TopMarketGainers
Long

Reversal trade in Valaris Plc

NYSE:VAL   VALARIS PLC

Valaris publishes presentation in which it details its strategy for marketing floaters.
The company also hints at how it plans to address the nearest debt maturities.
I'd expect floater scrapping in the future, but using top rigs as collateral for new debt should keep Valaris afloat until the debt wall of 2024.
At that time, everything will depend on the scale of the offshore drilling recovery.

COMPANY PROFILE
Valaris Plc engages in the provision of offshore contract drilling services to the international oil and gas industry. It operates its business through the following segments: Floaters, Jackups, and Others. The Floaters segment includes drill ships and semisubmersible rigs. The Jackups segment offers contract drilling service. The Others segment consists of management services on rigs owned by third-parties. The company was founded on July 3, 1905 and is headquartered in London, the United Kingdom.

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