Is a Wave of Bankruptcies Heading for the Offshore Oil Industry?

Offshore drilling major Valaris became the latest victim of the crisis this week as it filed for bankruptcy in the U.S., proposing a swap of some $6.5 billion in debt that will see creditors become its owners. But it is just the latest headache for offshore drillers. There is more than $20 billion in offshore drillers’ debt still out there—and there are not many new drilling contracts.

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