Yet another rig company files for Chapter 11

The drilling market has been hit hard by a large oil price drop and the coronavirus crisis, and this now means that yet another major player has to file for Chapter 11. Another big company could follow suit.

Photo: Russell Cheyne/Reuters/Ritzau Scanpix

BY SØREN PICO, SHIPPINGWATCH

The challenging rig market has made another major player file for Chapter 11 to handle a large billion-dollar debt.

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