Valaris, the world’s largest offshore drilling contractor by fleet size, filed for bankruptcy on Wednesday, in a move to restructure its debt load and reduce debt by more than $6.5 billion.
The company has been hit by the combined effects of the global COVID-19 pandemic, a drop in oil prices, and a decline in the demand for its services and falling rig rates.
It said Wednesday it had entered into restructuring agreements with approximately 50% of its noteholders to undergo “a financial restructuring that is intended to reduce its debt load substantially, support continued operations during the current lower demand environment and provide a robust financial platform to take advantage of market recovery over the long term.”
The agreement…
Read the full article at: https://www.oedigital.com/news/481083-valaris-files-for-bankruptcy