# Valaris PLC (07023598)

> Why UK company 07023598 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/07023598

- **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- Funding withdrawn / unable to refinance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

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/07023598/filing-history/MzMwMDAzNzcwMGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/07023598

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.