cause you are giving away units at a discount.
I think You should look to raise at premium not discount.

We share the view on the supply and demand dynamics which influence the price

However the premise of my query was the paradox of it,

Although I agree that drilling activities may be depends on other factors, however the incremental profitability of the drilling industry, is directly proportional to crude oil price, since the whole premise itself that the supply of drilling rigs are not gonna increase meaningfully, so unless the crude oil picks up meaningfully there wont be incremental profit growth that can happen , which in turn directly affects the share price growth.

While taking a granular view on jindal drilling here the setup of the thesis is based on the fact that the incremental profits may be influenced by following rigs and upcoming contracts

Although the data suggest that jackup demand to be stable, but if the crude oil price doesn’t increase , the new contracts may not be yield better profitability , which affects investment time horizon as well as expectation built on it (Allocation conviction).

The idea behind, my queries to get understanding of the people who has allocated more interm’s of the PF percentage, and how they are thinking about above mentioned scenarios.

Any view and clarification based on their research and thought process is very much appreciated.
Thanks @nirvana_laha

Disclaimer: Invested and biased. (looking to build more conviction to increase the allocation, since, its not long term play, at best its medium term, so for any meaningful return needs higher allocation)