Restructured Valaris eyes beginning of upturn after pandemic

Drilling major Valaris, recently restructured, exits the second quarter with a billion-dollar net loss, largely due to impairments and other costs. But demand improves on the back of pandemic-related downturn, says the CEO.

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Drilling company Valaris, which came out of Chapter 11 bankruptcy reorganization in late April, reports a large billion-dollar deficit in the second quarter.

Impairments and expenses related to the restructuring has left the company with a net deficit of USD 3.5 billion in the second quarter against a deficit of USD 907.6 billion in the first quarter of the year, reads the financial report published Tuesday.

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