Valaris Limited has emerged from Chapter 11 bankruptcy.
Valaris Limited (NYSE: VAL) emerged from Chapter 11 bankruptcy on April 30, 2021, eliminating $7.1 billion of debt, the offshore drilling contractor reported Monday.
Last week Valaris CEO and President Tom Burke indicated the reorganization would end soon. The U.S. Bankruptcy Court for the Southern District of Texas approved and confirmed the Valaris Group subsidiary’s reorganization plan on March 3, 2021, Valaris noted Monday in a written statement emailed to Rigzone.
The company
“Today marks an important milestone as the company emerges from Chapter 11 with a significantly strengthened capital structure,” Burke commented Monday. “The overwhelming support of our noteholders, bank lenders, and voting shareholders has been invaluable. I want to thank everyone for their continued confidence in our business.”
Valaris reports first quarter 2021 results
28 Apr 2021
Valaris, the industry leader in offshore drilling services across all water depths and geographies, has reported a net loss attributable to the Company of $910 million, or $4.56 per share, for the first quarter 2021 compared to a net loss of $71 million, or $0.36 per share, in the fourth quarter 2020. The Company reported adjusted EBITDA of $28 million in the first quarter 2021 compared to negative $10 million in the fourth quarter 2020,and an adjusted loss of $0.39 per share in the first quarter 2021 versus an adjusted loss of $0.65 per share in the prior quarter.
Chief Executive Officer and President Tom Burke said:
Valaris plc Reports First Quarter 2021 Results
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LONDON, April 28, 2021 /PRNewswire/ Valaris plc ( Valaris or the Company ) today reported a net loss attributable to the Company of $910 million, or $4.56 per share, for the first quarter 2021 compared to a net loss of $71 million, or $0.36 per share, in the fourth quarter 2020. The Company reported adjusted EBITDA of $28 million in the first quarter 2021 compared to negative $10 million in the fourth quarter 2020, and an adjusted loss of $0.39 per share in the first quarter 2021 versus an adjusted loss of $0.65 per share in the prior quarter.
Chief Executive Officer and President Tom Burke said, This month marks two years since the Valaris merger. We successfully integrated the two predecessor companies during this period, then subsequently transformed our Company to improve its service delivery capabilities and cost structure. As a result of these efforts, Valaris now