Lodbrok Capital seeks changes at Valaris; shares fall

Valaris

30/05/2023 17:41

** Shares of offshore drilling services firm Valaris Ltd
 VAL.N  fall 1.8% to $59.88
    ** UK-based investment management firm Lodbrok Capital Llp
says co should immediately initiate a separation of its jackup
and floater fleets of rigs
    ** Lodbrok also asks co to reduce the size of the board 
    ** "Company should immediately return any excess cash to
shareholders," says Lodbrok 
    ** As per Refinitiv data, Lodbrok owns 3.2% of the co's
outstanding shares
    ** Including session's losses, stock is down 11.4% YTD

 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))