Valaris Limited (ex. Ensco-Rowan) introduced that, on April 30, 2021, the Valaris Group has efficiently accomplished its monetary restructuring and emerged from chapter 11. The Valaris Group’s Plan of Reorganization was accredited and confirmed by the United States Bankruptcy Court for the Southern District of Texas on March three, 2021. Valaris now strikes ahead with a strengthened capital construction, eliminating $7.1 billion of debt and securing a $520 million capital injection by issuing $550 million of recent secured notes maturing in 2028. As of April 30, 2021, Valaris had $615 million of obtainable money, $40 million of restricted money and $550 million of debt.
“Today marks an necessary milestone because the Company emerges from chapter 11 with a considerably strengthened capital construction. The overwhelming help of our noteholders, financial institution lenders and voting shareholders has been invaluable. I wish to thank everybody for his or her continued confidence in our enterprise,” stated Tom Burke, President and Chief Executive Officer of Valaris. “The final 12 months have been difficult from many views. However, I’m immensely happy with our workers’ exhausting work and dedication over this era. Our offshore crews and shore-based workers stay targeted on delivering secure, environment friendly and dependable drilling companies to our prospects.”
Burke continued, “In the present commodity worth atmosphere, we’re starting to see the early indicators of a restoration in buyer demand following the downturn brought on by the COVID-19 pandemic. With the elimination of greater than $7 billion of debt and an injection of great further capital, Valaris is greatest positioned to make the most of alternatives going ahead.”
The Valaris Group emerges with the most important fleet of contemporary, high-specification belongings within the trade. The Company’s 11 drillships, 5 semisubmersibles and 44 jackups are able to assembly a broad spectrum of consumers’ necessities throughout all geographies.
The widespread inventory and warrants of the brand new mum or dad Company of the Valaris Group will start buying and selling on the New York Stock Exchange below the ticker symbols VAL and VAL WS, respectively, at market open right this moment, Monday, May three, 2021. Shares of Valaris plc (the previous UK mum or dad firm) ceased buying and selling on the OTC Pink Marketplace as of April 28, 2021.
Valaris is an trade chief in offshore drilling companies throughout all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and trendy shallow-water jackups, Valaris has expertise working in almost each main offshore basin. Valaris maintains an unwavering dedication to security, operational excellence, and buyer satisfaction, with a concentrate on know-how and innovation. Valaris Limited is a Bermuda exempted firm.
(supply: Valaris – Image: Valaris DS-7)

The put up VALARIS COMPLETES RESTRUCTURING AND EMERGES FROM CHAPTER 11 appeared first on Energy Global News.

Read more at Source link


Please enter your comment!
Please enter your name here