Offshore drilling major Valaris became the latest victim of the crisis this week as it filed for bankruptcy in the U.S., proposing a swap of some $6.5 billion in debt that will see creditors become its owners. But it is just the latest headache for offshore drillers. There is more than $20 billion in offshore drillers’ debt still out there—and there are not many new drilling contracts. This considerable debt pile is bad news. Expectations that offshore drilling orders will not begin to return until 2021 is even worse news. Nevertheless, this is what IHS Markit analysts have forecast . In a recent report, IHS Markit said that demand for drilling rigs would start to recover next year and gather speed in 2022. But this will only happen in some parts of the world, namely South America and Western Africa. Demand for offshore rigs in the Gulf of Mexico […]