Valaris PLC

The firm represented Daewoo Shipbuilding & Marine Engineering Co. (“DSME”) in the chapter 11 case of offshore drilling contractor Valaris, which filed for bankruptcy protection in August 2020 amid a challenging market environment. DSME, one of the “Big Three” shipbuilders of South Korea, was a major creditor in the bankruptcy. In March 2021, the debtor’s plan of reorganization was approved and confirmed by the bankruptcy court. The debtor emerged from bankruptcy in May 2021 with a strengthened capital structure, eliminating $7,100,000,000 in debt. As part of the bankruptcy negotiations, the debtor reached an agreement with DSME to amend its two newbuild drillship contracts to extend each delivery date to the end of 2023