Slaughter and May, Kirkland & Ellis and Ashurst are advising on the restructuring of the world’s largest offshore drilling rig operator Valaris, as the oil and gas industry continues to struggle in the face of COVID-19 disruption.
On Tuesday, Valaris announced it will undergo a financial restructuring that is “intended to reduce its debt load substantially, support continued operations during the current lower demand environment and provide a robust financial platform to take advantage of market recovery over the long term.”
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