Allison McNeely and Christine Buurma

Business, Fuel, Logistics

World’s Largest Offshore Rig Owner Valaris Goes Bankrupt

An offshore drilling unit stands outside Cromarty, U.K. (Jason Alden/Bloomberg News)

Valaris Plc became the latest casualty of the global slump in oil prices, filing for bankruptcy Aug. 19 as the world’s largest offshore rig owner by fleet size seeks to restructure a roughly $7 billion debt load.

August 19, 2020