Valaris PLC (07023598): administration
- Status
- Administration ended
- Administration began
- 2021-04-30
- Administrators
- Jonathan Charles Marston, Mark Granville Firmin
- Administrators' firm
- Alvarez & Marsal
- Formerly
- Ensco Rowan PLC; Ensco PLC; Ensco International PLC; Ensco International Limited; Ensco UK (No. 1) Limited
- Incorporated
- 2009-09-18
- Location
- Brighton
- Industry
- 09100 Support activities for petroleum and natural gas mining
Why it went into administration
- Cash flow / liquidity pressure
- COVID-19
- Weak consumer demand
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Property / lease costs
- Competition / price pressure
From the administrators' statement
The 2019 merger with Rowan Companies Plc was intended to position the Former Group to be better capable of resisting market cycles and meeting evolving customer demand as part of an anticipated recovery in the offshore drilling sector.
However, in early 2020 the Former Group was impacted by a range of market conditions, including: * the spread of COVID-19 and the impact of efforts to stem its transmission;
* an oil ‘price war’ between Saudi Arabia and Russia which led to significant oversupply in the market and further reduced commodity prices; and
Administrators' statement of proposals (2021-05-07) · Companies House register