Note:
Valaris PLC (NYSE:VAL) has been covered by me previously, so investors should view this as an update to my earlier articles on the company.
On Thursday, leading offshore driller Valaris released financial results for the first quarter 2020 which came in largely in line with expectations, except for a whopping $2.8 billion impairment charge, mostly related to the planned retirement of three modern drillships, four semi-submersibles and four jackup rigs and the decision to cold-stack nine additional rigs.
In fact, this is the first time an offshore driller commits to scrapping latest