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Offshore drillers Valaris and Noble Corporation stop making interest payments

Under pressure offshore drillers Valaris and Noble Corporation have both stopped making interest payments. 

Valaris disclosed after-hours yesterday that it will not make two payments that were due on Wednesday: a $7.6m interest payment on its 4.75% senior notes due 2024 and an $11.7m interest payment on its 5.85% senior notes due 2044.

The company, which raised eyebrows earlier this month by electing to scrap three modern drillships, said it has elected to enter a 30-day grace period, which expires on August 15.

Valaris said it is continuing to have discussions with its lenders and bondholders about the terms of a potential comprehensive debt restructuring.

Meanwhile, Noble Corporation also revealed after-hours yesterday that a subsidiary had not paid a $15m interest payment on its 7.75% senior notes due 2024. The company has a a 30-day grace period before such non-payment constitutes an event of default.

Noble Corp, which posted a $1.1bn Q1 loss, said it remains in talks with creditors about a potential consensual restructuring transaction.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.


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