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Valaris completes large-scale restructuring

Drilling company Valaris completes its rescue plan and thus exits bankruptcy protection in the US. The company has shaved billions of dollars off its debt. Former Seadrill CEO gets a seat on the board.

Photo: Mark J. Terrill/AP/Ritzau Scanpix

Drilling major Valaris completes a long-term restructuring that cuts billions of dollars off the company's debt.

Valaris completed the restructuring on April 30, and this means a farewell to bankruptcy protection in the US – the so-called Chapter 11 – which Valaris entered last year to get ample time to get a handle on its significant debt caused by economic woes in the drilling market.

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