We advised the administrative agent and the joint lead arrangers on the financing

Davis Polk advised the administrative agent, lead arranger and the initial lenders in connection with a $375 million senior secured revolving credit facility provided to Valaris Limited. The facility is secured by, among other things, a material portion of Valaris’s fleet of offshore drilling rigs. The facility will be used for general corporate purposes. 

Valaris Limited is an industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris Limited has experience operating in nearly every major offshore basin. Valaris Limited is a Bermuda exempted company.

The finance team included partner Kenneth J. Steinberg, counsel Zachary R. Frimet, associates Jeffrey Hon, Amna Ilyas and Chinelo Krystal Okonkwo. All members of the Davis Polk team are based in the New York office.

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