Deals
Valaris Hires Goldman, PJT to Help Restore Finances
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Offshore drilling firm Valaris Plc has hired Goldman Sachs Group Inc. and PJT Partners Inc. to help find a fix for the hole in its balance sheet left by plunging oil prices.
The advisers are exploring ways to tackle a $6.5 billion debt pile that’s become difficult to manage in a sickly oil market, according to people familiar with the matter. Lazard and Kirkland & Ellis are also advising on options that include a restructuring -- potentially the sector’s biggest of recent years -- or finding a merger partner, they said, asking not to be named because it’s private.