Drilling company Valaris takes huge impairment in first quarter

A massive impairment on two rigs results in a large loss for drilling company Valaris in the first quarter. CEO Tom Burke sees increasing activity, however, and the company has reactivated rigs.

Photo: POLFOTO/AP/Daniella Beccaria/seattlepi.com

BY DANIEL LOGAN, SHIPPINGWATCH

Valaris, the world’s largest drilling company, saw its bottom line drop in the first quarter, mostly due to a large impairment on two floater rigs.

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