Valaris Emerges from Bankruptcy
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Valaris Limited has successfully completed its financial restructuring and emerged from chapter 11. The Valaris Group’s plan of reorganization was approved and confirmed by the United States Bankruptcy Court for the Southern District of Texas. Valaris now moves forward with a strengthened capital structure, eliminating $7.1 billion of debt and securing a $520 million capital injection by issuing $550 million of new secured notes maturing in 2028. As of April 30, 2021, Valaris had $615 million of available cash, $40 million of restricted cash and $550 million of debt.
“Today marks an important milestone as the company emerges from chapter 11 with a significantly strengthened capital structure. The overwhelming support of our noteholders, bank lenders, and voting shareholders has been invaluable. I want to thank everyone for their continued confidence in our business,” said Tom Burke, president and chief executive officer of Valaris.
“The last 12 months have been challenging from many perspectives. However, I am immensely proud of our employees’ hard work and commitment over this period. Our offshore crews and shore-based staff remain focused on delivering safe, efficient and reliable drilling services to our customers,” added Burke.
“In the current commodity price environment, we are beginning to see the early signs of a recovery in customer demand following the downturn caused by the COVID-19 pandemic. With the elimination of more than $7 billion of debt and an injection of significant additional capital, Valaris is best positioned to take advantage of opportunities going forward,” concluded Burke.
The Valaris Group emerges with the largest fleet of modern, high-specification assets in the industry. The company’s 11 drillships, five semisubmersibles and 44 jackups are capable of meeting a broad spectrum of customers’ requirements across all geographies.
Board of Directors
Valaris Limited appointed a new, seven-member board of directors, together bringing extensive industry and leadership experience to the company. The new board is comprised of:
• Elizabeth Leykum, chair of the board
• Anton Dibowitz (who joins the Board on July 1, 2021)
• Dick Fagerstal
• Joseph Goldschmid
• Deepak Munganahalli
• Jay Swent
• Thomas Burke will remain president and chief executive officer
About Valaris Limited
Valaris Limited is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation.
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