Valaris secures $500m term loan

Offshore driller Valaris, which is currently undergoing a financial restructuring under chapter 11, has entered into a $500m debtor-in-possession (DIP) term loan agreement with certain noteholders.

This agreement has been executed after receiving approval from the US Bankruptcy Court for the Southern District of Texas, and gives Valaris over $680m in liquidity when added to the company’s cash on hand.

“With access to this additional liquidity, I am even more encouraged that we will be able to support our continued operations uninterrupted throughout the Chapter 11 process and take advantage of a market recovery over the long term,” said Tom Burke, president and CEO of Valaris.

Valaris filed for chapter 11 last month, and earlier this month secured the support of over 70% of senior noteholders for it restructuring support agreement.

Grant Rowles

Grant spent nine years at Informa Group based in London, Sydney, Hong Kong and Singapore. He gained strong management experience in publishing, conferences and awards schemes in the shipping and legal areas, working on a number of titles including Lloyd's List. In 2009 Grant joined Seatrade responsible for the commercial development of Seatrade’s Asia products. In 2012, with Sam Chambers, he co-founded Asia Shipping Media.
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