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Valaris applies for bankruptcy protection

Valaris will, among other things, convert debt into equity to salvage the business. Spring's oil collapse is among the triggering factors for the company's downturn.

Photo: POLFOTO/AP/Daniella Beccaria/seattlepi.com

The world's largest owner of offshore drilling rigs, Valaris, submitted a petition for bankruptcy protection, a so-called Chapter 11 filing, to the US authorities Wednesday, reports Bloomberg News.

Valaris owns the world's biggest fleet of offshore drilling rigs, but the group also logs around a massive debt amounting to nearly USD 8 billion, which the company now, through Chapter 11, wants a bit of calm to sort through and get rid of.

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