• 2021 March 8 12:31

    Valaris receives court approval of Chapter 11 plan of reorganization

    Valaris plc (OTC: VALPQ) (“Valaris” or the “Company”) announced that it has received approval from the United States Bankruptcy Court for the Southern District of Texas of its prearranged Plan of Reorganization (the “Plan”). In addition to Bankruptcy Court confirmation, the Plan received support from approximately 80% of the Company’s unsecured notes (“Noteholders”) and bank lenders representing 100% of the Company’s credit facility claims. In addition, approximately 81% of the Company’s voting shareholders voted to accept the Plan.

    “I am pleased that we have received strong support for the Company’s amended plan. This is an important milestone, as it clears the path for Valaris to emerge from chapter 11 early in the second quarter. The overwhelming support from our noteholders and bank lenders shows their confidence in our go-forward strategy and strength as a company,” said Tom Burke, President and Chief Executive Officer of Valaris. “This achievement would not have been possible without the continued dedication and loyalty from our employees, customers, vendors and other partners. We look forward to emerging swiftly with our strengthened capital structure which, combined with our high-quality rig fleet and personnel, positions the company well in a still challenging offshore drilling market.”

    Upon emergence and implementation of the Plan, Valaris will eliminate $7.1 billion of existing debt. Valaris will receive a $520 million capital injection through the issuance of a $550 million secured note maturing in 2028. The note includes the option of an 8.25% cash coupon, 10.25% half cash, half paid-in-kind coupon or 12% paid-in-kind coupon, all at the Company’s election.

    Valaris has also reached an agreement with Daewoo Shipbuilding & Marine Engineering Co., Ltd. to amend its two newbuild drillship contracts to extend each delivery date to December 31, 2023, while giving the company the option to take delivery early or terminate the contracts on a non-recourse basis. Final payments for the VALARIS DS-13 and VALARIS DS-14 are estimated to be approximately $119 million and $218 million, respectively.

    Additional Information

    Court filings and additional information related to the Court-supervised proceedings are available at a website administered by the Company's claims agent, Stretto, http://cases.stretto.com/Valaris. Questions should be directed to our dedicated restructuring hotline 855-348-2032 (Toll-Free) or +1 949- 266-6309 (International).

    Kirkland & Ellis LLP and Slaughter and May are serving as legal advisors to Valaris in connection with the restructuring. Lazard Ltd. is serving as Valaris’ financial advisor and Alvarez & Marsal North America LLC as its restructuring advisor. Kramer Levin Naftalis & Frankel LLP and Akin Gump Strauss Hauer & Feld LLP are serving as legal advisors to the consenting Noteholders, and Houlihan Lokey Inc. is serving as financial advisor. Shearman & Sterling LLP is serving as legal advisors to the RCF Administrative Agent, and Perella Weinberg Partners LP is serving as financial advisor.

    About Valaris plc

    Valaris plc (OTC: VALPQ) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris plc is an English limited company (England No. 7023598).


2021 June 12

16:09 Fred. Olsen Cruise Lines unveils brand new sailings aboard new ships Bolette and Borealis in 2022
14:21 "Blowdown" to reduce risk and raise decommissioning progress
13:42 Roambee announces a strategic investment from and partnership with PSA unboXed
13:19 Belfast Harbour awards £25,000 to community projects
12:41 Maurice GEORGES named as new Chair of the Executive Board of Dunkerque-Port
11:38 AIDA Cruises resumes holiday voyages from July 29, 2021
10:52 OptiLink: A digital revolution in ballast water management

