Norwegian bank DNB looks set to become shareholder in drilling major

According to Finansavisen, DNB looks set to get 5.3 percent of the shares in Valaris, which just filed for Chapter 11 in the US. Debt totaling USD 6.5 billion will be converted into equity.

Photo: Mark J. Terrill/AP/Ritzau Scanpix

Major Norwegian bank DNB is on track to become a new big shareholder in Valaris, which this week had to file for Chapter 11 in the US, reports Finansavisen.

With the current proposal, the bank looks set to get 5.3 percent of the shares in a restructured Valaris, according to the paper.

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