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Drilling company Valaris takes huge impairment in first quarter

A massive impairment on two rigs results in a large loss for drilling company Valaris in the first quarter. CEO Tom Burke sees increasing activity, however, and the company has reactivated rigs.

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

Valaris, the world’s largest drilling company, saw its bottom line drop in the first quarter, mostly due to a large impairment on two floater rigs.

The drilling company’s net deficit comes out to USD 910 million, which is a significant set-back from a deficit of USD 71 million in the fourth quarter of 2020, shows the company’s quarterly report Wednesday.

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