Valaris (VAL) has just reported its first-quarter results and they look very ugly. The company reported revenue of $457 million and net loss of $3 billion (!) which was driven by the decision to scrap modern rigs.
Finally, this day has come: a major driller decided to scrap modern floaters. In the press release, Valaris announced its decision to retire drillships Valaris DS-3 (2010), Valaris DS-5 (2011), Valaris DS-6 (2012) and semi-subs Valaris 8500 (2008), Valaris 8501 (2009) and Valaris 8502 (2010).
I'd note that drillships Valaris DS-4 (2010), Valaris DS-11 (2013) and Valaris DS-17