Valaris emerges from Chapter 11 free of $7.1bn of debt

Offshore drilling contractor Valaris has completed its financial restructuring and emerged from the Chapter 11 bankruptcy by eliminating $7.1 billion of debt. Valaris filed for bankruptcy protection in an attempt to restructure its debt, amid a challenging market environment, back … Read More

Sapura’s JV with Seadrill not impacted by Chapter 11 cases

Malaysian services provider Sapura Energy has clarified that its joint venture with Seadrill, Sapura Navegacao Maritima (SNM), is not impacted by the recent Chapter 11 cases filed by several Seadrill subsidiaries operating in Asia. Namely, Seadrill said on Sunday that … Read More

Diamond Offshore hammers out restructuring plan

Offshore drilling contractor Diamond Offshore has entered into a restructuring agreement to deleverage its balance sheet and is now seeking to emerge from Chapter 11 bankruptcy. Diamond said on Monday it had entered into a plan support agreement with holders … Read More

Bankruptcy court approves Noble’s reorganization plan

Offshore drilling contractor Noble Holding Corporation has received approval from a bankruptcy court for its reorganization plan. Noble Corp. filed for Chapter 11 bankruptcy protection to restructure its debt in early August 2020 following a severe downturn in commodity prices … Read More

Hermitage drops pursuit of NYSE listing appeal

Offshore support vessel provider Hermitage Offshore Services has decided to withdraw its appeal of the New York Stock Exchange’s (NYSE) determination to delist the company’s common shares. Hermitage and 28 subsidiaries in August 2020 filed for voluntary Chapter 11 petitions … Read More

Bouchard Transportation files for Chapter 11

US petroleum barge company Bouchard Transportation has filed voluntary petitions to restructure under chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court for the Southern District of Texas. Bouchard intends to fund the chapter 11 process with debtor-in-possession financing to … Read More

Valaris gains access to additional liquidity

Offshore drilling contractor Valaris has executed a new term loan credit agreement, gaining access to additional liquidity as it is working through its Chapter 11 bankruptcy process. Valaris voluntarily filed for a Chapter 11 financial restructuring in the United States … Read More

Hornbeck Offshore emerges from bankruptcy

U.S. offshore vessel operator Hornbeck Offshore has emerged from bankruptcy under its joint prepackaged Chapter 11 plan of reorganization. Hornbeck’s MPSV Iron Horse; Source: Hornbeck Hornbeck Offshore entered into a support agreement for comprehensive balance sheet restructuring back in April … Read More