1. Global rig count hits record low – The U.S. rig count has hit its lowest level in decades, but the global rig count is also at a record low. – Offshore rig providers are going bankrupt at the fastest pace in years. Valaris (NYSE: VAL) filed for bankruptcy this week, seeking to restructure $7 billion in debt. – “Offshore drilling is structurally damaged, and recovery is not imminent,” Bernstein wrote in a note to investors. – Valaris has a fleet of 55 rigs, but the company’s CEO Tom Burke said that the offshore rig market will suffer from a prolonged contraction. 2. Wind and solar financing scales up – Solar PV and onshore wind (and increasingly offshore wind, although from a small base) have attracted trillions of dollars in asset finance over the past decade. In 2019 alone, the sectors attracted $271.5 billion. – The sectors are now […]