Offshore drilling giants ready to spread wings after refinancing debt



Global offshore drilling giants Valaris and Noble have boosted their financial standings by raising a combined $1.3 billion for debt refinance, and finalised an additional $925 million combined of revolving credit.

Valaris said it closed a private placement of $700 million in aggregate principal amount of 8.375% senior secured second lien notes due 2030, a portion of which will be used to fund the redemption of its $550 million of senior secured notes due 2028.

The balance will be used for general corporate purposes.