2021 June 11

18:07 LNG consumption as a marine fuel has almost doubled in 2020
17:31 Hapag-Lloyd to provide full transparency on vessel arrivals
17:09 MOL joins international think tank and accelerate development for carbon capture, utilization and storage
16:58 GTT obtains tank design order for two new LNG carriers from Samsung Heavy Industries
16:52 Shipping industry welcomes Nigeria’s creation of ‘Deep Blue’ to stamp out piracy in the Gulf of Guinea
16:24 Stena Line will move its Europoort-Killingholme service to Immingham
16:00 Yantar shipyard to build rescue ship of Project MPSV06M for Marine Recue Service
15:36 Sea Port of Saint-Petersburg hosts introductory practical training for students
15:13 The Port of Rotterdam Authority, Customs, Fresh Produce Centre and Portbase join forces to facilitate the growth market of refrigerated products
14:25 Seanergy takes delivery of two Capesize vessels with prompt commencement of period charters
13:51 Total throughput at the ports of Bremen increases once again during Q1 4 June 2021
13:32 Roman Gorgutsa appointed as General Director of Morstroytechnology
13:28 Mitsui E&S Machinery and 22 industry players kick off studying ammonia as an alternative marine fuel
13:04 MOL and ACSL use flying drone to conduct autonomous inspection of vessel holds under non GNSS and dark environment
12:49 Port of Los Angeles becames the first port in the Western Hemisphere to process 10 million container units in a 12‑month period
12:38 Oboronlogistics receives RS certificate on safety management of cargo ship Sparta
12:14 CNES and CMA CGM sign unique partnership agreement to spawn innovative solutions for shipping, logistics and the space industry
12:01 APM Terminals continues roll-out of digital export processing at Russian terminals
11:57 Russian Railways: Loading of export cargo bound for domestic ports grew by 8% in 5M’21
11:34 RS and GTT sign new cooperation agreement
11:33 Xeneta selects CLIVE Data Services’ ‘dynamic loadfactor’ data and analyses to deliver complete air cargo market intelligence
11:11 Stagnation in R&D investment creating unacceptable risk for industry zero emissions future - ICS
10:50 Throughput of port Riga (Latvia) in 5M’2021 dropped by 15.1%
10:29 Rosneft agrees heads of terms to sell a stake in the Vostok Oil Project to a consortium of Vitol and Mercantile & Maritime
10:08 DRAX and Mitsubishi Heavy Industries sign pioneering deal towards delivery of the world’s largest negative emissions project
09:52 Throughput of Russian seaports in 5M’2021 fell by 2.7% Y-o-Y
09:40 Oil prices continue decreasing
09:23 Baltic Dry Index as of June 10
09:16 MABUX: Global bunker prices may rise slightly on June 11.
09:04 The port of Rotterdam Authority intends to build brand new port information centre
08:02 Rolls-Royce to showcase future South Korean naval power and propulsion

2021 June 10

18:45 Equinor sells its refining business in Denmark to Klesch
18:25 Rolls-Royce builds new fuel cell demonstrator to ensure electricity supplies
18:05 DNV predicts that marine finfish production in deeper waters offshore will take a 13% market share in 2050
18:00 Comprehensive programme on development of Yamal resource potential to be developed by October 2021
17:51 Contract awards for PSVs in UK
17:50 BC Ferries' fourth Island Class ferry departs Romania on Transatlantic voyage bound for B.C.
17:35 Pilbara Ports Authority posts results for May 2021
17:09 Ministry of Industry and Trade renews import substitution programme with a focus on production of components
17:00 MABUX: Bunker Weekly Outlook, Week 23, 2021
16:45 P&O Ferrymasters builds new 10,000m2 warehouse at Genk to offer port-centric logistics solutions
16:35 Kalmar enters into Strategic Cooperation with Sichuan Port and Shipping Investment Group in China
16:15 Fincantieri to provide 8 vessels to Indonesia
15:52 Adriatic Gate terminal marks 10th year with 2M TEU milestone
15:31 Fincantieri to support Daewoo in the design of the new Korean aircraft carriers
15:13 Construction kicks off on world’s first zero-emission fast ferry
14:55 RF Navy’s Pacific Fleet conducts operational exercise in the central Pacific
14:09 5th Annual Capital Link Cyprus Shipping Forum to be held on June 17, 2021
13:32 Rosmorport pilots perform test pilotage operation for a vessel with extended dimensions
12:53 SCF’s stock market debut commended by Marine Money
12:31 Wärtsilä’s Sea traffic management system increases safety and efficiency of shipping on Croatian waters
12:24 Multipurpose Reloading Complex boosts expenses for implementation of its environmental programme
12:01 ABS publishes detailed U.S Offshore Wind Insight