Valaris nears a solution after reaching agreement with several creditors
Drilling company Valaris has reached agreement with several creditors regarding amendments to a potential rescue plan and is thus one step closer to an actual solutions after being under bankruptcy protection for months.
BY ASTRID STURLASON, SHIPPINGWATCH
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The Swedish power company will not build any more new onshore wind farms in Denmark and now intends to divest its current development projects totaling several hundred megawatts. The utility insists that its move is not due to many years of domestic obstacles.
Despite a reduced deficit in the fourth quarter, rig operator Borr Drilling exits 2020 with another deficit of more than USD 300m. The company, which recently secured approval for a rescue plan, still projects a stronger market.