UK based offshore drilling company Valaris to explore bankruptcy options

The largest offshore drilling and well drilling company in the world, Valaris PLC is currently talking to creditors to check
possible bankruptcy possibilities. The London headquartered company is fighting against $6.5 billion debt burden.
Valaris, which employs around 5800 people worldwide, was working with debt restructuring advisers such as Alvarez
& Marsal in March, trying to cope with an accident occurred on a rig. Since then, energy prices have fallen into
negative for the first time in history with a consequent demand collapse and this has put Valaris into a further critical
situation.