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Valaris Files for Bankruptcy

Matthew DiLallo, The Motley Fool
·2-min read
Valaris Files for Bankruptcy
Valaris Files for Bankruptcy

Valaris (NYSE: VAL) has filed for Chapter 11 bankruptcy. The world's largest offshore drilling contractor is the latest company in that sector to go this route because of this year's steep decline in oil prices, following earlier filings by Noble Energy and Diamond Offshore Drilling. The company recently warned that bankruptcy was "imminent," so this official announcement comes as no surprise.