ShippingWatch

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.

Photo: Colourbox

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.

Read the whole article

Get 14 days free access.
No credit card required.

An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Schedule reliability among container lines drops to historic low

August represented a historic low point for container carriers' schedule reliability. Only three out of ten container vessels – or 33.6 percent – managed to deliver goods on time, according to new figures from Sea-Intelligence. Reliability hasn't been lower in the ten years the analyst firm has monitored reliability.

Further reading

Related articles

Trial banner

Latest news

See all jobs