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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