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Valaris secures support for restructuring

Offshore driller Valaris has the support of over 70% of senior noteholders for it restructuring support agreement (RSA) and backstop commitment agreement (BCA).

Valaris filed for chapter 11 last month and entered into the RSA and BCA with around 50% of its noteholders for a debt restructuring.

The agreed RSA and BCA will see the full equitisation of the company’s pre-petition revolving credit facility and unsecured notes, a fully backstopped rights offering to noteholders for $500m of new secured notes, the effective cancellation of existing equity interests in the company in exchange for, in certain circumstances, warrants for post-emergence equity, and payment of trade claims in full in cash.

The company said it looks forward to working with its other creditors and stakeholders who have not signed the RSA to advance the company’s efforts to restructure its balance sheet.

Valaris, formed by the combination of Ensco and Rowan Companies, has a fleet of 14 drillships, 10 semi-submersible rigs and seven jackup rigs.

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Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.

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